oddiduro
Registered: Dec 2002
Posts: 1655 |
06-11-06 04:20 PM
Quote from Chicken Little:
It seems to me that JH picked out some trades that are not logically explained by constructing channels or using indicators. Trades 3 & 5 lie on bar extremes which coincide with a previously drawn trendline. That seems a logical place to trade and is a reasonable explanation for why those trades would have occurred there. Trades 1,2 & 4 lie at a bar extreme not on a previously drawn trendline. Since indicators are usually calculated on bar closings, they will never indicate a bar extreme exit unless the bar closes there. Points 1,2 and 4 do not have such bar closings. And on this chart there are no volume or indicators anyway. Unless someone explains how these trades occur at bar extremes, I think its reasonable to conclude that the trades were picked with the benefit of hindsight.
CL, you asked a simple question, and I gave you a simple answer.
Now, I am not really concerned with going up the road that you are trying to go. If you believe the trades were selected with the benefit of hindsight, that's fine with me. I really don't care to that degree. Jack teaches a lot of things that have to be used as an integrated system. For those that can do that, money is made. For those that cannot do that, they should try something else. There are many ways to extract money from the market, and it is becoming clear to me that Jack's way of explaining market behavior may not be for you. That does not make you dumb, nor does understanding what Jack is saying make any of us smart. Sometimes things just do not resonate with people.
There is another nice system that uses keltner channels and a chaikin oscillator. Bill Williams uses a MACD and an Elliot Wave combination. WDGann uses confluence points between price and time. Connie Brown uses RSI and a stochastic of the RSI as far as I can tell. There is also a good thread about trading hammers.
Maybe Jack is not for you CL, I detect that you are more interested in being advarsarial, and I am finally growing weary of playing the good samaritan. If you wish to continue to learn Jack's methods, I must insist that you gather a baseline of information regarding the methods, put on some real time trades and then we can do after action reports on your trading day.
Best Regards
Oddi
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