S/R is very subjective. Almost no two traders look at it the same way, and yet both traders can be consistantly profitable..how?.. because nothing with work 100% of the time. If you like indicators at all, put up a 28 momentum indicator and watch as price falls to support. Is momentum below 0?..if so this could indicate price will fall lower, if above 0, price will most likely continue higher. Again this doesn't work 100% of the time. example: ( ignore the other indicators except the one on the bottom) notice here on the first support, momentum was negative, not a problem, just wait for a cross above 0. in the second trade, momentum was positive, and in both trades, you had a nice rally.
Has the SCT method ever been written up or about in a trading magazine (TASC, Active Trader, etc)? I'm hoping a published article would be informative. I know of another long-time trader, Ken Wood (Woodie of Woodie's CCI Club) who has a few articles in the mags and operates under the moniker of "Traders Helping Traders". Any SCT ones?
That's the title of a good Neil Diamond song. I guess we all use a bit of feeling when we prepare to take on a trade, but I try to leave my feelings behind once I'm in the trade; going strictly by the book (of rules) until I exit. In any case, here are a few lyrics from Neil's song that I thought were slightly appropriate to trading. Life is a card, you take what you get. You do what you can to feel no regret. You do what you can, forget about words, just go with the feelin' it usu'lly works.
correct. Hershey and his mystic methods are as unproven as the residents of WhoVille. Just substitute "Hershey for Horton:
SCT was once featured in several Looney Tunes cartoon productions. Apparently, Daffy Duck had a thing for lost causes. The Tasmanian Devil started down his path of Anger Management difficulties. And Porky Pig picked up his stuttering problem after reading 10-15 pages of ET posts about it...
There could be several reasons why someone is unable to express themselves clearly in writing, but certainly one reason would be that ones thoughts are not clear to begin with. For many, the mere exercise of writing something down may help clarify their thoughts. Sadly, in the case of J.H. that does not appear to be true. If you don't understand something that is written, it is more often the writer's fault than it is the reader's. Neophytes commonly assume something profound is contained in writings by self-proclaimed experts they can't understand. Usually, however, there is nothing profound; it's only crap.
Lots of false breakouts and breakdowns. The market is out to fool you, that is how they make their money. Best would be what nazzdack says, let support become resistance, nice place for a stop.
I started looking through some of the Hershey method posts, and was interested to see a number of good programmers devoted time and effort to codify the rules. Still, there were no coded signal markers for the charts on Buy and Sell, which I thought would be simple enough once the ideas were crystallized in program code. Unless there is a commercial software - but that would seem like the shovel and pan sellers in the gold rush - there may or may not be gold in them there hills, but the shovel seller doesn't care. With all the effort that went into that code, wasn't plunking a "BUY" or "SELL" on the chart the least difficult part?