| Welcome Guest, please sign in to participate in a discussion. | Search | Active Topics | |
Registered User
Joined: 4/18/2005
Posts: 4,090
|
anyone out there using Elders Impuluse settings? Is it possible to set telechart for this reguarding the color settign for candle sticks? also how do you find it in performance for you?
|
|
Registered User
Joined: 11/3/2004
Posts: 39
|
Here's one way of doing Elder's Impulse. It uses a percent true indicator. You can search here for percent true and find out more about the indicator. Anyway, the formula below is for a long indicator, reverse the > signs and you'll have the short version. Plot each as a custom percent true indicator. Use green for the color on the long version and red as the color on the short. You'll see the lines go 'high' for when the conditions are true and stay 'high' until they change. I haven't used Impluse exclusivly to trade but it's signals aren't bad, depending on what type of stocks you're trading.
(xavgc13 > xavgc13.1) and ((XAVGC12-XAVGC26)-(XAVG(XAVGC12,9)-XAVG(XAVGC26,9)) > (XAVGC12.1-XAVGC26.1)-(XAVG(XAVGC12.1,9)-XAVG(XAVGC26.1,9)))
|
|
Registered User
Joined: 4/18/2005
Posts: 4,090
|
I'm reading his entries and exits and want to play with his system.. I don't really think i'll use it ... or all of it but just to get a feel for what he is doing. INteresting that he is coloring the bars in accordence with the rules of his trading system.
In his system there is a "blue" range where either short or long can be legit trades.
could you be a bit more specific on the use of these indicators? His run through is so brief that I don't quite follow ... of course I haven't finished the book.
|
|
Registered User
Joined: 4/17/2006
Posts: 271
|
Scott, search "elder impulse pcf" on discussion boards. There are several references that might help.
|
|
Registered User
Joined: 12/21/2004
Posts: 902
|
Scott - once I set up my initial watchlist, I then do a scan with Elder's criteria - weekly MACD up, EMA up, etc. I use BOP as my proxy for his volume indicator - so I set BOP>-30. Once I have my new watchlist, I show it in a window which shows BOP - anything above BOP=30 is green, anything below (i.e., -30<BOP<30) is yellow. Anything in the list already fits Elder's non-volume criteria for green, and the green and yellow that I show basically just track the volume criteria. Not exactly a perfect fit, but close enough for my purposes.
|
|
Registered User
Joined: 4/18/2005
Posts: 4,090
|
I found his web site... and was originally interested in the traders governor and the other software that he offers. He also has things that go with Telechart.... I think he is going to charge several hundred dollars for a disk with his settings..... He has so much merchandise it concerns me that he dosen't need to trade for a living.
all of it is terribly expensive IMO. And I would think that if everyone started using his method it would loose effectiveness. In his book he says that that was a concern for him but it turns out that after disclosing his aproach it had little effect on his systems performance.
I can only imagine how expensive his getaways are.
some of his stuff does make sense though. the concept of price fluxuating around "value" for instance. but his use of price channels is awkward to me. It makes sense for short short term trades but it could also get you out before you need to be out. However it is a good thing to check when you are about to buy that price in near the lower chanel line.
Hohandy, I got "entries and exits" from the library... beautiful hard back copy and i'm the first reader. I like the methodology and his remarks and seeing the logic of other traders. The above concerns aside. you said you use his method and it works fairly well for you?
|
|
Registered User
Joined: 4/18/2005
Posts: 4,090
|
Hohandy
I also found the idea that Price "occilates" around a vlaue line.... EXP MA interesting. bythat logic moving averages should be calculated off the candle middles?
|
|
Registered User
Joined: 12/21/2004
Posts: 902
|
QUOTE (scottnlena) The above concerns aside. you said you use his method and it works fairly well for you?
Don't forget I strictly trade long - I used his methods from mid-Jan or so until Feb 26 and I think I did quite well. I've haven't been trading much since then - waiting for things to settle down more, although there are a few tantilizing charts out there.
I think you said in an eariler post that you hadn't finished yet - the last 2 chapters he really does give a point by point description of his system - but there's lots of good stuff scattered throughout the book that I wouldn't necessarily recommend just skipping on ahead :)
QUOTE (scottnlena) I also found the idea that Price "occilates" around a vlaue line.... EXP MA interesting. bythat logic moving averages should be calculated off the candle middles?
I would disagree with this - I think I've read too much that the close is the most important price of the day, that I don't think I'd be comfortable constructing a MA on anything other than the close. But maybe it's an interesting idea worth checking out - anybody else have experiences with MAs built around something other than closing price?
|
|
Registered User
Joined: 4/18/2005
Posts: 4,090
|
in the instructional videos theyteach how to creat them.
|
|
Registered User
Joined: 10/26/2005
Posts: 238
|
I use this Elders Impuluse on a weekly chart view. creat custom indicator... color red...no center line...plot using price scale...
(XAVGC13<XAVGC13.1)*(XAVGC12-XAVGC26-XAVG(XAVGC12,9)+XAVG(XAVGC26,9)<XAVGC12.1-XAVGC26.1-XAVG(XAVGC12.1,9)+XAVG(XAVGC26.1,9))*(L-(AvgH5-AvgL5)/5) setup green same way...
(XAVGC13>XAVGC13.1)*(XAVGC12-XAVGC26-XAVG(XAVGC12,9)+XAVG(XAVGC26,9)>XAVGC12.1-XAVGC26.1-XAVG(XAVGC12.1,9)+XAVG(XAVGC26.1,9))*(L-(AvgH5-AvgL5)/5) Good trading to all, AB
|
|
Registered User
Joined: 10/26/2005
Posts: 238
|
ok to go long when green is up, ok to short when red is up AB
|
|
Registered User
Joined: 10/16/2004
Posts: 8
|
I read and am still reading again "Entries and Exits."
i've read all of Elders stuff.
I'm not using his impuluse per say, but i messed around with some of TC's stuff and for myself have some pretty good charts now that are giving me pretty good triggers.
He explains how to and each interview shows what they used so it is really easy to match picture to picture so to speak.
of course nothing is perfect and as several of them mentioned you still have to obey your stops and exits.
One of the best things Elder says is a must besides money mangement is journaling your trades.
I used to blow that off and some days still do but I'm doing it more and more and that alone has made me money and also saved me from doing stupid trades as, in rush ahead of the market.
sometimes it is better to be late and let the trend show itself.
Just thought i would add my $.02.
for what its worth, I'm also reading Ken Fishers "the only three questions that count."
That is really interesting and very current in content.
So much bias.
I was an economics majors so for myself most of what i hear that is supposed to be bad for the USA i kept looking at data and going when where has that ever happened.
So much of what it seems we do to ourselves.
Elders has some good points on this in all of his books.
realize i went off on some tangent but don't see elders mentioned that often.
PS. i generally only trade a few ETF's or stocks, over and over or until something else catches my eye.
used to do a lot of options, but lately not such good luck with them.
I like High BETA.
|
|
|
Guest-1 |