There you have it Trendy - that has my vote. No matter what you say, If nobody understands you, You're not communicating. I smell sumthin' overripe - ie., "Jack".
this is my interpretation of a portion of the thread and i am not speaking for jack, nor am i jack under an alias. i first have to say, i think overall folks were kinda hard on him - he's 70 y.o and seen alot of markets in his day, and the fact he's still in the game is a testiment to his ability. frankly, i listen close when someone that has been doing something for almost 50 years takes the time to instruct me, particularly for free. he even gave setting on the indicators, i bet that involved alot of trial and error. there are some younger guys in my business that think its easy and that im nothing speacial, but F**K them, ive forgotten more than they know. ill be retired before they get their heads out of their rear-ends - if they even last that long! we all have the ability to ignore posts or posters completely, so its kinda sad that people attack folks when they try to make a point. im no ace trader or ex-wall streeter, but ive seen some gems of advice here that has been trashed and the thread died out - stuff that ive learned through observation and trading losses. im not perfect either, so im not trying to preach (well, maybe a little). i found jack's thread very thought-provoking... i was particularly interested in his view on taking trades after the ST had crossed the 20/80 lines (crossing below 20 and crossing above 80).... i think he was trying to say that you have to be able to recognize and trade a trend (fast moving market), before you try timing reversals. if you cant trade with the trend, then better stay away from timing reversals or countertrend trades. i will also look for the 3 icebergs - the ST bumping along between 0 and 20 or 80 and 100 after slow move in either direction. i guess the psychology behind this would be a bottoming price action with people getting shaken out as price stabilizes. then the reversal is tradable (with confirmation) on the eventual move over the 20 or 80 line ("area"). the part about taping the area between 20 and 80 seems perfectly reasonable - for the most part thats no-man's land, or at best an area to monitored very closely if trades are taken there. ceratinly not a place to key trades if one is a beginner? my best to all - good trading.
I have read several things Jack wrote in all the different places on the web. And the things you can read between the lines are very valuable. This goes beyond some simple rules for a Stochastic indicator... If you read closely trough many of his posts you will find out many details which applied to real trading can make a tremendous difference. People here seem just to pay attention to the Indicators used and with what settings... well and the most basic way of interpretation. But trading is not that simple... it looks and sounds very simple when once the details are understood. Good trading lies in the details and Jack is a veteran that communicates the details in his own way. By the way English is my third language and I understand his writing well.
I agree with your post completely which is why i figured if we can use some trades as a basis of conversation and information we would all be able to learn more about the nuances of his methodology as Jack critiques the trades or gives insight as to why he would or wouldn't take a particular trade (or where to exit best). It is the little things that are not black and white that make a methodoogy work. Clearly it is not a mechanical system,which is why I think we need to discuss particular trades to figure out the little things that make it work best. I am not here to disprove Jack. I am here and my hope is many others are here to try and learn something. I figured the best way to learn it was to do trade it and refine it as we got more insight form Jack (that is if he is interested). I have my own style of trading, but I am always open to learn something new and potentially profitible. Good Trading.
OK, so one morning does not make a "success", but this is some damn interesting "chit". Do I understand all of the finer points of Jack's methods? Hell no - I am but a mortal - but I understand enough to have already put some points on the board this morning. I will be looking at this more closely. At this point, all I can say is: interesting, very, very interesting.
ever heard of training wheels wally? i find most of jack's posts highly esoteric and some his claims pretty dubious (beginners casually turning in 90k, for example). still, it's quite possible that what he teaches has some merit. and i agree that it would be nice if he realised his convoluted language structure obfuscates the message he is trying to send. (reminds me alan farley, but not as tiresome)
Actually his language these days is much easier to understand than in the past. (IMHO) I found his posting (and trading) style somewhat annoying...but I read ALL he had to say. alain's post is right on the money. If you're willing to take the time and effort to read through his voluminous posts on MIF and elsewhere, you'll be surprised at what you may pick up. It's already obvious who Jack has painted the bullseye targets on, should *all* of participants decide to continue..it will be amusing as well as educational. His obsession with indicators (and some of his claims) aside, I'd be more inclined to listen to him than a select few of the carefully crafted "electronic legends" on the Elite board.