I have been following Jack/bubba7/grob109's posts since he started posting here and went from a sceptic to believer over the course of time. If you search you will see there are thousands of posts here. Jack spends most of his time talking about the psychology aspects of trading and it can be hard to follow his train of thought because his train is running faster than most trains. If you take the time to do the research you will find that about 5% of his posts get into the mechanics and contain invaluable tips that can take your trading to a new level even if you never master the entire spectrum. You will notice that many celebrities have huge egos. This is often a byproduct of continued success in any field and to be turned off because of this is to miss the train altogether.
Easyrider, a candidate proof of that is that every thread where Grob109 posts receives high traffic in both other posters and in views. Every such thread becomes a Jack thread. And over time, the number of his critics diminishes. Or they become converts. Or possibly they just weary of reciting the same cautionary cavils. Or just maybe they enjoy the spectacle because it renews their faith in the intelligence of the retail trader and they want it to have the longest possible run. But the pigs are flying, and I'm your copilot. I'm in. Some examples of Grob109 principles which work for you would be much appreciated by all, I am sure. I might even think of one myself, if I try really hard, like thinking of Kansas. Regards, Al.
Easy, no, man! I am serious. I use Jack's idea of categorizing the volume range. But not in the way he does. I run a moderately slow infinite impulse response filter on one minute NQ volume, and take a nap (or worse) when it drops below 300 cars per minute. Jack told me, or one of me, somewhere else not so long ago that I am cowardly to do that, and that I never learnt a thing from him. But it works, because that is the threshold where they mess with the heads of with the retail trade, you know, take all the mornings winnings back. I have other Jack tricks which I misuse, but I asked you first! Regards, Al.
Hi Jack Your posts on this thread have been wonderful - thanks. I have copied them all into Word and underlined and highlighted things I needed to learn or reinforce. A question: My take is that SCT wouldnt work on end of day trading only for someone who has a job as the lack of fine level monitoring would cause large whipsaws. Would you agree? For those having trouble with Jack's posts, as ElectricSavant implied - it is the information and insight that is immensely valuable, not how it is written. You can use a bit of effort and get to where the writer (Jack) is - dont expect people to write differently!
Fair enough. I also do things a bit different than Jack on several points. As you know I trade the rockets but I do not use his exact parameters for entry. I am now doing a half assed slalom trade. Halfassed in that I dont do the longs but only the shorts. Entry on these are off volume gaussians w/ftt's. I play the open pretty much the way he does except that I dont enter unless we are close to yesterdays hi/lo and the break is in that direction as my tape skills are nowhere close to his. My charts look pretty much like Jacks except that I have a couple of ma's on mine which he dismisses as "less confident trend lines", lol.I disagree with him on this point as I find them extremely useful. As for going into any greater detail than that, sorry. It all boils down to channels, volume, and s/r. My goal now is not to get to sct as I can see that I do not want to monitor the market that closely all day. I am aiming at a couple of trades a day and accomplishing the same thing by throwing large size at them. (hopefully some day)
Easy, you make several interesting non-Jackean points. Isn't this strange, reminds one of Protestants and Catholics. Anyway, thanks for posting, didn't mean to pry, just looking for generalities. I think that part of what hooks people on Jack is his unconventional terminology and his colorful labelling of the trading landscape. But what has always puzzled me is that he consistently resists Phoenixian P/V analysis (I do love it so when he goes bananas over my references to "anomalies"), the concept of supply/demand, and little tidbits I offer up from time to time like the significance of VWAP. I see him evolve, but slowly, and always along the given path. The earth would surely shake if he revealed something new. I find your reference to his "tape reading" skills confusing. I don't think of him as a tape reader at all, because I don't think of a chart as a proper representation of the tape, until you get to those ultra-short time frames he thinks I'm an idiot for watching. Certainly I don't think of five minute as "tape". While I am talking time, there are highly informative events going on inside his five minute bars which are quite clear on one minute or shorter, and which IMO invalidate some of his thinking on P/V relations. I am happy for you that you are trading sucessfully. I read into the tone of your posts that you are also having fun. IMO a light-hearted approach to the market facilitates observation and growth. Every day I see things happen in NQ which have me rolling on the floor. My sick little "anomalies", doncha know. But, hey, ET wouldn't be ET without Jack! Regards, Al.