Any details on that? Points? $$$? Since you have a public journal - it would be great if you could share a bit more about your actual method. Without revealing any secrets of course. But as I understand it you're greatly inspired by Jack Hershey? My humble understanding is that it's a long/short method where channels and channels within channels are a big part of the method. Along with a bar-by-bar analysis where there's 12 (?) different bar types and the 5-minute chart as the main chart. Oh, and I almost forgot the most important part: volume. Whenever I have some free time I try to read up on Jack's older posts as it's interesting to me, but I can't say I'm up to speed on his method. It's really comprehensive and seems to be scattered all over ET. It's a pity Jack never organized his entire method/s in a single PDF. Last week I read through the "Learning SCT from scratch" thread. Thanks in advance.
Re: Best Day Ever... 28k+. That's all I will say. Being one of the unsung suits me fine. There are 2 Jack Hershey methodologies. The original is visual in it's use of channels COMBINED WITH BAR-BY-BAR VOLUME/PRICE RELATIONSHIP. No longer on ET, @Spydertrader was one of Jacks protégé and there are journals here (and also the Trade2Win forum) with the teachings of that method. Here's an ET link to begin... https://www.elitetrader.com/et/threads/spydertraders-jack-hershey-futures-trading-journal.83604/ The other methodology, some call it JH 2.0, is an expert-system (think computer systems) with the focus on the bar-by-bar volume/price relationship. Most people are more interested in "how and why" of Jacks data rather than determining whether it works for them or not. Since the foundation of both methods is the bar-by-bar volume/price relationship, the methods can be combined... For me, both work. Unless I screw it up.
That's a decent pay day. Well done. Thank you for that summary and also for that thread. Took a quick look and it seems to cover some basic concepts which I've seen, but have not understood completely.
For starting out the process of JH 2.0, here is a very good thread IMO. Affectionally known as the "butt thread" to the JH disciples around at the time. I queued it up to page 6 where Jack introduced his brand of pixie dust. https://www.elitetrader.com/et/thre...e-on-a-daily-basis.275733/page-6#post-3828257 Also, I made a mistake mentioning Trade2Win forum. I meant to say Traders Laboratory forum. Here is a link to the SpyderTrader thread over there. It is a somewhat cleaner (meaning fewer distractors) version of the ET thread, but different participants also means it's somewhat different then the ET threads. http://www.traderslaboratory.com/forums/topic/4069-the-price-volume-relationship/
Moving on to current events... **IF** the Biden admin manages to pass the taxes that are on the table, December will be loaded with sells, as the cap gains tax (as is on the table) will be less onerous THIS YEAR. But, if made retroactive, that's a one time, and transitory! That would be fine, I suppose. Something to think about. FJB
The month of September saw personal trading bests for day, week, and month. Now, October holds best week and month records, eclipsing the September month number by more than 40%! To move myself forward, consistency is a topic of study. In the act of trading, there are 2 kinds of consistency. That's the way the concept applies to me. 1) Discipline to follow YOUR rules. YOUR rule book (or guide book if you prefer) probably has different plays, but you play from the same book EVERY DAY! In addition to specific trading guidelines, trade-style, account size/additions/withdraws, margining, drawdowns/stops, when you trade, what you trade, your trading infrastructure, platform, along with pre and post trading routines are also included. Follow the rules and profitability takes care of itself!!... if you've done the work. 2) Hard value monetary goals/results. At some point, the forward progress generated from the discipline of adhering to your rulebook diverges from a progressed hard monetary goal. The factual saying "You can only reap what the market offers" comes into play in a big way. IOW, is YOUR rulebook in sync with your hard monetary goals and plans? Time of year, volatility, regulation, account size are a few things to consider. NB: the rules of trade setups is unaffected. Do I think I can consistently repeat my October success? It's possible. Consistently however, I don't know, but realistically, I don't think so. But there are things I can do, changes I can make to increase the consistency liklihood. Am I willing to make modifications, and make them right now? I trade through an entity...there are ripple effects of my decisions. Nonetheless, don't underestimate the unsung.
An observation: Size-players and profitable hobbyists have appeared, regaling the ET community with feats of grand gains. Move along.
A ping to keep my thread alive... A few simple-minded LONGSHOTS... 1) fed raises rates or/and completely stops buying (QE) programs. 2) Does shock and awe action(s) between now and March meetings. 3) China uses Ukraine as opportunity to move on Taiwan. 4) less reported hot spots for black swans in UAE, NK, and elsewhere/everywhere! #3 has a conventional wisdom following. Not really a longshot. More of a when, not if. As of today, Fed Day, 10 minutes before the decision... Im looking at YM Naked POCs from an intraday trading stance... Current YM price 34475 35200 on the upside 33900 on the downside