Ross did not do the trade in his book
Read this review about Joes Ross books
Actually, Joe Ross faked up his tradings in his book. He at age of 53 has taken a beginners cours that conducted by Ken Roberts.
However, I am very much appreciate Joe Ross metod and books.
1) I used only the tick data, and tick chart. I was real lost when the index was wiggling, 1 tick up and 2 tick down, and again. Joe Book introduced the 1, 5 ,15 min bar charts, which is really allow me to filter out the unwanted index noise/wiggling.
2) I have been following the index in realtime for one month. I've found the 123, and with TTE is profitable. The stop-loss is one bar, most the time the bar is a små reveral bar, such as "morning star" etc.
3) 123 with RH, TTE just gives the entry signal. It is good to trail the stop-loss with the distance that calculated by the volalitity. It is a losser metod to take the profits very quickly with the first 1/3 portion as Joe wrote in his book.
It is very easy to get stop-loss efter the RH and before the point 2, as Joe wrote, "I get out, if 2 bars running again me". When the index is trending, using the EMA20, or EMA10 as the trail-stop line is better, so you do not loss your position as RH.
4) If only trading 123, there will be two many signals specially when the index is in a consolidating phase. So using indicator will be good.
I found that these indicator helps.
a. MCAD, or slow stochastic when the index is in range trading.
b. EMA5,10,20 when the index is in a strong trending.
If I am doing the programmed trading, I will only use 123RH TTE and put the condition, trading only if the index is trending (when ADX > 20).
I have been forcing myself into the Ross metod, so I now see every index with 123, RH and TTE. Feel know the market a lite bit more than I was one month ago.
two books that I found are useful for intraday trading.
Barry Rudd "stock patterns for daytrading and swingtrading", pdf (he provide the account statement in the book, so the trading is real).
Joe Ross - trading Futures by the book. He talks about how to manage the trading after your took the entry signals.
The law of charts and TTE can be download at Joes home page. They are teaching entry signals.
Min trading datorn, stationära är dött, troligen hårddisken går "kappu!". Senaste backup var för 3 månader sedan. alla email går förlurade. skall fixa den under nästa veckan.
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The 123 and RH, trend is so clear when I look back at the index chart. I am so unsure if the index will turn a trend when it come to RH and go otherway. So I was undering: Is this a metod just like the zigzag, only correct afterwards? That's why I want to backtest it.
Instead of spending lot of time to backtest, why not get it some one already done it. the Ross Hook has been on the market for a long time, so some one must has done it already.
The Ross indicator for trading station, Joe Ross approved the indicator and said the indicator is correct interprated his The law of charts, all 4 patterns. This package also includes the strategy backtest. Marshall Sass (who was one of the programmers for tradestation) programmed this. Marshall himself is also a full time trader, born on 1967. I talked to Marshall yesterday, he will provide me a 2 month trial version. He said that he wouldn't mind if my copy of tradestation is not licensed one. His Ross indicator package needs the customerID of the tradestation. However, I have not received it yet. This package costs $55 per month. I will see, if I can get it this weekend, otherwise I will purchase it, just for verifying the strategy. If I do not get this, then I will just go along and trading the CFD with 1 CFD to try my idears on the market.
If I get the ross indicator package, and tune it works, then I will intend to use it for automatically programming trading in the future.
123 fragments for metastock can also be used for metastocks as well.
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