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Michael, My greatest challenge has been what you discuss so well in Chapter 6: Human Behavior of Trend Following. Sincerely, Arne V.
Do you have a system now?
Yes, I do. My strong influences have been Dennis Wyckoff & Mark Shawzin, and of course your book. I utilize essentially naked charts and assess the market using three charts; Daily, H1, and 15M for refined execution. I trade session to session and am flat the market no later than 1:00 PM PST. 3.5 trades/day average. My hang-up has been summed up in the quote from your book, “The real pattern they miss is the pattern of acting with complete confidence to make decisions right or wrong in the face of the unknown.” Thank you for writing Trend Following. It has been immeasurably valuable.
Thanks for the nice words. But here comes some hard truth. Trend following is not hourly or minute bars.
Thank you for your forthcoming words. I completely understand what you mean, however, aren’t trends really a function of time? I agree smaller time frames are noisy compared to daily, weekly, and monthly charts for sure. Regardless, I believe that the trend following principles you so succinctly describe in your book still apply to me. They have helped me so much. By naked charts, I simply mean few to no technical indicators, just price action. Thanks again.
Trend following uses money management and portfolio strategies. 15-minute bar trading is something else, not trend following. Read.
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