These clowns make fun, but the truth is, Hershey HAS in fact cracked the code. Where do you think HFT bots get their rules from? hmmmmmmm Hershey Allah
Most JH discussions stop when something like this is posted (link/source of the quote at the end): "Here are the facts so far, the only time Jack Hershey has ever gone on record was in 2002 when he lost 26% in a trading contest, he didn't even have the integrity to finish it, he started losing, made excuses and ran. Not a single member of SCT including Spydertrader has ever made a live call or posted their P/L The language is deliberately and ridiculously esoteric to hide the fact that nothing is really said, in fact some of the words are laughingly innapropriate... But the easiest measure of Jack and his method comes from his own lips when he claims: 'With SCT you can reap 3 times the daily range without ever having a loss' Thats right, he says without ever having a loss.. only the gullible and ignorant need apply!" http://www.trade2win.com/boards/seminars-tutors/13625-jack-hershey-5.html
I also have not seen any devotee posting the trades live. However, some parts of what was taught can be utilized with any system. Concept of ACV and DOM walls is very powerful for short term intraday trading.
Yes. Tools and general trading ideas promoted by JH are pretty sane. What was wrong is too much esoteric stuff which for some reason was thrown into the equation and turned good idea of creating a complete method for newbies into something too complicated for most to even understand, not even speaking about trading it.
Same here, and I concur with the unpopular position that there are useful aspects there. And I couldn't care less about the endless naysayers' positions. I've found the way he describes how volume behaves in dominant and non-dominant movements matches what I see. I do not have the fortitude to test how they label every component of a movement, but following the relative increase/decrease of volume while tracking the HLC3 midpoint of each price bar as price moves within and against a trend can give anyone a clue about its utility. I would be more hesitant of that behavior in stocks due to how volume can vary when it's reported.
I used to think that volume is extremely important. It still might be, if one uses fixed time fractals, but on variable fractals such as tick or range or volume in itself, it is a lot less useful. I have seen too many break out moves on very thin volume, and nothing happening when volume dramatically increases.
Sure, and what I do does not incorporate volume also, but they're not using volume to confirm participation in breakouts. The approach watches the relative rise and fall of volume, coupled with price, to monitor if a directional movement is continuing or about to change.