New Posts: 004 - Enhancements to My Proposed TW-Channel Tool

As promised, I have listed more things I believe the proposed TW-Channel Tool should do to make this channel easier to use and enhance its capabilities.  I've done so, by editing my original proposal post, adding more ideas, and making the text a bit more readable, too.  Please click on this link to my old Post 011 "WANTED: A TeamWork Channel Tool!" to see what I'd like to add to it.  I highly recommend you watch Post 011, as I may update it more in the future.

You know, I really should have made the title of that post "NEEDED!!: A TeamWork Channel Tool!" Hopefully, with the number of people reading my blog growing steadily, I'll be able to get input from others to better define the NEED for this tool!

New Posts: 003 - Why I Believe Day Traders Can Use TW-Channels

First,  let me make THREE things clear:

1.  I have never attempted to day-trade, even though in the past I have had occasion to use MetaStock Pro, which tracks the markets live in any level of trading chart you want.  You can trade "tick", 1-minute, 5-minute, 10-min, etc., or go with Daily, Monthly, whatever.  You can do a mixture of multiple time frames, if you wish.

2.  Although I fully believe that TW-Channels should be implemented in the End-of-Day version of MetaStock, and in MetaStock Pro as well, I cannot say whether it would be a good idea to actually plot TW-Channels in day-trading time interval charts, such as "tick", 1-minute, 5-minute, and the like.  Certainly they would be useful in Daily, Weekly, Monthly charts, but I've never had a chance to try using them in any time-interval less than Daily.

3.  I have, however, watched 1-minute and 5-minute chart prices react to the Support/Resistance price-levels in my Daily charts having well-drawn TW-Channels in them.  I'm certain that with well-drawn TW-Channels in a Daily chart, any day-trader could strengthen his/her trading with regard to using Support/Resistance levels to make trading decisions.  Assuming, of course, that the Day Trader is willing to try it long enough to see it work.

The trouble with doing this now, though, is the tedium and time needed to place valid TW-Channels in a Daily chart of the targeted trading instrument.  In order for TW-Channels to be as useful as they could be, a new tool is needed,...
the TW-Channel Tool that I've proposed for MetaStock.

The illustration below is a crude one, but it will serve to show how TW-Channel Daily charts could help the day-trader see Support/Resistance areas before they are actually hit:

On the left you see an image of the candlestick that appeared on my Daily chart, with lines crossing it at various angles and prices.  On the right is an OHLC Bar of the same date's price movement.  Note the purplish and reddish Std-Err Channel Lines that draw a flat sort of X across the candle and the bar.  Also note that the mid-point of the X is just to the right of the mid-point of the candle and just to the right of the OHLC Bars vertical line.

Candlestick on Daily
Chart of GM on 11/07/14

 

OHLC Bar on Daily
Chart of GM on 11/07/14

A screen-captured image of Google's free 1-Day chart of General Motors (GM) provided the images below.  In the first one, the cross-hair tool's black dot sits on the point of Resistance at the price of 31.53, and as you can see, this level provided Support later in the day.  The second one shows the next peak over where Resistance was met at 31.56, and again, you can see that price level providing Support later in the day.  MetaStock's arrow-pointer can pick out the approximate price level where each of these lines cross the day's prices, and as it turns out these were at about 31.53, for the reddish line, and 31.56, for the purplish line.

Two screen-shots of Google's 1D chart of GM for 11/07/2014.

Notice, please, the very choppy range of price movement that runs across the top of the chart.  Now look again at the candlestick and the OHLC bar images, and note that there are four Std-Err Channel Lines crossing each other (above the Close in the upper-wick area).  These four lines account for the choppy behavior of the price, due to Resistance and Support provided at slightly different levels by these four lines.

If you are a day-trader, can you not picture yourself being able to use the extra "intelligence" that these lines provide to help you make a trading decision?

New Posts: 002 - NEW!!! My TEAMWORK CHANNELS(tm) Plug-In PROPOSAL!

Updated New Post 004 --- My Proposed TEAMWORK CHANNELS TOOL plug-in !!!

In early April this year, I met with Jeff Gibby at MetaStock's office to show him my PowerPoint Presentation about the new TeamWork Channels Tool.  He was impressed and asked me for some details, and, how much I'd like to charge for the Plug-in!  He said that the programming team was fully booked getting the newest version of MetaStock ready for release in May.  He said that after the release, we would get together to begin developing my plug-in.  Meanwhile, I am working on an instruction manual and a curriculum for a training class to introduce my Plug-in.

In early May, my wife and I took a two-week trip to Hong Kong.  We stayed with her older sister and met other relatives in Hong Kong.  We had planned to visit Xiamen, China, where my wife was born.  Sadly, because of Roxana new US Citizen status, China's representatives said China could not give her a visa.  She would have to get it from the US Government because she is now a US Citizen.  She must get it from the US Government, they insisted. Unfortunately, the US Embassy in Hong Kong was closed.  Roxana was very upset, but we will try again next year.

The trip was not wasted, though.  We had a good couple of weeks visiting my wife's older sister, and her cousins, etc.  Her nephew, Michael, drove us all over Hong Kong, showing us the sights, etc.  He is a brave and skilled driver, and that is a VERY good thing, or I might not be typing this right now.  Hong Kong is an amazing place, but the TRAFFIC is horrendous!  Thankfully, Hong Kong is VERY SERIOUS about making people learn to drive well, and I'm grateful for that!  We returned home safely, hauling my wife's many gift items, and sadly, a Major Case of JET LAG!

After our return, Jeff contacted me to let me know that as he was going to Sales trip to Europe for the latest release of MetaStock.  He would be back in late May or Early June.  We planned to meet in June to begin the development of my plug-in.  The tentative retail price currently is $299.00, but that could change once development-costs are considered.

As soon as I can, I plan to update my PowerPoint Presentation, after Jeff and I have discussed the details of the development, and perhaps I'll be able to post a copy of it here, along exactly what the price might be.  As the details of development and programming are not known, as yet, we cannot give you a specific time that it might become available.  But, we will announce it, and its purchase cost, as soon as we can.  Hopefully, that will be before the end of July this year.

Meanwhile, watch this BLOG for announcements, please.  I would welcome your feedback and emails, although I may need to defer specifics until later.  I promise to keep you updated as soon and as often as I can.  I hope to be able to offer a discount for readers of my blog, especially if you'll pass the word around about my plug-in becoming available.


Robert B. McKinnon
TeamWork Channels(tm) Creator