What about these then: Here he LOST 24% in a trading contest: http://groups.google.com/group/misc...a927db8ba840?hl=en&lnk=st&q=hershey+loses+24# And here his stock picks lost $22,000: http://groups.google.com/group/misc...d/thread/981513b3a003f259/2db2e88d1407af42?hl
So what, it still meant it was a LOW RISK entry which, had it continued higher would have been a nice profit and since it didn't still left AMPLE time to not only exit the trade for no loss but also reverse the trade and catch the downside. Again, study inflection points. At these critical times, if the stock DOES NOT move in the anticipated direction it means its about to move strongly in the opposite direction. Regardless you still enter and let the MARKET tell you the trade won't work. If you time the entries well, you can usually get out for a small profit but at the very least get out flat BEFORE it moves strongly the other way. Thats as much hand holding as I will give you but its a major clue so study up young lad.
You're obviously clueless on the nuances that constitute a true trendline break from a false breakout. You need to study price action a bit more I'd say.
Buying a stock that has been in a downtrend for 3 weeks thinking it's going to reverse on a dime because you've labeled one day an FTT isn't low risk, it's arrogant and stupid. Which proved to be the case when the stock fell for another 3 weeks.
When you enter a trade you DO NOT KNOW what will happen next, you wait for feedback from the market to either confirm or deny your reason for getting in. I don't know why you continue to keep your eyes closed to the fact that his LONG entry coincided with a GAP HIGHER the next day is beyond me. Had the stock kept climbing, we wouldn't be having this conversation but the fact remains that the stock DID NOT confirm his reason for staying long but still ALLOWED for a safe exit without monetary damage. This is what EVERY trader should strive for. When you are right, you make a nice profit, when you aren't right the damage is minimal. This is trading 101, you need a refresher course buddy
I think the issue these guys have Swordy, is that despite Jack's expounding on theory ad infinitum and seeming to have a complete mastery of the markets, everytime he makes a publicly documented trade it blows-up dramatically in his face. Once, is par for the course. Twice, that should give you pause. But three or four times ... ? What if, in all of the public records that we find on Jack Hershey's trades, it turns out that they were all failures. Can you say, the king has no clothes.
Wow, it had been in a downtrend for 3 weeks and it gapped up a fraction of a point before it resumed its decline. Wow, Jack really nailed it by going long in a downtrend! Just like he nailed these: http://groups.google.com/group/misc...a927db8ba840?hl=en&lnk=st&q=hershey+loses+24# http://groups.google.com/group/misc...d/thread/981513b3a003f259/2db2e88d1407af42?hl
Which is precisely why no one should ever try and emulate another to such a degree that the below would be devastating. Successful traders can learn from others some things that are very important for success but its essential that when 9:30am comes around, that the individual trades the market the best way he/she sees fit. I've never stated that screentime isn't vital, in fact I'm a major proponent of sitting your ass down and watching for months and months. The issue I have is, when a situation like the NTES trade arises, the detractors ignore the details that have been outlined here and focus instead of what happened for 3 weeks after. NO ONE KNOWS what will happen 3 weeks later. We aren't allowed to enter a trade after seeing 3 weeks worth of data at the prices 3 weeks prior. We enter NOW and then we constantly evaluate what comes next. The fact remains that this particular trade entry was fine, it just didn't happen to follow through. Regardless though, no damage was done. This is the REAL KEY to this trade and the lesson that comes from it, it was timed well enough that being WRONG did not lead to loss.
According to your charts, the stock was in a larger UPTREND and appeared to have found support before continueing a new leg back up. This is where he went long and, as it turns out, was a safe long entry. Please remove your blindfold to this particular case. http://www.elitetrader.com/vb/attachment.php?s=&postid=2048456
That kind of thinking may be why Jack failed on that trade and also in the following (which you continue to sidestep despite my having asked you several times to explain). You can't arrogantly pronounce that the market is magically going to reverse a 3 week downtrend because you deem an FTT. The market couldn't care less and it didn't. No wonder you guys are losers. http://groups.google.com/group/misc...a927db8ba840?hl=en&lnk=st&q=hershey+loses+24# http://groups.google.com/group/misc...d/thread/981513b3a003f259/2db2e88d1407af42?hl