Googling can yield quicker results, but searching under ET's user posts is effective as well. Search Jack Hershey PVT, SCT, SSR, circa 2003 to 2009ish, then he introduces a whole new level of understanding with RDBMS in his final work 2010-14. They all fit together. Spydertrader's Futures Thread circa 2006-7. Spydertrader is arguably one of Jack's most successful cases of transference, along with easyrider, Makosgu, cnms2, and a score of others. It's a very different paradigm and attracts a lot of detractors and trolls, build an ignore list quickly and focus on Jack's posts specifically for a streamlined path to understanding by increasing the signal to noise. I first came across Jack's writing reading Determining Trend (in 2015) by dbphoenix circa 2003. That was after following the trials and tribulations of NoDoji and thinking there must be a better way. To facilitate purposeful learning, although it seems backwards, my progress accelerated when I starting printing out the various threads and marked them up with notes and questions in three-ring binders, doing drills, and using MADA to diligently build logs. If you're looking for a quick easy way, this is definitely not it. If you are looking for a profound understanding of what Jack describes as the Market's System of Operation, this path is pure gold that requires effort to mine. One's view of the market and unfolding price action will forever by altered with the successful learning not only of the method but more of the perspective and way of thinking. The successful assimilation of the material will generate the experience of remarkable positive emotional states while witnessing unfolding price action as 'the future comes into now'. As a result of increased comprehension and capacity, profits follow in spades. Happy Hunting!
To begin to understand volume, begin annotating your charts increasing/decreasing volume bars. There are three peaks and two troughs in whole trends (as an ideal). This pattern is frequently interrupted by the opposite interlacing of the ideal pattern in the opposite price direction. Price supports the gating and passing of which volume bars to measure. This is one of the fundamental reasons why this method cannot be backtested by anyone other than someone with a very thorough understanding of the material.
With all due respect, this is made so much more complicated than it needs to be. I strongly suggest you at least look at this thread before venturing too far down this particular course. Understand also that you are not trading price but trading bars. There is a vast difference.
Thanks, I was already reading this: https://www.elitetrader.com/et/threads/sctlearning-from-scratch.282221/ will keep you posted in my journey, I really appreciate your input!
Yes, I am. His work changed everything for me. You may also want to look at a series of posts focused on reversals and accompanying volume beginning here with post #69. So simple once somebody shows you what to look for.
That's a good thread. To make progress with RDBMS, you'll have to compile the 11 sheets that Jack describes and actively log to make any headway. Performing the VTP on every bar is crucial to understand the approach in that thread. If you research the Determining Trend thread, you'll get a good contrast & comparison between dB's and Jack's understanding and different approaches for they have a bit of a back and forth. (in that context and moment in time)
%% One year chart has usually been helpful; anything can happen on a 1 minute candle. If it is much good it should go up in an up trending bull market. Some sectors are doWn trending like retail stocks, even in a Christmas season. NOT a prediction. One of my favorite tek stocks went up over 100% this year,, then sold off 50% from hi, so hope this helps.Even as QQQ makes new 52 week highs/bull market.
Thank you, but the purpose of this thread is to understand what makes the difference in a Break out, based on the analysis of the behavior during the preceding congestion, in any time interval.