Advanced Get for Daytrading

[Nate McCartney]

pj909,

If searching on a longer time frame and trading on the 1 minute, chances are, the trend is already established on the 1 minute. This suggests some sort of trend FOLLOWING technique to be used on the one minute. Using the XTL in line with the False Bar Stochastics, you could do an XTL Continuation strategy on the one minute. You could search for XTL Breakout trends on the 15 minute, and then follow that trend (assuming it fully develops) up with the XTL Continuation strategy. Just a suggestion.

Nate McCartney
(pillagingpiper)

[MR]

Ok, you want an idea how to carry over AGET into a 1 Minute chart for day-trading. Below is a quickly done "cross-referenced" sample I just did to illustrate how I would look at trading this market today. I will try and post a final example at the end of the day with comments. This is real-time, so lets both see what happens - marc

[fabrizio]

Marcus

Hat off

Cordially

[roicapital]

RE: Reply to post 'Advanced Get for Daytrading'

Hi Marc, very helpful. Now is there a way to change the index and have
it apply to all 4 charts?
Thanks, Mitch

-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Friday, June 20, 2003 11:52 AM
To: [email protected]
Subject: Reply to post 'Advanced Get for Daytrading'


Hello roicapital,

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

[MR]

following up on earlier post example today, Friday 20 June 2003

Here is the follow-up on the chart posted earlier (see below)....
This is intended only as an illustration of how I would be trying to cross-reference the various time frames together for those who attempt to day-trade 1 minute charts. The primary keys to observe in today's example is how TJ's Web Levels can add an additional dimension to the Type 1 setups. The Hourly and 1 minute today were identifying Type 1's as legit ideas. The Webs were telling me where to key in for resistance on rallies and possible sell areas, where the neutral zone was located. As long as it stays above the neutral zone the bias is up, but because we see wave counts where Type 1's are the priority today, I would have had a harder time buying, but an easier time selling and using the supports more as places to either tightening stops or covering. There are other ways of looking at today's pictures. Some might even handle this example differently, but I just wanted to share this idea with you in hopes it can add to this discussion of 1minute trading. One thing to consider each day you begin your trading, watch early in the day for some identification what that days bias seems to be... is this going to be a trending day or a range trading day, and what direction does it appear to be going, up, down, or a neutral trading bias. Someday's it's easy pickings to identify as the day goes on, and other days it you never can make heads or tails out of it. Today it made sense to me using this setup.....

Best wishes to you all for a relaxing weekend. - marc

[pj909]

Trading the 1 miunte bars

Marc,
Thanks for a great review of TJ’s Web; a nice compliment to The Trading Techniques videos. The problem with trading the 1 minute bars is having a focused list to work with. There are some nice enhancements to the RT version of scanner. Unfortunately, scanner is actually more limited in its scope than the EOD version. In EOD Get we can control scan values AND the list. Being able to limit the search to my chosen list is very helpful. Although not a perfect solution, giving RT the same abilities as EOD would help. Using 15 min bars or longer to find a series of trading candidates is a great way to prospect, but what is needed after that is a way to set alerts on that list. If your 15 min Type buy scan turns up 10 prospects and you want to pull the trigger when the 1 min chart is in agreement you need a way to be alerted when your conditions are met. I don’t know about you but I can’t watch 10 charts at the same time. Even a revised scanner may not be the way to accomplish this. Rather, a way to set an alert on a technical indicator. So revise scanner and revise the alert system; piece of cake – what else do the programmers have to do today.

[MR]

PJ,

Your suggestions are duly noted and appreciated. I cannot guarantee anything because I am not in the program development team,
but you communicated well the idea. That is very helpful when trying to get an idea implemented. Thanks for sharing the idea.

If you are not familiar with eSignal alerts, which are available currently, check out the "eSignal Chat Logs" link below, and click on
the 05-06-03 chat, "Using Alerts in eSignal." I found the recent 'Chat' on the subject quite helpful. It may be possible their usage
could be modified to as best as possible to fit your current needs until adjustments could be made

http://share.esignal.com/groupcontents.jsp?folder=&groupid=166

Before I end, let me share with you a couple ideas for how I like to use the eSignal Pre-market and Power Scanners to focus
on a stock... I go and select "$ losers" if I think it is going to be overall market down day and "$ gainers” if the earlier morning
hints at an up day. It is an interesting phenomenon to observe when trying to identify 15, 5, 3, and 1 minute trade setups.
Seems like the early movers follow-through more as the day progresses.

For example, I think today is going to be a defensive or down day, and here are a few symbols I am tracking this AM
the following symbols: ACAS, UOPC, UN, HITK, AVY, UL, THC, APOL, WAG, BGEN. Another way, look at the Power Scan,
“Below or Above 1st hour” and the others as the day progresses, as it can generate an interesting stock too to try a
1 minute setup. It may not do what you are specifically desiring, but maybe they can be helpful to you too.

Take care and have a great week!
[edited comment-- I posted the above comments around 10AM, not sure why it says 3:30PM earlier before i typed in this edited comment?]

[MR]

Go to the Advanced GET User Group if you would like to see another simple illustration or followup idea how one could attempt to use some AGET tools for day-trading... will post an update at end of day so we can all see what happened and if we would have been able to identify any trade opportunities. The primary focus here is the TJ's Web tool.

[MR]

Here is a copy of the chart shown Monday as a day-trade parameter idea with what actually happened later that day...
nothing fancy, just a follow-up of pervious comments.

[MR]

Hi,

Tune in later today and I will show you what I think
about today and how I would have liked to trade it....

hint, hint, look at the chart posted at the
Advanced GET User Group. -mr

[roicapital]

RE: Reply to post 'Advanced Get for Daytrading'

Hi Marc,
Looking forward to your comments as my chart doesn't look like yours.
What xtl count are you using? I am using the 35 default and red bars
are showing. Also using the default elliott wave count (original)
which indicates a 5 top where you are showing a 3 top. Big difference.
Please send explanation sooner rather than later, thanks, Mitch

-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Wednesday, July 23, 2003 12:47 PM
To: [email protected]
Subject: Reply to post 'Advanced Get for Daytrading'


Hello roicapital,

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

[MR]

Mitch,

The VERY QUICKLY done chart is for you, to see if it helps answer.
A better idea is coming later.... basically, it is not a XTL idea.
Primary Elliott Wave idea basis daily, and short-term trading idea
with use of TJ's Web and day-trade tool application. This is
best I can communicate for now... better coming later today.

- Marc

[MR]

Mitch,

One more real-time day-trade post
before the end of today.... will try
and make more sense later today.

I just think real-time examples are
better than after the fact.

-marc

[MR]

Mitch, and others:

Ok, if you believe the ESU3 daily premise posted earlier of a possible aggressive Type 1 Buy, I found a reason to have an up bias-- aggressive Normal Ellipse arriving, break above the RTC, green extended trendline support.

To keep it simple, load today's TJ's Web in auto mode, and then reissue to shorter time frame. I showed here earlier a 15 and 5 minute. Applied some MOB's and Ellipse from those time frame pivots and then used them to interpret and day-trade using the 5 minute.

TIP #1-- take a RTC (Regression Trend Channel) calculated on the daily, then when you reissue to a shorter time frame, say the hourly or 15, right click on that line and recalculate it. It shifts and ends up better fitting that time frames data. Hence, it becomes more useful. In this instance that daily line becomes a support line on any pullback. When it intercects the SB line and MOB, it helps define (for me at least) an aggressive day-trade buy area, and the stop goes below the line of the little mob below that. Under trendline analysis logic, this trendline becomes support when crossed, and it is one key for me wanting to try and find ways to trade long today.

TIP # 2-- Mitch, this is my little secret, don't tell anyone, ok... you mentioned the XTL setting. I will tell you, I honestly did not use this-- but to help your way of thinking-- the only way I think you could have found a useful XTL with advance warning is lower the XTL to 7. In this instance it could have helped you if you were thinking like me and looking for a very aggressive trade support idea. When you do this the XTL turns colors quicker. (DO NOT TRY THIS IF YOU ARE A NOVICE!)

TIP #3-- Take the pencil tool and draw an extended line from the last few pivot highs, change the color to a light color. Notice how the 07/22 and 23 highs pivoted just above the NU line. The horizontal pencil line helps for identify a stop placement. Notice how it pivoted several times and could not take it out earlier. That is important to my way of thinking.

The end of the day trade ideas was just a typical Type 1 buy logic, but you would have to ignore PTI. The Ellipse calculations could either be used as a way to identify covering the earlier short idea, or to get you long again, depending on your bent. I wanted to still try and get long again because of my up bias building basis the daily chart.

It couldn't really push much more above the Upper Neutral Zone line so would have just bailed out before the close if even a little profit. If it would have pushed higher, would have used the upper MOB's shown earlier as resistance target areas to lock in profits.

I hadn't done any day-trade post ideas lately, so got a whim today help someone out there with a real-time example.

Again, this is my way of doing things. If it helps I am happy. If it doesn't, I will try again later to find something more useful. (Scroll down to see today's chart examples.) -mr

[nicklancer]

Hi:

I am new to this forum. I came here from the Wave59 yahoo forum. I hope you guys don't mind my cluelessness but what is an Advanced Get? One more question. Those numbers appearing on top and bottoms of bars, is that the same as 9-5 count in wave59 or something different? I would like to know about them and any other similar interesting indicators I am missing on.

Thank you very much.
Nick

Originally posted by MarcRinehart
Mitch,

One more real-time day-trade post
before the end of today.... will try
and make more sense later today.

I just think real-time examples are
better than after the fact.

-marc