Don't know his method and not interested, but sick of his page long off topic rants in other people's threads
In practise, identifying the dominant channel line - or, in other words, the "real" point 1, 2, and or 3 - is the most challenging part. One work around - trade only longer term trend lines/channels to minimize losses due to incorrect analysis while maximizing potential reward on trades. This should be the default newbie strategy IMO and one I activily use Money management should be used with this. Don't let the dearth of commentary regarding this dissuade common sense and good trading practise. Maybe jack can really trade profitably without any stops. If so, my hats off to him. That doesn't imply newbs should.
Quote from C99: "... volume drives price in any market..." volume and price are in a relationship where a drives b AND vice versa - just like for example the relationship between cash and future. to believe that volume ALWAYS drives price is nonsense. "...You have to participate and open yourself up to criticism..." yes - that is true. your master guru will show you how to be open for criticism - since he himself is the grandmaster of openness to criticism...
Cons; Can read several good books in the time it would take to read all that BS. With time left over to wrestle the kids, take care of the yard and work out and time for a nice nap. Pros; Get real who really would spend hours and hours reading all that?
How many base a trade upon price alone? ANSWER: many How many base a trade based on volume alone? ANSWER: fools To observe vol is a glance backward in time to see where you are now. EXAMPLE: You see price is in a smallish retrace of the previous leg and it is during the lunch time time of day. You ask yourself if you should be worried about this retrace taking out your trade STOP. Ok, you see the retrace has not traveled past the 50% retrace of the last leg, fine you still want to hold. Next you look BACK at the vol during the retrace and see price has declined, cool, that basically shows you the trade is still good and vol is showing you NO conviction , just local yocals and maybe some small retail newbies playing. YOU hold the trade if desired. VOLUME as an indicator to take a trade or not during real time is in my opinion a fallacy. price is what you watch. Price is the determining factor as the PRICE moves, not volume. Price is the cause of volume, not the other way around. If price just bounced around in a small range as happens many times, What happens to volume? It shrinks from lack of interest. When someone decides price is going to go up or down then that person will place some orders to move the price. As a trader you care less what volume is DOING, you only care what PRICE is doing. No one ever placed a STOP based on what volume is going to do. Watching, thinking about volume in ES 5 min chart is a waste of good eyeballs. price only dude, forget all the vol crap. thks
Your theory must be wrong, as Mr Hershey's should be right. I really hope every trader would follow Mr Hershey's profitable approach. Period, bye.
__________________________________________________ I would!!!! In fact I use the search button each day to see what Jack has written. Some real gems in there for the taking!
Do you like Kool Aid ? bwahahahahahahahahahahaha I'm going to clear up a common misconception. Think of Jack in the same way you would a University Professor. He will not teach you how to make money, but he will share all of the theory, concepts and tools required to do so.
I think the biggest problem that you're facing is in thinking that Jack is giving a method. I don't think that he is. He's teaching a system, giving us the indicators, principles and concepts and letting us devise our own method based on this. Spydertrader has his method and I'm sure the other people who learn from Jack each have their own methods too. I've been reading Jack's stuff for only about half a year now, and I can sympathize with your reaction to him. He can be long winded, he can blather, his comments don't always seem relevant, focused or necessarily coherent. But I have found that reading his material has given me many deep insights into equities. I have every reason to expect the same thing with futures - a lot of hard work and frustration, but resulting in a new awareness and understanding of the market. Should you follow him? No one is selling anything here. If you think he's teaching skills that are of interest and you have the time and desire to learn, then this is an opportunity. There will be others, and there are other ways to learn. BTW: you need to download the Camtasia codec if you want to see the video: http://www.techsmith.com/download/codecs.asp Virtually no time has been spent talking about futures, just equities. The video quality is poor and the audio is worse. That said, there are the occasional insights. If you're new to Jack's work, it may not be the best introduction. Jack teaches people to be on the right side of the market, so long before any stoploss is hit, you have reversed and joined the ride. It'll make more sense in the context of the rest of the system. As for when you know when you're getting it, surely that is a question only you can answer. If you are this uncertain, then you aren't ready.