https://www.elitetrader.com/et/threads/sctlearning-from-scratch.282221/ https://www.elitetrader.com/et/threads/market-system-of-operation.280654/ https://www.elitetrader.com/et/threads/i-am-getting-my-butt-handed-to-me-on-a-daily-basis.275733/ https://www.elitetrader.com/et/threads/spydertraders-jack-hershey-equities-journal.38777/ https://www.elitetrader.com/et/threads/spydertraders-jack-hershey-equities-journal-ii.56555/ https://www.elitetrader.com/et/thre...k-hershey-equities-trading-journal-iii.83605/ https://www.elitetrader.com/et/threads/spydertraders-jack-hershey-futures-trading-journal.83604/#post-1309674 And this last one from Spyder, best Jack's student so to speak, which I consider extremely useful. http://www.traderslaboratory.com/forums/topic/4069-the-price-volume-relationship/#post70030 And add the « Building Minds For Building Wealth » and « Channels For Building Wealth» PDF documents that you’ll find in the links listed above. This is all I had provided in the first post of that Journal. I believe it covers almost 95% of what is needed to be known. You can begin with that. Can you @Sprout please confirm or eventually add some links ?
Doing the drills in that first link should give you a rough idea. Then the effort becomes more going from hindsight to realtime learning to use tools.
Thank you very much, @WchPl! That's generous of you. I'll take a quick look now, but will have to archive it for futures studies as time is in short supply at the moment. Best regards.
If I could add just a simple question and one that I was reminded of reading that first link. A student was using candlestick charts, but was told to convert to bar charts since that's what's used in the SCT method. What's the reason for this? As far as I know, both candlesticks and bars show the exact same OHLC information, just in a slightly different visual way. Maybe it's just from old habit, but I feel that I can easier read the information in a candlestick. I'm particularly interested in this question because there was a guru in another thread (another 'method') which also insisted on bar charts being superior. I have as a result trialed them, but found myself returning to candlesticks. The one advantage I can see is that bar charts might take up slightly less space. Sincerely.
And I do believe it's the most important one ! Why so ? Simply because when learning the method, you go through additional drawings on your charts, which leads inexorably to get a really full annotated messy chart. BUT, the goal, by iterative refinement, is to reduce those drawings by firstly "erase" those that "kill to each other", and those that you'll visually not need after some training. You must then end up with a very clean chart showing in fact, a LOT of information contained both in the drawings left, and in your mind. So I assume bar charts by taking less space let JHM practitioners be able to get clearer charts sooner. I might then add a personal observation as for the bars you talk about : along time, I also tried to switch to other geometric shapes of price bars. I ended up with returning to bar charts. I must repeat this is a strictly personal adding : the most important variable is the independant one. Volume. It leads price. If you use candlesticks you'll probably admit that it looks like volume columns. I don't feel good with having geometrically two similar representations both on my price and volume panes. Of course I'll always know Volume is underneath Price on my chart. Obvious. BUT, the thing is that, and you'll see it if you read the Journals I linked previously, most people on that stuff focus themselves on Price before Volume. This is what I did at the beginning. I'd have saved much time if I had focused on Volume first. Volume leads price. From Volume whe deduce Price. I find it a good reason to differentiate clearly volume and price bars. Being confused on his chart does not reveal ordered mind, does it ?
When one starts to mentally or with software degap bars and engage in the process of ‘carryover’, the ten cases of price are easier to see in real-time. It’s easier to perceive continuity of context and the OOE. There is a logical leap to make in regards to bar-by-bar degapping. Doing carryover of one day’s context into the other with the exclusion of the extended hours will demonstrate the initial validity of the concept. As @WchPl auggests it is a step toward simplifying what eventually becomes an informationally dense method of annotating. Bar’s tend to reveal trending and H’s and L’s better. Candlesticks tend to show the Dominant leg of the bar better as well as the ‘inside spread’ between a series of bars. As for links to future material, Jack’s universe is quite large and the majority of his content is in threads he did not start. There was a specific reason for this that one can deduce. @Simples thread is a good and current demonstration of purposeful learning and collaboration. https://www.elitetrader.com/et/threads/on-10-case-geometry-and-beyond.310880/ My personal journey with assimilating the material involved building mindmaps of links, keeping an updated glossary, keeping a log of current questions, printing out edited threads into three-ringed binders and making copious notes within them. In addition to learning the material faster and more throughly (by slowing down), it builds a personalized reference library that can constantly provide ongoing utility and insights when ‘re-reading’. Strangely enough, when I do have a question, the random binder I pull off the shelf generally contains the answer I seek. The next step in accelerated learning was annotating charts throughly and paper logging. This in itself builds an additional reference library. When the focus is on purposeful learning, the mind gets differentiated rapidly when sleep is actively engaged. When one moves on to trading in real-time, then, well, it’s just difficult to put into words the amazing feelings that come into being. Even though the initial goal was improving the bottom line, the insights, understanding and collaboration that comes along the way are where I’ve received additional even greater treasures.
Thank you very much, @WchPl and @Sprout, for your answers and patience. I can't find the time these days to study JC, but I know I will one day in the future when I can find more time. And now I know how to proceed doing so. Best of 'luck' in your trading.
False, it was never demonstrated live by either Jack or Spyder. I asked Jack multiple times, but he never did it.
More accurate to say that you’ve never seen one. They are probably lost into the internet ethers. I’ve seen a very brief one, it’s in the archives somewhere, folks got to do some of their own digging. I’ve also browsed a separate library of live videos which ET did not have the capacity to receive and archive (nor did I). Then in that moment I didn’t realize the gift being offered They did in fact exist at one point, whether they are the ones you refer to or pass your criticism, is,.. most likely,.. a fail. Not really understanding the enduring fixation to prove Mr. Hershey wrong in all the unique concepts he suggested one could explore. Through an enormous field of posts and charts, the pieces are all there to put together to prove to oneself to their own satisfaction or lack thereof. We see you’ve fallen on the lack thereof side of the fence. It’s easy to step over something that can later be a key that opens all the right answers at the right time. His style of writing was informatiinally dense conveying blocks of concepts that interlocked into a complete whole. Mr. Hershey was someone who witnessed the transformation of an industry and thrived. He shared what he discovered in a way for people to discover for themselves. He showed people how they can teach themselves to ‘see’ a market. He prioritize thinking logically and using deduction starting with the basic granularity of market data. It’s a very practical approach if one can get by their ocd fixation off something that doesn’t logically ‘fit’. Just give it a,... YET. Patience has it’s virtues. Personally there was about 6 mths where I stepped away early on where I thought all this stuff was nuts! Everyone has to fashion their own key to the Lock of their unconscious creation. Ymmv This is generally the point where the dismissive braying begins,...
This is still on ET: ES Journal post#2187503. At the end of 2007, Jack Hershey posted his prediction for SPY for 2008. The bottom half of the picture shows the prediction added to the chart current at the end of 2007. The top half shows the actual SPY chart on November 20, 2008. The confirmation is 100%!