| Ryoko |
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| Wednesday, January 19, 2011 |
| Sunday, September 11, 2011 10:10:13 AM |
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RSI(2) is probably closes on a short term basis to TA singularity, but really, technical indicators are windsocks and a shadow of price. Before solely relying on any one indicator to trigger trades, I would recommend learning supply/demand, support/resistance, etc...the basics of price.
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QUOTE (bbruin) Here are 2 features that I believe Worden should add/modify in order for it to get into the big leagues. 1. Premarket charting - premarket trading is pretty common these days so I don't understand why it's not available. Even if you don't want to trade the premarket, it's still good to see the activity especially if the stock has had significant action. Many times a stock will stall at premarket resistance but how would you know to anticipate that if you can't see it on the chart? Post market would be nice also of course. 2. True real time alerts - this is the one that kills me. How can you day or short swing trade effectively if when you set a price or trend line alert, the alert is up to 2 minutes late because they batch alerts and send them out all at once. I can only conclude that there are not many day traders using the service.
Both of these are excellent suggestions. I totally agree.
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Also...Bruce L. coded up the TPS scans awhile back for TC2000 in this thread:
- http://forums.worden.com/default.aspx?g=posts&t=50383
As well as the 3-day pullback discussed in the webinar:
C > AVGC200 AND AVGV21 > 1000000 AND C
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QUOTE (traderm30) Typical webinars. Buch of would be traders that make more selling their crappy service than they do actually trading.
Actually, Connor's RSI2 and RSI4 systems back tests very well. I don't think he's a hack at all. I do agree that the latest webinar has almost nothing to do with TC2000 though. It's mostly a selling job for his hideously expensive "Machine" service and very little use to TC2000 users.
However, I have been back testing his theories all weekend using Nirvana Systems "OmniTrader" (without curve fitting) and the results are quite good if you're willing to take some serious draw downs once in a while. There are some serious, serious blowouts from not using Stop Losses. For example, this most recent move down was a massive loss to anyone using his TPS system without stops or options. But in a "normal" market, the use of stops did/does indeed hurt profits.
Anyway, I have culled a quiver of 20 ETFs that I plan to trade for 3-months using two of his systems: TPS and RSI 10/6 & RSI 90/94. His %B strategy also tests out well. The Webinar is of little value, but his latest book on ETFs is useful. Give it a spin.
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I love Version 12 as well. Great work everyone at Worden. Looking forward to future releases.
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I should also mention that the "out" signal for PowerRating stocks is a close above a 5-period SMA ... different from the ETF signals.
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Update: I have been trading signals off Larry Connor's "PowerRatings" web-site for the past few weeks without stops or Options. Some thoughts:
► Some great signals, some total rubbish. Many times, there are too many signals. Lots of ETF correlation, but you only need about 5-6 ETFs to swing trade anyway.
► Running without stops is fine even without the use of Options, but drawdowns are hellish in in some cases with ETFs, seem never ending as the "out" signal appears to be a cross above 70 on a 2-period RSI.
► ETFs are safer in some regards, but the PowerRating signals for Stocks are far better from my limited experience.
► The algo used to generate the PowerRating scores is pretty much a variation of his published RSI(2) work. It works well, but reading his books will give you a similar, though not exact, strategy.
► Monthly fee is too much. Would be a good value at about 1/2 the cost.
► Web-site is poor and clunky, and lacks some basic functionality that you'd expect from a $60 a month subscription.
Overall, I find the service to be "so-so" (not great, but not a rip-off). Some good signals, but the monthly cost is too high for the tools provided.
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QUOTE (mcubas) Does anybody know any leveraged ETFs to trade gold? I have GLL, but I am not sure if that is the best one if you're super bullish.
GLL (and DZZ) are only good if you're betting that Gold will drop further. GLL is an "UltraShort" ETF ... which is why it did so well today (a bet that gold will drop). If you're looking to a bullish leverage Gold ETF/ETN to catch any move up, you could try DGP (PowerShares DB Gold Double Long ETN) or UGL (ProShares Ultra Gold ETF).
I would be careful using the 2x/3x ETF/ETN's for swing/position trading though, as they can be quite volatile. Just take a look at AGQ (ProShares Ultra Silver) which had a daily range of about 15 bucks at the moment. Most traders use leverage ETFs for day trading.
Cheers. =^.^=
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Wow. Heck of a pullback on Gold, eh? Down over -100 at one point today. Silver got hammered for a while there also.
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Very cool. Thanks for the link. :)
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