Tikitrader, I know you were a follower of Jacks from quite a ways back with the Tuscon Investors Daily group. How has it worked out? This is a sincere question as I know you and some others here have a long history with Jack.
Jack has a long love and hate relationship with many detractors in this forum. The problem I see is that he gives away his idea FREE but none of them UNDERSTAND and APPLY what he has said. If Jack did not give away free, I guess that the detractors would disperse quietly.
SKO, You are wrong. Just because something is free, you assume it has value? True, much of what Jack babbles around are age old ideas and methodologies. The problem is that it is not free. Under the false promise of being able to make "3 times the daily range" following a guru who has "no losing trades" costs many new traders much time and money. Ask Spydertrader. That is why I despise liars, psychics, thieves and charlatans.. Not being a member of that group is easy to prove, but if the proof is not there, then all can see the emperor has no clothes. Thus, you will never see Jack post real trades. They do not even need to be posted in real time. They do not even need to be with real money. Simply the end of day trades from the daily trade page of a known trading program. What could be more simple? LOL
You are too smart, bmwhendrix. But you "forgot" to think hard and do the work yourself. You can blame your parents or government for your unhappiness. But nobody owe you anything to prove to you especially in trading. We are all competitors, right? Last, don't believe in any free stuff unless proven by YOURSELF.
Well SKO, you have been a Jack follower for over 4 years. Please post an end of day log of your trades as I asked before. See eventually you have to put up or shut up. Or keep babbling. Oh, "nothing to prove" is the old adage that means "I ain't got nothin to show" Have a great day. Don't take any of this too seriously, nobody else does.
Who is using RSI by itself and 180 point stops? No one I know. Jack and his method(s) are to be ignored.
I've been reading 100s of posts on the Jack Hershey method with an open mind. I think it has a lot of potential if described correctly. After so much reading, i was expecting to get some clarification. I understand how trend channels are supposedly built, what an FTT is, how to read volume, how to interpret BOs and FBOs, and so on. I've been developing systems for quite some time, i'm a programmer, and have had sufficient success in low-risk live trading. I've looked at a lot of different "indicators" and developed many of my own. Some parts of the jack hershey method strike me as remarkably similar to my own conclusion, especially about the FTT, that i almost thought "he stole my idea!". However, I still have a lot of questions, so I won't ask all of them at once. Here are a few easy ones. 1- When a trend channel is forming we need points 123. I've seen charts where people have drawn those points. There seems to be very little consistency in defining what those points are however. They are supposed to be "highs and lows". In one chart posted by Jack, they are defined as highest bar out of 10+ bars around it. This means that at least 5 bars need to be lower in the past and future for it to be considered a "high" point. On other charts i've seen this number as low as 1, meaning that some people have constructed points 1 and 2 on two bars, without knowing if the 3rd bar will or will not end up higher still. These are the basics of "highs and lows detecting indicators". These indicators require a period of refference, and this to me is unclear. Sure, i can subjectively see them, but here is the problem. There is no consistency in detecting points 123, and if we wanted to make "sure" that for example point 3 is really where we thought it is, we have to wait N bars (ie 5 bars) to make sure no subsequent bars go below it. That means we have to wait 5 bars after pt3 has appeared to construct a trend channel. This then means we can enter the channel and be in a trade about 5 bars after point 3, and by that time we can't say if the trend channel will even continue sufficiently to be profitable. So my question is: what are the clear rules for defining points 123? Highest bar of how many, and of course comparing volume too, can anyone declare those rules or make them clearer? 2- After reading so much I also didn't figure out how FTT followed by a BO is supposed to be defined. Some define a BO as a breakout from a trend, but what happens if the price gets back into the trend and thus creates an FBO? How long do we wait for a BO to be confirmed? 4 bars? 5 bars? 0.2% of price change from the FTT? 15% increase in volume? Any criteria at all? Or is it just kinda subjective. --------------------- I have more questions but these are good enough for me, for now. If anyone can answer me but doesn't want to because they think i didn't "read enough on my own" and that "they don't want to serve me answers without me searching for them more" then please direct me to where i could obtain information to clarify this. I am very good at using google and searching in general, so i think i've done my part. Note: I am completely open and unbiased at this moment. I don't like people flaming Jack without proof, nor do I like people boasting about the system and saying some are "too thick to get it". I myself have worked on systems far more complex, and agree with the hypothesis jack has presented. I am unsure i agree with the methodology because to me it is unclear, and this is what i want to figure out. I approach this with my usual scientific mind and curiosity. Finally: If Jack, Spytrader, or anyone with a track record of using the system for over a year wants to explain it to me fully and devote the time to get to the nuts and bolts, i can assure that person that i can make a computer do it just as well as a human mind can. As long as the system has rules. I'm willing to devote a few months of my time and my proprietary trading, backtesting, study and analysis platform just out of curiosity - to put this theory to the test. If somebody tells me that these "rules" cannot be coded, my reply will be that in that case there are no rules to begin with and it's all speculative and subjective - thus eliminating any need for proving or disproving the hypothesis, because there is none. Also note my trading platform is already able to create trend channels, digaonal support/resistance and horizontal support/resistance trend lines. The trend channel creation in particular is very fast and accurate, and lots of studies have been done to make sure they are "the best detectable TCs" that can be found.
I know where you are heading for, look up ETLUKER http://www.elitetrader.com/vb/showthread.php?s=&postid=756183#post756183
I just went and read almost all of his posts. I didn't find anything too revealing. I have already coded a trend-channel constructor and future trend channel filter/constructor, as well as automated harmonics analysis and a lot of fancy stuff i've never seen anybody else code. This isn't about bragging, claiming i'm a genius, or about looking for indicators however. ETLURKER's posts have however led me to a thread about how somebody with a similar mindset "RoughTrader" tried implementing the hershey method but failed ultimately to get clarification. This is not encouraging. I'm still looking forward to somebody answering the two questions in my previous post. Thanks
its very simple the bottom line, as far automating this method is concerned, is either you have some success or you fail. Eventually both groups will disappear but for diff reasons.