TC2000.com• Download software • Tutorial videos • Subscription & data-feed pricing • Class schedule
TC2000Brokerage.com• New account application • Trading resources • Margin rates • Stock & option commissions
Worden Discussion Forum
I don't get here enough but appreciate the charts being posted. Just have so much other material to watch and things to do. I may have said this before, but noticed that Forex people seem to embrace harmonics, so i've been watching many videos there, even though I don't trade Forex.
Now I know why I don't come here much. The site suddenly makes typinga message very dificult. I don't have this prblem anywhere elsewheres. I guess I was hoping that they would fix it. Very frustrating. I've had to redo this pragraph many times.
It seems longer than a month but the ride in learning about harmonic patterns has taken me to some places that I would not have imagined. I never would have thought, and I may be giving out a secret here or opening myself to criticism that Edward Gann apparently realized that he should avoid, that I'd be exploring the controversial "Biblical Money Code" and finding it to be a harmonic pattern. Further, and I've only scratched the surface of it, that of all things, astrology comes into play. Fibonacci ratios are also a big, make that a huge part of it. So while ol' Leonardo may be credited with discovering "Fibs" the Bible was talking about the ratios long before he was born, not in words, but in "gematria".
For anyone interested about this, I recommend the book "The Law Of Vibration - The Revelation of Edward D. Gann" written by Tony Plummer. I bought the Kindle version on Amazon. I have also read two books by Larry Pasavento. I see that he has a book to be published this fall but the two I read are apparently out of print and from 20 years ago or so.
While I don't think it is necessary to go this deep into harmonic trading,I liken it to understanding the mechanics and history of a car rather than just operating it
Interesting thread on the dragon heads. I'm in a trade in NQ right now that is running up a channel or head. Also got a weekly email from an outfit. One of the charts had an AB=CD pattern jumping out at me. Also found a nice setup last night doing an EasyScan for something else. It seems that with practice the eye is drawn to them.
I'd want to say that I've recently been introduced to Harmonic trading. I have the three Carney books and have tried to learn what they offer. I have wasted, I believe, much time and money studying so many indicators that are lagging. I've felt that understanding supply and demand zone is forward predicting and more recently that these Harmonic patterns are enhancer to validate these zones.
My frustration is searching for candidates and seeing from the theads that is a problem shared by others. I have a thought regarding this. I have seen and appreciate the hard work done in creating a program to find these candidates. I have not tried them as, frankly, I'm not sure how to. But if they are not providing the desired results, might the alternative be to use some existing or easily created EasyScan to find a basket of possible candidates? From those it would require the skill of observation to recognize further candidates. What I'm thinking is price relation to a moving average perhaps. If we could at least identify the X's, that would be a start. That might just be searching for candle types or Bollinger Band pierces.
I have more thoughts but the website is being very difficult to leave a message. Please continue the discussion and charts.
I like to trade triple leveraged ETF's. I research the larger holdings within the base ETF and make my predictions based on these stocks. My probabilites are based mostly on Fibonacci levels which help identify supply and demand zones.
If there is one change to the program that I could ask for, it would be a zoom feature. While the lower slide works pretty well on my Windows 7 home computer, the XP computers that I also use at work and away from home are entirely frustrating when it comes to sliding the chart around. I would like to see zooming similar to what Trade Station or Think Or Swim uses.
The dashed lines for verticle expansion are ok, but the horizontal method is my frustration.
As a beginner, can anyone recommend the best charts and/or best chart setups to use for day and swing trading?
In sticking to your question, my suggestion is to have a simple chart with candlesticks, Bollinger Bands and the MACD with no histogram. There is a plethora of moving averages that can be used but starting out with the 20MA would be my suggestion, which will be in the Bollinger Band. You may want to add the 50 and 200MA.
This is not what I use. Actually I have many charts that I use with different indicators depending on the strategy at the time. But this is what I'd want my sons and grandchildren to start with and to understand.
One popular service has their typical searches include a parameter that the 50 day average volume should be greater than 100,000 shares. In my mind liquidity is important for being able to exit a position without delay. I suppose there are those that will have other reasons and I'd like to hear them but I can only think of using a larger volume number for filtering down candidates.
Would anyone be able to discuss using these two indicators?