I don't get it. Are they drawing their blue line at the start of the day or are they adjusting it throughout the day then saying 'look we were right all along'?
They draw the blue line at the beginning of the day and don't change it. HOWEVER, they have a command to flip it at any time and that really is the problem.
Mac, what do you mean about being a bad broker during news? Bad fills? Wide spread?
The inversion can be confusing and you have to be cautious before trading.
I have been addressing the inversion issue by relying on other indicators for direction. Moving Averages and Oscillators.
I also look at the news and news commentary to get some sense of direction.
You have to remember what GFT stresses, the AI indicator is intended only to identify tops and bottoms intraday - not magnitude of the move. It's not ideal, but its not a bad indicator and it would be helpful if other users would post their experiences with it.
As for GFT being a "bad broker," my experience has been good so far - About three weeks. . . Would you elaborate?
I've been trading it for two weeks. I have made some money and lost some money and I am up 2 pips. (Great, huh?)
As of today, I am going to abandon the idea of trying to figure out if it's inverted or not and use in its original form and let that confirm my other indicators and tools.
Right now - as I write - the EURO is in a congested area around 1.3200 that makes it look like either a high - original Foresight indicator - or a low - inverted.
My moving averages are bearish but my oscillator is in negative
turf, but turning up.
I also have a forex account w/ FXCM - Their analysts are saying Euro under 1.3233 is a short to 1.3188 and then 1.3173.
As far as I can tell there is nothing in the wind that is even remotely reliable this morning. So I think I will sit it out. Given the cost of Foresight AI sitting out is an expensive - but being wrong is expensive too.
In short, I am looking forward to you starting your trial, if you do. Because right now, I am confused.
I agree volume is thin. But what has happened since my last post: Given that the EUR was congested around 1,3205, and Foresight was not giving much info. I closed down my GFT platform and moved to Tradestation to see if I could find anything to trade today.
As I was looking at my charts, I saw the EURO breakdown and out of Bollingerbands and then retrace to the upper band. Looked like a shorting opportunity to me so I went short. I am up 24 pips x 2 contracts right now.
I then went back to GFT to look at Foresight. I inverted it and inverted it nailed the top to the very second. So if I could have told this morning that it was an inverted signal, I would characterize the indicator as the holy grail to the extent that there will ever be on. On the other hand, in its natural uninverted state, I would have lost money if I traded it.
By the way, as inverted the bottom on this shorting opportunity should hit around 13:56 EST. I'll let you know.(For those of you looking for trading advice - the foregoing is not a recommendation; trade at your own risk.)
GFT
Years of trading with them = 3
TERRIBLE for news trading... bad market fills, bad stop fills, slippage on stop entry orders.
Scalping - I havent got a clue cos I dont scalp. Spreads - I have always noticed fixed 4 pip spread on the Cable but some one earlier on the thread spoke about "widening the spread" on GFT - I have never seen that but than again we are talking about a broker afterall.
GFT's Dealbook does across as one of the best in the market. It probably is but what good is it that when one has a terrible trading Strategy...
"Clam Market condition" Trading - Very good than again most brokers are.
Charting package (Deal book) - Fantastic History:
Some years ago GFT stopped taking UK Clients in Chicago and made an excuse that they are opening a UK arm and all Brits should go over there. (Something I never worked out). They closed my account and when the UK arm was opened, I joined it. (My feeling was that under the FSA fills might get better). I am a news trader and still havnt see any differences between GFT Chicago's fills and the London branch. Regulation under the FSA or even under GOD make bugger-all difference to a brokers behaviour.
I am in the process of closing my account with them. Conclusion:
Its coming to me that it all depends what a trader requirements are from a broker? No one broker can claim to be best overall in everything that a trader requires and no trader can claim to be fantastic with every broker. A-I by Larry Pasavento
Got past charts from someone from GFT, London. I noticed that my contact at GFT had the habit of sending me only those charts which were more than fantastic and same goes for when the Charts which are posted for GFT's website. Someone on this thread mentioned that if this product was crap GFT would immediately remove it. Realistically, I wouldnt go that far. I have taken products from GFT in the past and if they didnt work and I complained I was always the one to be blamed. Afterall selling A-1 to even 40 people generates $20,000 for GFT per month... pays for the rental for atleast one of there offices. There is another company selling A-1 a lot cheaper mentioned by someone in the thread.. best way is to take it from them for a month and see how it works out. Also if A-I was the holy grail why is it not under a locker rather than pubilically advertised? Also why is a broker so keen to adverstising it, Us using A-1, making money and putting them at loss!!!! I am keeping an open mind about it. Conclusion:
Some traders on this thread are about to test the A-1 indepth, firstly goodluck. I hope it works out for you. Secondly, personally I would concentrate on the highs/lows rather than the inversion. If the rules of inversion are complicated than the chart will possibly get more confusing and skewed. Keep it simple and basic. They say that 90% traders lose money and only 10% make it. I believe 10% dont make money by confusing the hell out of themeselves.. I am sure they are simple formulas and tactics empoyed for successful trading.
Here I have been honest about my observations, I dont wanna bullshit cos I get enough of that from the good ole' Brokers.
The way the charts are presented, any fool could make money with them. It took quite a bit of digging for me to get to the 'Inversions' issue. Still, the timing represented by the charts are valuable even if the direction is not so reliable.
Coupled with my support/resistance methods, the timing will help me stay out of many bad trades and help get into a few more good ones. It will also help me stay in good trades by letting me know that a turn-around is still far off.
The inversion issue is a pisser, no doubt. But I'm willing to try to work with it none the less. I'll wait till the market thickens up a bit.
I have to say I agree with Coach. It's a useful indicator. And, perhaps we are expecting too much from it. In reviewing the day, the inverted EURUSD indicator was quite effective. USDJPY was a little choppy, but fell in line around 10:00 am EST.
I wouldn't hurt to learn the idiosyncracies of it.
After all, how many times has a moving average crossover whipped you out of a trade. Ever go long on an oversold RSI reading only to watch the trade become more oversold and the money pour out of your pocket?
Lifetime, that's just it. It doesn't necessarily tell you up or down. It provides timing in terms of when it will turn around. However, the timing curve is often inverted so that up becomes down and visa versa.
You really have to use it with other trading signals to figure out up or down yourself.
I have been using it for about 2 months. I started right away, once it came out. Here first thing: I will not tell you how it worked out. I do not wan't to be biased or to influence you in any way! It is like someone on this board told me once: Some people have a gun at home and are great shooters. They will AIM - SHOT - HIT. Myself? I would probably shoot me into the foot.
I will not go into detail, about what I think of GFT, Foresight or whatever.
Same goes for ANY trading system, indicator, magic ball, etc. They can help you make money or they will kill your account. One old trader I've talked with only uses MACD. Nothing else. And good ol' Support and Resistance. Some floor traders only use they're eyeballs, they're brain and gut feeling. No tools, no indicators. Decisions in split seconds. And become millionaires (and nervous wrecks in the process!).
Here is one idea (i will throw in the first), that has helped me with Foresight:
- Open the 2 min chart with the indicator in it.
- Move the actual price on the first chart OUT OF THE WAY. OUT OF EYESIGHT (you can drag it all the way down).
- Resize first chart to the half of the screen (you will need space for a second chart)
- Open a second chart, use a 10 Min Timeframe.
- Resize the second chart, so that you can watch BOTH at the same time (my Foresight is on the left, the actual price is on the right).
- On the second chart (the 10 Min TF) put the price as a LINECHART (because Foresight is a Line!) and use THE SAME COLORS for up and down tics as you have with the Foresight line.
- Now. Sit thight and look at both of them. If you have our lucky day, you will recognize the BASIC PATTERN emerging on the second chart.
- You will see if the Foresight starts out BULLISH, but the second chart is showing a BEARISH move (here is where the COLORS come in handy, because it will help your poor brain to SEE what is happening), then you will get a pretty good idea if you have to FLIP or NOT.
- If you let the Price on the 10 Min TF run for about ONE HOUR, it will mostlikely emerge. Right there, in front of your eyes (hopefully).
MAYBE THIS THREAD COULD BECOME WHAT THE VANTAGE POINT THREAD HAS BECOME! A collection of ideas to trade this tool.
Is anyone interested in/expertimenting with using Joone neural networks and JGAP genetic algorithms to forcast???? A knowledge of JAVA is very helpful but not necessary (I am JAVA illerate).
And, by the way, both systems appear to be very robust and free (freeware)
I am a programmer, though not with Java. I have done some experimenting with neural networks and I have found the results to be disappointing. It really is a lot of work and training a new network takes many hours. It will make you crazy.
First of all, deciding which inputs to use for training is a crap shoot. If you use various traded securities, you find that they trade different hours, different days and correlating it with Forex data becomes ambiguous. Using only price data from a single currency pair or even a group of pairs, gives unacceptably large error brackets.
It might be possible to use some human input for training. For instance you might have some simplified representation of news expectations or reactions. The problem with that is that you would need to compile these from now forward - you won't find any such historical data.
I'm not opposed to the idea. In fact I'm still convinced that such is thing is entirely possible. But man, I begrudge the hundreds of lost hours I've dumped into this particular dream.
