Thanks for kind words yoohoo, Called the hospital, doctors say operation is over, but his condition is still serious (he's in a reanimation). It's planned, but anyway so... So I feel myself out of normal emotional state currently and done at least for now (maybe will be back to trading several hours later)... From tomorrow plan to start way earlier...
yoohoo, Also anyway need some time to better grasp what you wrote about lines of emotions in a bar... Cya later friends..
I've been following this journal for over a week now. Read every post. Read Yoohoo's posts in other threads. Energy points, lines of emotion, pin bars, 4 hr bars, 1 hr bars, range bars, homework assignments -- to be honest it sounds like something Jack Hershey would write. Yoohoo, in another thread you criticized Jack for not being clear or helpful. Do you think the stuff you write is clear? StealthTrader's criticisms in the Stochastics thread were valid -- a lot of after the fact charts and 20/20 hindsight. CFerret, you seem like a decent guy. Do you genuinely feel that Yoohoo's tutoring helps? Are you making money consistently from it? Whatever your answer, I will believe you. The stuff you were doing in the beginning made sense -- tight stops with a 4% profit target. I can see how that would work. On the other hand, I can't see how Yoohoo adds any value. S/R and TL and pivots is stuff everybody knows. Why would his insights have any more value than yours or mine?
Great question Higgs and I'd invite others who have been active in the thread as well as CF to reply. They should all have more than 15 posts please!! lol
I can't speak for CF, but I think he will confirm my opinion: yoohoo definitely adds value to this thread, been trading this way for three weeks and made money everyday except one, and that was because I didn't follow yoohoo's advice. If the proof of the pudding is in the eating this one certainly tastes great. Maybe not all his concepts are "new" or "innovative" but it's in the way he puts things together and adds some things that makes this work. He also has a way better understanding of how the different timeframes work together than I have seen anyone explaining on ET. I have seen him point out developing price action way before it happened, but that's maybe harder to see if you read this thread now. I definitely hope he continues to add value. I've been trading for years, mainly volatility in options, but can't do that anymore, which is a totaly different game, been trying to find something new now for three years (costing me lots of money), and it's the first time someone explains these different concepts so clear and in a broader perspective. I need to learn more en need more screentime, but this seems like a life changing lesson in trading for me.
Ok, I can reply that yoohoos ideas improved my personal trading. Even those I discovered mysleft earlier if you get "confirmation" you trust yourself more and it is in my personal trading very important. I "found" him in stochastic thread where I noticed that his and mine indicator setups are nearly identical. Because I developed them during long time myself /with blood effort/ may be I better understand some of his ideas. However, If I should critique something than: 1. In some situation he is not understandable, as minimum for me like non English speaker. Some of his metaphoras and examples are difficult to understand if English is not your mother language. I understand that by trading you do not have time for writing but sometimes simpler sentences will be better for me. 2. In some situation he makes notices "virtually linked" to some other threads. Because some of them are even deleted I can not follow him. i am losing context in such situation. So although I can not valuate everything, , in most situations I understand him well and I am learning from him. For example lines of emotions is something that I can imagine very well from my own trading. If you are on incorrect side of line even if you are long term correctly in trade ....
I hear what you are saying Higgs and here is my absolutely honest answer: Yes I have become consistent even before I started this thread at all, have to notice that it was also a result of hard work and help of some people (first persons to mention are bighog and Banjo from here ET). It went OK... Then yoohoo came here and started to help. What is a bottom line of yoohoo's help FOR NOW (without any hopeful thoughts etc., just dry bottom line): 1) Levels. I didn't consider them before and now it already saved me at least from several losing trades and resulted in several good winning trades off them. 2). Considering big picture. Here is where I clearly see the big money is. And I felt and wrote about it in this thread even before yoohoo came, but he helped to direct my efforts in this area more orderly. Because 4% per trade is good, but having a bigger picture in mind really helps to turn it into way more significant gains per trade, often double digit percentage (not always, but often enough to make it more profitable in the long run)... I yet have to learn to use this well, but already feel the great potential here and partially was able to capitalize on this type of analysis as well (Friday, my record day ever is a good example. 3). Additional signals. Not much here to explain IMO. Another good entry signal in an asrenal never hurt a trader yet. Prolly didn't recall something else, just can't concentrate on trading right now, but guess I have covered the basis. So, am I consistent with these? Some signals I am not yet, because it is so with any signal (we need to have confidence before we are able to pull the trigger in a right way). I am watching them and looking if they work... So far most are looking very reasonable for me. As for other stuff (levels and bigger picture) - this is extremely useful without any doubts and logically, where else can be professional growth for a trader if not in optimizing entries and then catching bigger waves with these fine entries (the key to getting an outstanding risk/reward while keeping hitrate pretty good too). So yes, I evaluate yoohoo's help very much. Especially considering that in reality all what he says is SIMPLE and very logical stuff, it's just viewing price from many angles... Maybe only looks fancy guruish style at first. Funny that you have mentioned Jack Hershey. Here is why: exactly last April I have spent many days chatting 1 on 1 (through instant messaging) with Jack for many hours every day. He was going to mentor me back then. Maybe I turned out to be undisciplined (I always tended to find my own path while learning, rather than blindly adopting something), maybe something else, but I over time left the river-bed of exact Jack Hershey method and went to sail freely on my own (figurally speaking)... So I have direct experience to compare yoohoo's help with JH's help and can say the following: yoohoo's help is clear and concrete. What can be simpler than posted chart with step 1-2-3 analysis? This is also the way some other people I mentioned helped me. Jack Hershey acted very differently. Maybe he influenced my subconsciousness and I am just not able to evaluate his help, but it wasn't that direct and concrete. I am far from bashing JH here and thankful to him for so much time spent on me (we really chatted for like 3-4 hours every day last April during US market hours), only trying to compare without any emotions involved... Well, thats it. Don't know if I succeeded, but tried to explain my view on this situation as detailed as I could... Hope this helps.
Higgs, One addition: Of course all stuff yoohoo explains is widely known... Just as EVERYTHING in trading. Nothing new under the Sun. Jack Hershey also admits that base of his methodology is Wycoff's works (as old as 100 years)... So what matters is HOW he explains this stuff. Because for some reason I did not use levels, multiple TF's etc... Why? Have no idea! But yoohoo was the person who opened my eyes on this stuff. Does it mean he told me some unique secret? No. But trading is sport. No unique secrets in tennis or football, but still good advice on what you didn't know before has a high value, right? And that's why good sports coach is always worth and respected lot, despite there are no any mystical secrets in any sport AFAIK.