Advanced Get for Daytrading

[JKK]

Are people here who have tried this software intraday? What has your experience been while trading, say, stocks or eminis on 5 min charts? 1 min charts? TIA.

[ACM]

JKK
Actually most of the posts and the examples used in this forum are related to intraday charts. It is also very likely that many, if not all, of the users of the GET/eSignal version use it for intraday trading.
Irrespective IMHO one thing that characterizes AdvancedGET Tools in general is that they transcend time frames, hence you have studies such as Elliott Waves, MOB, Ellipse or XTL - to name a few - that can be just as effective on Daily charts as they are on 1 minute charts.
Furthermore because of their consistent behavior you don't have to modify your strategies as you switch between time frames which is a considerable plus.
This however does not take into consideration the intrinsic complex nature of trading shorter time frames which someone from AdvancedGET may want to elaborate on.
Alex

[MR]

Re: Advanced Get for Daytrading

Originally posted by JKK
Are people here who have tried this software intraday? What has your experience been while trading, say, stocks or eminis on 5 min charts? 1 min charts? TIA.

Advanced GET tools and studies have been in use intraday for approximately a decade and, yes, these AGET tools and studies are designed to work consistently no matter what the time frame and what is being charted.

I have witnessed Advanced GET use since its beginning, first from a futures background and later as we migrated into stocks. While I personally believe there are unique characteristics in the different fields, I can tell you with confidence AGET works for all-- be it a stock, futures contract or index, and no matter what the time frame. I use to even get a kick out of trying to trade Swiss Franc tick charts in the early days.

That being said, I will also tell you there are some intangible elements or variables that can determine how well you successfully trade AGET different time frames. These intangible elements include such things as trading background and experience. Items such as size of portfolio and personal staying power; which means can you afford to have losses and make initial mistakes, or are you under capitalized. Intangibles such as your emotional makeup or your ability to think quickly on your feet under pressure can affect your ability to trade successful shorter time frames. Your answers to these questions can determine which time frame might work best for you. I have, for example, always preferred longer-term outlooks and position trading setups because I am a methodical thinker, where as coworker Andy Bushak seems to enjoy day-trading.

A couple of weeks ago I got a phone call. The person asked a similar question to yours: "I just got AGET yesterday, can you teach me how to trade a 1 minute chart." My answer was, yes I can, but not in one day.

Can you trade the stocks or E-mini on 5 or 1 minute charts? Yes, but it still will take a little extra time learning to master the unique characteristics of such a rapidly changing, dynamic time frame.

In Ohio you can get a temporary driver’s license and start driving with a parent when you turn 15 1/2. Our oldest son, Ben, just started driving. His second day of driving I made a big mistake letting Ben drive really busy city roads. I felt like I was having heartache pains when Ben turned a corner too fast, almost hitting a very expensive Jaguar car, or when we really needed to turn left at a busy intersection but instead he turned right. Needless to say, my son now drives very cautiously and carefully slow, and I am now more protective of him [and me] until he gains more driving experience. The same goes with trading very short time frames. If you are new to the game, 1 to 5 minute charts has their own nerve-racking qualities you must have time and experience to better prepare for if expecting to ever be successful trading them.

Yes, you can day-trade AGET Type 1 and 2 patterns, but I honestly think you have to be patience and persistent, and have a realistic plan or strategy which allows you time to let short-term trading become second nature to you.

Before I end, let me share with you a few ideas designed to help a new person trying to master day-trading 5 minutes or shorter charts. Use a daily chart TJ's Web calculation on your 5 or 1 minute chart for a general direction guideline. Use the neutral zones as a directional and watch it for a while. It might help you. (If you go to the Advanced GET User Group site and look up the TJ's Web overview you should find several E-mini examples of how it worked with ES over a few weeks.) Another idea, if using the older AGET platform try changing your Elliott Wave default on a 1 minute time frame to 800 data bars, and even try using the 'Long' wave count if trying to stay with a trend when you end up with a trending day. One old idea is wait the first 40 minutes before day-trading, but nobody seems to want to wait anymore as trading the gap open is becoming the newest 1 minute idea.

Yes, AGET works on any time and with any thing you can chart. Just promise me you will be a little more careful if trying to day-trade very short time frames. The dynamics or rapidly changing nature of trading a 1 minute chart are such you really have to have more experience and a sharper mind to expect to be consistently successful at that particular time frame.

[JKK]

AGet for Daytrading

Alexis, Marc,

Thank you both - I appreciate your help

Btw, Marc, I am quite experienced in daytrading stocks and the eminis. I can end the day positive even just using a price chart and a couple of EMAs on it, with stochs underneath (although I usually work with a few additional studies.) I was thinking whether EGET can help me alleviate some of the complexity of my system. In that sense, your response is very useful.

[MR]

JKK,

If you are quite experienced in daytrading, then I genuinely think you will find AGET will more than meet your needs.... it is a good.

If you need more help fine-tuning or adapting your system to incorporating AGET into it, email me any time ([email protected]) or call me (330-645-0077) and I can share with you some other ideas that you might like. Best wishes, Marc

[Keith]

I daytrade using AGET and primarily the one minute. Sometimes I use three minute if I miss an entry on the one(which is really easy to do). You have to be really focused and fast otherwise you will miss many opportunities. It has taken me a little over a year to get where I am. It is much harder than trading off the other time frames but you can make as much as these guys in a day. Most of the action takes place in the first two hours where you can get clear readings. The afternoons are choppy although you can make money it takes more focus otherwise you will miss. I definitely use XTL as my main indicator. But it has to fit into the elliot mode too. I also use Moving averages of different lengths when the cross but I can tell you I always have the 50 day on if I'm not using the DMA. I primarily use the OSC and sometimes MACD, use the JTI for XTL cofirmation, Sochastics, and OBV. Also it is big time important to jump to a bigger time frame before the open and mark your key res/support levels. On the one minute traders use these to trade off of. Also, trading the open means lots of risk so watch out. Always have your level II on. A price can move really fast so watch your postion size early on so you don't get burned. Later on its much safer to size up.

[pj909]

Keith,
I just started working on 1 minute charts last month. I've found the first 1/2 to be very good for clear patterns - especially an ABC that seems to have the C wave develop about 10 min after the open. It's uncanny how frequently it occurs! The problem I have is getting a list of stocks to watch. It's either too big ot none at all. I using scanner and I've tried XTL, ADX and STO to get a good list. But I usually end up missing the trade. If you don't mind - what do you use for prospecting for trades?

[Keith]

Re: Reply to post 'Advanced Get for Daytrading'

Usually I trade the semi's: KLAC, NVLS, MXIM, LLTC, BRCM. I also go with
momentums stock whatever is in fashion. VRTS, SEBL, QLGC, are also good. I
have a huge list but can't devote the time to them. I miss huge move by not
being able to watch these. I don't know the answer. Always look at the 60
and Daily to see what's going on. This is still my biggest hurdle to keep
an eye on the big moves. A while ago USAI was rocking. Just make sure
there's volume on it. I have never been able to watch more than four at a
time. Its just too hard and four can be a handful. I also always have a
chart of the Nasdaq Comp on always. It is a great indicator. The problem
is acting quickly. In this time frame you can't "think" too much or you'll
miss the move. Good luck.
----- Original Message -----
From: <[email protected]>
To: <[email protected]>
Sent: Thursday, June 12, 2003 2:19 PM
Subject: Reply to post 'Advanced Get for Daytrading'


> Hello Keith,
>
> ~~~~~~~~~~~~~~~~~~~~~~~~~~~~
>

[MR]

Another thing to do, watch for stocks coming up into news, watch for stocks with big gaps. Even if you miss them that day, they often follow-up more in later days...

[MR]

ES 5 and 1 minute trading follow-up

-----Original Message-----
Subject: Trading off the one minute

Marcus, Any new suggestions for trading off the one minute? . . . .
Just curious if someone with your trading knowledge has any suggestions I might have missed.

- - - - - - -
Sharing publically my response to a similar 1 to 5 minute email trading question--

There is a recent discussion on 1 minute trading at this link--- http://forum.esignal.com/showthread....&threadid=2454 (brings you to this location)
A few more ideas-- it you want a quicker XTL change, lower the number to as low as 7; if you find a trend going on that day, play with a higher XTL and see if it can keep you in the same color longer, maybe helping you stay in it longer? (just remember to always return an XTL to 35 so you never get messed up, or create another window and monitor the same thing with two different settings.) For the Stochastics, play with a higher setting and see if that helps you catch the stonger swings. Another idea, play with a 200 ma setting as a general guidance for overall bias. Try cross referencing with other time frames to keep the immediate bigger picture in mind with the very short aggressive trading directions. Time frames people have mentioned to me over the years that they use in their trading are: 90, 60, 45, 30 20, 15, 13, 10, 8, 5, 3 and 1, tick, or some variation. (if using a trending pattern on the hourly, sometimes it would help if you add a 90 minute to the hourly, even try a 45 minute then work back down. Make sure you try playing with applying MOBs from the shortest time frame you are trading, but within a day or two, you might want to delete them if your chart is getting cluttered. Below are 5 and 1 minute ESM3 images. They were created today when helping a gentleman with a similar discussion, where we talked about how to apply the MOB study for trying to capture 5 or 1 minute pivot swings, and where I wanted to show him how TJ's Web could be used as a guideline. We know as long as it remains below ND the bias today is down. If the price stays above SA, SB, SC and SD the lines are supports, but if broken and the price trades below it, then those lines become resistance. Sometimes when I am not real prepared and trying to track on a 1 minute I have to turn off the Elliott Wave and focus more on defining the strongest support and resistance areas, and that is where some of the easier tools use such as the MOB and TJ's Web can be very helpful.

Marc

[pj909]

AGET Scanner

Anyone got a good method for coming up with prospects to trade on the 1 minute charts. Trade-Ideas.com has some great real time alerts but no cross ref to GET studies. AGET Scanner has some nice search capabilities, I've found using an XTL breakout on the 15 min gets closer, but a lot of trades are going by on the 1 minute waiting for the 15 min to give a good prospect.

[pillagingpiper]

pj909, the trouble with trying to conduct searches for opportunities on a one minute chart is that once you have conducted the search, reviewed the results, and picked your best shot, the trade opportunity has most likely gone. That is why we have chosen not to allow searching below a 15 minute time frame. If you are trading a one minute chart, chances are you only have a very select few markets you are looking at anyway. If you want to limit yourself to one minute charts, then pick a few select markets that have sufficient volume and volitility to trade on a one minute time frame, and monitor them manually. There really is not a great way to search for trade setups on a one minute time frame.

[tolga]

xtl price bar colour test

PJ909 i am trying to do exactly that. i try to enter a position on one minute bar changing colour with XTL and hope that 15 minute will change colour too. but 90% of the time i can't wait long enough for the 15 minute bar to change colour. i tried to back test using 15 minute on its own and it looks good but i have only tested couple of months. i want to test for the last couple of years. however esignal's formula wizard doesn't support xtl price bar colour.

does anyone know how i can get esignals formula editor to check to see if the bar colour is green or red? if i can find a way of doing this i will write a formula and backtest xtl

any suggestions?

many thanks
tolga

[fabrizio]

Attached you can find the AUTO XTL efs. For anyone very much into XTL breakout on any tf this is a pretty good tool

In choppiness I do personally trade the 1 minute using TOM DEMARK'S TDREI.

Enjoy the EFS

(PS. the target has a RR ratio of 1.6 )

[pj909]

hi pillagingpiper,
I agree that by the time you finished doing an analysis of prospects from 1 min search the trade is gone. Been there, done that. I'm trying various strategies to come up with a "short list" and then monitor those. And that's the problem: monitoring. I want to be able to scan the list or set an alert for each item in the list. What would be nice is to be able to set trigger points for the short list on 1 min bars or even tick by tick. Something like STO crossover or XTl change or whatever your favorite indicator(s) is. In this example you've already anticipated the move and now simply waiting for the trigger.