For those that want to learn from Jack/Grob on this thread, do yourself an enormous favor and join the MSN Group called JackHersheyStrategies http://groups.msn.com/JackHersheysStrategies/ In particular there is an excellent Glossary there already, complete with an acronym list as well as simple descriptions of terms such as Rocket, Iceberg, etc., and a "PreFlight Check" for getting ready for the day. They may not make total sense just now, but as you figure out the bits and pieces, they will be handy. Save them to your harddrive for future reference. As to determination of the trend, ie, how to draw Points 1, 2 and 3 of a Channel, you must read this thread where JH walks you through the exact process, from the pre-open, through synch, midday, and end of day: http://www.elitetrader.com/vb/showt...\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&pagenumber=1 I too have found times when I couldn't "get" what JH was writing, but a picture (such as the graphs in the Determining a Trend link above), goes quite a ways. What I've discovered is that when I was "ready" to absorb what JH had to offer, the difficulty in "understanding" him seemed to dissolve. The key is to be emotionally clear, not all fraught or anxious or defensive about your progress or knowledge. Once you get into the "doing" part, you might discover the methods themselves quite powerful, and, after all is said and done, not at all that difficult to grasp. Good luck to all of you who are "new" to JH's method. As background, I first stumbled upon JH over at Clearstation in July 2000, on the WAG (Walgren's board), when I was swing trading stocks. I now daytrade futures. In addition to various other tools, I also use channels and volume extensively, but having come to them from a somewhat different path. I have found JH's ideas, however "oddly" stated at times, to be sound and to withstand the test of time. Finally, a few words on the "detractors". In the five years I've seen his posts, I've yet to see him "ask" for anything other than your attention, seeing as people have generally asked him to expound on his views. I don't understand why those that don't "get" JH keep riding the bus to whatever thread he posts to. Once done with something, best to move on to what does interest you. I also don't understand the do-gooders who feel the need to warn people off. If JH were trolling for money, I might feel differently, but that's not the case. Time spent learning is a very individual process. Some learn from "anything", investing hours of "free" time in such pursuits, however futile they may appear to others; some must have their hands held continuously, barely making a step without seeking reassurance; and some pretend to learn, marking time rather than using it to their advancement. The point is, we make our own lessons, and must make whatever we do positive if we are to grow. In summary, if you are interested to learn from JH, then do so. If he's not your cuppa tea, you'll find out. It's your time, use it wisely, either by learning from him, or by moving on. best regards, amg
There are a lot of prosaic people everywhere. Having a degree in literature I appreciate Jacks posts, not only because I learn alot about the markets, but because they are written in a way so that you come to see more and more nuances every time you read them. He also has a lot to say about life in common, outside of this bars jumping up and down, if you just take the time to listen. Yeah, I get frustrated to sometimes reading his stuff, but at the same time I enjoy it. Even if this strategy turns out to be completely worthless, or if I´m not the right person to trade it, I´m still gonna be greatfull that Jack was kind enough to help me understand how the market behaves. /Stalker PS. Don Delillo for Nobelprize DS.
you say you daytrade futures now. are you doing it the way it is shown here (with all those trendlines, channels, etc.)? if yes - what are your results so far? the repeatedly mentioned 3 times h-l range - more, less? i am really interested in this method. when i watch all those attachments here with the drawn lines - i can't figure out how it should bring any advantage - you can draw a thousand lines- nevertheless the market does what it does - so what's the point? i'm serious - an i hope this does not come around as a challenge - i'm trying to learn. it would be interesting anyway to find out how many here on ET successfully daytrade futures with this "SCT"-style. about grob: i too think that he has something to offer, but the point is, that i've seen it very often that he joins a thread and sooner or later starts attacking other ones and then starts preaching his religion. so he seems to have a gigantic ego on the one side - which i think is not helpful in trading - and which on the other hand is for sure not a quality of a settled personality. the other thing is - if he has such a strong desire to help other ones - why is he unable to express himself in a way that at least more than 2 or 3 here can understand him? if somebody asks him just e few simple questions where he would have nothing more to do than lay some simple facts on the table - which would not take more than 2 or 3 short sentences - he again starts one of his endless articles - without coming to the point - or does not answer at all. i find this really sad. maybe there should be a dictionary translating his language into simple english. my respect goes out to those who area able to understand what he keeps telling AND are able to to profit from it.
If you downloaded the 'doc' from grob106 by mistake-I'd do every scan you can think of. mainstream 5a page 21
I dont understand why people think those other threads were failures. There is a wealth of information in them. Thank God that what he talks about is not easy to understand. If it was it would be useless. I would urge you to think of it as a course at a university and approach it with the same mindset. Lots of study and practice involved. How can you possibly think that you can just jump in for a week or two and get all the information you need to become wealthy.
I understand if jack don´t like it, but all the effort people at et are putting up to criticise each others trading strategies and ideas amuses me. You see men in tie on tv seriously analysing the market, and then u find out that the participants are like gossiping old ladies...
with all due respect - but this is absolutely ridiculous. it's all about the information itself - is the information any better / more useful because it's so difficult to understand? maybe it's because i never went to university - so i have problems with this kind of communication. some things are already hard enough to grasp EVEN if they are described with simple words - but if the words themselves don't make any sense at all to the vast majority ...
what easy means is of course that a system that everybody have access to will be traded to pieces (dont know the english expression but u know what i mean)...