Hi guys,
rookie, it is ok that you are wary on the issue. It is something new and anyway, even if it works we do not jump in automatically for COT signals, like you say, so we also do not do it here as well. We use COT to decide our sentiment, this is an indicator for long-term (very important not to make conclusions after a couple of days) and we have to test it first.
I have to say Philip helps really a lot to solve issues and I appreciate that! As he said; rookie do everything step by step. I also wrote that this is not a signal yet. The MA is on the candle, it has to be above the candle and under the two weeks before moving average (thanks Philip to bring this last part in). One little correction I made compared what Philip wrote (page 151 in Williams book): by looking at the MA this week, we do not compare it to last week’s candle but the one two weeks ago. I guess this gives some space for spikes and false breakouts.
Philip, just to be exact, it is a very newbie question but are the values of the MA shown in our charting software or do you just read it from your chart? I never really looked at the values, only how it is compared to the candlesticks. In timingchart it shows me 0.9192 and not the 0.9200 mentioned form you. Also, where do you see there 0.9196? These are very little things but if we work together it would be good to use the same values.
for “not greedy Mike”,
congrats for the anniversary! And please don’t excuse yourself. If you never take one/more days even weeks sometimes off then you will be burnt out. It is a long-term thing, we need some breaks. I will be also some days of in September still, Peter is now, rookie and Philip and you should also make some time off. Just to refresh yourself and chill a bit. Your wife is very nice for the questions but do not lose her because of this thread! Mentioning your analysis, interesting outcome, seems like the Majors have seen your record breaking stats last week for 4-0 run for Comms and this week they make a complete and huge home run against the comms. No matter what today happens that is just a huge results with 3 very easy wins and 1 tougher. I JPY would not be so negative every week for Majors then this difference would be even larger.
Last but not least I think the sentence of the week goes to Philip with his suggestion for rookie: “Try it out and let me know how it goes.” I just laughed myself to death. It is a nice way to say: “I am curious with the new system as we have not tested yet so put your money on the line and we’ll see how it goes.” Just great! LOL
I think if we do not want to trade the system now, it is also ok, we should look for signals, trade it on demo or just look back later how it would have worked out. Important is to find together the signals, write them down and follow them, also with discussing what would be the right time to exit it.
Have a great last day of the week (of course weekend session is still to come)