It's all very simple. Here is the sum and substance of the whole thing: always in, never a loss, three times the daily range. All else is mere detail beneath Lord Jack's considerable dignity to address. Therefore, He occupies himself, and others, with his many and varied musings that at once go everywhere and nowhere. He's sort of a quantum mechanic from the distant galaxy Deliria.
I spent some time TRYING to learn Jacks Method when I was New a few years back. I think that a newbie trying to understand that type of vocabulary on TOP of trying to learn how to trade is a bad idea IMO. I will however say that.... Of 3 discretionary methods I use, I have one "always in" method that I crafted myself with different ideas from a few different sources... More of what Jack says speaks truth to me now, but I still wouldn't recommend following solely jack to try to decode his method. Make your method your own, quit following and think for yourself. It's ok to get ideas from people but ultimately your method has to be your own. You have to understand the nuances, niche, market and tie all loose ends. That can be done by crafting, testing and studying a method that you know better than anyone else and learning intimately about the market in which you participate.
jack cobbles together methods that worked in the past into a mash of baloney. Trading while there is good or increasing volume. Always worked for me. In fact I screened for it when I was daytrading. Looking at the supply demand in the dom. Was an edge a few years before jack brought it up. Watching premium. That was on my screen when I started trading in the 90s. Old traders would say don't sell into the hole. IMO that was always good advice when I was daytrading. Putting good ideas together is in IMO the pre requisite for day trading... But you still need an edge. I have never seen jack show a daytrading edge. And in fact his trading while monitoring what is going on on 5 minute charts is seriously bad advice on and day with a typical S&P range. In fact if you put his advice about premium together with attempt to trade the corners on 5 minute bars... you know he has never really been a profitable trader or he is purposely destroying his students accounts.
I'm not a student of Jack Hershey, but I play one on TV.... Some of his stuff is not so different than O'Neil. You could probably code something up and add your own observations just for spits and giggles.... O'Neil was there first though, so maybe you can call it the O'Neil-shey Method. http://imageshack.us/photo/my-images/35/oneilshey.png/
There is no value whatsoever. Put him on ignore now. I bet you won't, or can't. You simply do not have enough will power to do so. You have already crossed to the dark side, there is no return.
I think if any of the worshipers of Jack Hershey were profitable, they would start up a journal, lay out the channels, boxes, and annotations, and blow us away with all their wins. They hijack so many threads as it is, you would think they would show off their superiority where real money is counted, yet they are conspicuously absent from the journals forum.
Yes,i`ve composed the Grail,by using 11 cases only.No volume,no annotations,no SR bullshit,just 11 cases and it works like clockwork.If someone needs it i could give it away for $60K - the amount i`ve spent with Hershey.I wont include the oportunity cost in it You can next pass it forward for $100K or more as it is really worth it. Cheers!
Today I want to be a good guy. GOOD LUCK and GOD BLESS YOU! If you know what is good, what is bad, what is ugly and what is missing in his writing, you have a chance. If you can gel "them" with your common sense, you can be extremely profitable. If you are a daft like most of the his followers, you are doomed. Jack is sure very proud of the outcome. It would be your journey. Note that you would have no help nor support from anyone. Pass forward your fortune to me.