You will never find a better indicator than this one: <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=1070812">
Why shouldn't Derek look at Jack's stuff? He might find that the highly original ideas contained therein like channels, breakouts, and depth of market apply to individual stocks.
Volume is good, too. A partner of price. Kinda like your left nut and your right. I'll cheer you on if you want to start a new Jack thread. You seem to be the only guy makin' munny. I would brag about my trading, but there's no Jack in them, so nobody would believe me. One of those can't work "edge" things.
You dont sound like yourself lately, bud. No way I can start a Jack thread as I have never been able to advance beyond the beginner stage in spite of all the help being offered. The only thing you need to make money is patience. Forget all the fancy shit. If you never did anything else but trade bearflags you would make money. You might have to sit on the sidelines for a few days but when those down days come, and they will, you can load up.
Yeah. Like shorting a higher high on lower volume. But we're not supposed to pick tops and bottoms. Has ANYBODY advanced beyond beginner?
LOL. You are hopeless! What difference does it make what somebody else is doing? How are YOU doing? I have a feeling you would give up ever making a dime if you could just prove that nobody ever made a dime off Jacks methods.
Actually, I'm not a Jack Hershey/Grob109 detractor at all. I was merely pointing out the facetious nature of Hypostomus' post because he is quite single-mindedly a JH critic. Actually, I have spent quite a bit of time trying to understand JH's writings, which can be quite obscure at times. There are some nuggets to be distilled from those threads, but man, you've got to sift and purge to get down to knowledge which can be put into practical use. Notwithstanding the value to be distilled there, I wouldn't recommend that JH/Grob threads be the first place to start for someone just putting their big toe into the trading waters.
Derek, one of the most used, and useful indicator out there is volume. you need to stop trading on opinion and emotion. No indicators is going to help you, if thats how you trade. By the way, some great traders dont even use indicators - nathan
I find that developing a sense of what the market is doing as a whole more important than inidividual analysis of a single stock. I am not saying TA is worthless, it's just less significant. TA doesn't reflect all of what is happening in the market. Prices reflect what happens in the market, it's just that TA takes the prices and isolates the information for the trader's use. What it isolates then becomes debatable to what is significant to isolate. One good example would be bar charts, you compress the price to a preferred timeframe based on your needs. Everything within that bar is taken as a noise and put away. But within that bar, there were different thoughts of trades, taking some indicator on a bar chart and saying "it reflects" all opinion doesn't make sense. Even if you use tick compression, what happens to the unfilled orders. Even if you use Bid/Ask what happens to all the other orders that are not represented that is not on the charts. It's impossible to have "all opinions" represented. What can be done is to objectively isolate the information for your specific trading style. ... Fundamentals??? I would rather resay it as Intermarket Behavior, maybe correlation would be better. I don't think I have to mention that individual stocks generally move together with the general market. But the moves themselves aren't completely in sync. The correlation represents themselves differently everyday, just like most chart patterns are different but similar. There are leaders and laggers, too So then, there's the aspect of Bid/Ask volume in the Depth Analysis. I haven't used traded as a desk trader for a while so I think you should ask around for this with someone else. My time was with Lvl 2. quotes was different. I don't recognize most of the movers(hammers) listed on the quotes now. Well, before I get flamed for not trading discretion currently, I'm a system trader. What I mentioned above still stands, even from a developer's standpoint researching and crunching numbers. Just my 2 cents.