The Trouble With Scribbles

But not from the material. Which you haven't read.

 

Yes---agreed.

 

Here is a classic example of the mentoring without any testimonial or credibility. I believe that nursebee is likely answering one of the mentors about results.
http://www.elitetrader.com/et/index.php?threads/my-wyckoff-journal.289789/page-9

 

lol you do realize I was talking directly about your post, right?

"this rubbish" = arguing the merits of someone else's trading methods.
"more productive options" = trading, researching your own strategies, picking one's nose, etc.

which reminds me, I should take my own advice and GTFO off of these threads for good.

 

OH NO--I deeant know dat----

 

Being the narcissist that you are, you wouldn't.

 

Here is one of the directions given recently by one of the mentors. Very interesting and telling indeed.
-------"First, try to veer your thinking away from stops"-----
That in a nutshell is evidence of the attempt to instruct folks to be right on every trade and not employ prudent money management techniques. The edge is trading is capital and the prudent use thereof. Money management is largely ignored in the scribble method and should be advocated and adhered to with extreme prejudice.

 

No, it is not. It is evidence of an attempt to get people to start thinking about the conditions under which the criteria for the trade are no longer true and whether or not to exit the trade. Dicking around with stops is not the answer.

Here's one for you, since you're so well-versed on the ins and outs of the SLA/AMT: under what conditions does the trader stop trading entirely?

 

What follows is from a posting by one of the scribble method students. This illustrates the over-analyzing that occurs when the student try to figure out the why. Why is not important and the student also says that he is exhausted after this.

1. Price seems to want to head up.
2. Price makes the highest high since 0800
3. HH after 3-min pause. DL in place - price will likely pause or go down a little.
4. Another HH well inside the DL
5. Opening bar and the DL is definitively crossed
6. After bouncing back and forth through the DL, another HH is made
7. Sellers d not seem to like that price is rising and have taken control for the moment.
8. Back inside the DL and a new HH
9. Big price jump - breaks overnight high. Would expect sellers to counter. Steeper DL drawn as move feels parabolic.
10. Steeper DL break but price doesn't rebound much
11. Another quick turnaround of price and a HH. DL fanned.
12. Price plummets through DL and pauses at the bottom. Rather than immediately shooting back up, it feels like it might be a retrace for a down move.
13. Dog barked - heading down. SL drawn.
14. Pause but SL just nudged.
15. Parabolic down move. Expect start price rise.
16. Price does NOT rise. It keeps falling sharply. No real pauses for even a slight retrace.
17. Less strong down movement, but still no pressure from buyers.
18. Buyers rally. SL broken.
19. Seems like enough movement up with a retrace to consider that the down thing might be over even though the 50% mark is quite a distance away. ***
20. DL compromised. Not a huge shocker though. Depending on where an entry would have been set for a long, it might have been triggered.
21. LL of the whole down move. Previous day low also breached.
22. DB? Or just a pause?
23. LL but the SL (that I've drawn) has been toyed with even while making LLs. But after such strong down movement, I should be prepared for some pressure to balance things out.
24. DL definitely broken. Getting close to LSH.
25. Can certainly draw a trend line and price of LSH is met. Definitely stronger pressure from buyers.
26. LSH breached
27. 50% mark of entire down move met. But price was not met with resistance on the way up. No real pauses, LHs or retraces.
28. As quickly as price rose, the retrace occurs quickly.
29. Sellers seem to have resumed control.
30. Price made a LL but it bounced off "like a hot potato."
31. Buyers pushing soundly up
32. Retrace and HH, but price not high enough to trigger a one yet.
33. Long would be triggered and DL in place. Price is rising without being hindered (23-27), falling with barely any pause (27-30) and again rising with just the slightest of a retrace (30-32). Who's in charge? I certainly don't know.
34. DL breached slightly, but HH. 50% mark of entire down move has been compromised.
35. DL definitely broken, but price trying to head back up.
36. Will price turn around and continue heading up or will it head down?
37. Price doesn't make a LL or a HH - just kind of hanging out.
38. Price gets back to previous high, but can't breach it. DT? DL not fanned.
39. LSL breached, but pice almost seems to bounce near the 50% mark.
40. Going to take another shot at the 50% mark? Not right now.
41. Price plummets again.
42. LL and revised SL
43. Decent pace of pullback after LL, but couldn't breach LSH. With a SL break and same low, is that a DB?
44. Dog barked for a long. DL in place with tighter trend line also in place due to HH.

 

Again:

Since you're so well-versed on the ins and outs of the SLA/AMT: under what conditions does the trader stop trading entirely?