i admit upfront the highest respect for John Murphy…. while never having subscribed to any of his services, i have gleaned the internet for his writings…. those writings have always
been without ego , presumption, ulterior motive and such that is so widely seen in some of the most popular analysts…..
his two page lead in note is typical John Murphy, nothing is concealed in any way…. my respect for him in no way will influence this, and that’s just how he would want it…..
the plugin 'chart pattern recognition
' or 'cpr
' deals with nine popular chart patterns…. having for years subscribed to marketscreen.com for that purpose, obviously i was pre-interested in them….. i spent about 3 weeks looking into it with most of that time spent scrolling through the s&p 500 with the expert attached, that takes awhile ….. the average person could be trading with it in a couple hours if proper conditions existed, though some time spent studying would be wise....….
the broad market direction can at times influence chart pattern outcomes…. that being said, chart patterns often do work to our benefit… there are both psychological and financial/technical reasons for them working and many sites explain both….. certain patterns seem to work best in certain markets….
the plugin has 2 explorations, 1 expert and no system test….. the explorations are for confirmed entry signal
and unconfirmed entry signal
….. the unconfirmed is simply a recognized pattern but price has not violated any of John Murphy's trading rules….. once a violation/breakout occurs the security will fall into the confirmed for that day/bar only…. a symbol will be placed on the chart along with some trading commentary thoughts….. the confirm is for the last bar only and you would need to scan daily…..
the expert can be attached to a multitude of securities running in real time except for the 'tick' time frame….. its doubtful you will use it in that way, most likely it will be used with eod data…..
a note here.....
repetitive tasks should be minimized if possible… the manual's suggestions on attaching the expert after running the exploration is a case in point….. the book suggests clicking on a chart from the returned list to open that chart, then going through the steps required to attach the cpr
expert, reading the commentary…. doing that repeatedly for each chart…..
perhaps a better way
would be to have a template created with your choice of line studies and the cpr
expert attached….. after running the exploration, open the favorites folder which will have the 'results from last exploration' in it …. open a chart in that folder and apply the cpr
template..... once the cpr
template has been applied, open the commentary
….. just use the arrow buttons to scroll through the folder, the commentary will be already opened to the last bar..... of course this would go for any folder…. clicking on any expert symbol will give the commentary for that bar…. to select a particular historical bar, click above/under it to see the commentary for that bar, don't click on the bar itself…..
expert nor the 2 explorations are password protected so you can make changes to a degree, such as adding a minimum volume ….. the last pages in the manual contain functions and parameters which seem to encourage modifications to cpr
, those pages appear of vast importance but are beyond my abilities at the moment…..
Metastock is a tool for me , the cpr
plugin definitely increa