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Thanks for your enlightment of BW. I do agree with you wholeheartedly on others opinion of the book in amazon that it all depends upon where they are coming from. Based upon what you have said, BW presents trend, breakout and divergence is something that is proabably nothing more than variations of what is presented in these forums. I have read many books, some have substance while others are just selling a book that offers no value whatsoever whether it be forex or not. I guess what we are all looking for is something that is invaluable to forex that will offer potential methodologies and insights.
Third, the only invention of BW is the MFI, useless in forex because we don´t have volume.
This is not completely accurate.
Here is quote from BW book: "The key is volume. Our only real-time information form the market is tick volume, time and price. Tick volume is the number of time changes made during specified period. It is not number of contracts traded. A number of studies have indicated that there is no significant difference between the relationship of actual volume and tick volume. We use tick volume and can assume it represents actual volume. This online volume is our best best clue what is happening in the trading pits"
This is very same approach to the tick volume in Forex. It can be very valuable if you know how to use it and check consistently. Like BW said it can be very powerfull.
MFI cannot be used without a proper content of price action but with price action and tick volume and mfi, it provides you a good idea of the market landscape.
Here is quote from BW book: "The key is volume. Our only real-time information form the market is tick volume, time and price. Tick volume is the number of time changes made during specified period. It is not number of contracts traded. A number of studies have indicated that there is no significant difference between the relationship of actual volume and tick volume. We use tick volume and can assume it represents actual volume. This online volume is our best best clue what is happening in the trading pits"
This is very same approach to the tick volume in Forex. It can be very valuable if you know how to use it and check consistently. Like BW said it can be very powerfull.
MFI cannot be used without a proper content of price action but with price action and tick volume and mfi, it provides you a good idea of the market landscape.
Hi. Glad for the feedback.
I got the quote: page 84 Trading Chaos first edition
Exactly, he´s completely right, volume is key... for centralized markets where we all can know and refer to only one source.
If you and I we´re trading in the CME, we´re using the same data provider, we´re almost sure your ticks are equal to mine.
However in a non centralized market, where, even the price differs from one broker to another I find hard to use this type of indicators. Even fractal can differ.
And, my expression is just that, an expression, an idea, not a sacred word, not an absolutely "don´t use that".
I got the quote: page 84 Trading Chaos first edition
Exactly, he´s completely right, volume is key... for centralized markets where we all can know and refer to only one source.
If you and I we´re trading in the CME, we´re using the same data provider, we´re almost sure your ticks are equal to mine.
However in a non centralized market, where, even the price differs from one broker to another I find hard to use this type of indicators. Even fractal can differ.
And, my expression is just that, an expression, an idea, not a sacred word, not an absolutely "don´t use that".
You make a good and obvious point. But Volume is volume. It procededs any momentum which proceedes price change.
I am not suggesting that anyone should ignore the point you provided but in your previous post you stated that we do not have volume in Forex and therefore MFI was useless. And that the point I dissagee with since some of us have used tick volume and MFI
As Linuxser points out...BW doesn't trade forex. I spoke to Justine two yrs ago and that is what she said to me.
Their website also has(had) a kind of 'disclaimer' saying the strategies work best for equities.
(I therefore find it strange that some of the charts in his books pertain to forex. Go figure...??)
I could sit here and harp on about why I hate his models and why they don't apply in this environment (in a word 'late') but I won't because I personally like his books. At the very least they get to the core of what trading is all about: disseminating information.....tearing down old models and building new ones and if you can get past some of the rhetoric he makes sense.
At the end of the day it's all in the eye of the beholder anyway.
As Linuxser points out...BW doesn't trade forex. I spoke to Justine two yrs ago and that is what she said to me.
Their website also has(had) a kind of 'disclaimer' saying the strategies work best for equities.
(I therefore find it strange that some of the charts in his books pertain to forex. Go figure...??)
I could sit here and harp on about why I hate his models and why they don't apply in this environment (in a word 'late') but I won't because I personally like his books. At the very least they get to the core of what trading is all about: disseminating information.....tearing down old models and building new ones and if you can get past some of the rhetoric he makes sense.
At the end of the day it's all in the eye of the beholder anyway.
I am not sure what the statement that so and so does not trade Forex has to do with the quality of the material that one gothers and choose to imply in trading.
Larry Williams, Joe Dinapoli, Tom Demark, Joe Ross, Linda Rashke (and the list goes on and on) do not trade Forex but many people have read them and might have chosen to apply it in their Forex trading.
I recently read a book by Victor Niederhoffer, "The Education Of A Speculator". Victor is a famous trader who traded for Soros and trades currencies. I am sure he is not as popular since he is not offering any systeme or/and indicators. But nevertheless his book is one of the greates one could read and it does not matter that he was trading currencies rather than options. He claimed in his book that he never read a a trading book that less than 100 years old.
It is really up to us to find how to educate ourselves, find the profitable method/indicators/systems, and intetrnalize it.
I am not sure what the statement that so and so does not trade Forex has to do with the quality of the material that one gothers and choose to imply in trading..
Justine is his daughter. Her point (and mine) is different environments=different tactics....
Enough said.
Quote:
Originally Posted by MainPIP
It is really up to us to find how to educate ourselves, find the profitable method/indicators/systems, and intetrnalize it.
Justine is his daughter. Her point (and mine) is different environments=different tactics....
Right... Then by the very same logic, every technical author whoever wrote a book and not traded in Forex deserves the same scruttiny. Also add your favorite indicators that came from stock markets.
Not trying to defend BW or his system or his indicators, Just having issues how some choose to focus or zoom in on relevant items.
Whether his daughter or/and BW have traded their system in Forex do not serve better or value of their system/indicators than other authors mentioned above. For example, Joe Ross openly dissencourages to trade Forex but has that made his price patterns less attractive to some of the traders who have used them profitably in Forex?
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