Down The SCT Rabbit Hole

Quote from TIKITRADER:

Hi Mark, That is my post and I was using it as a review of Friday december 14.

After you read all my posts and view all videos I have contributed , come back and post anything you would like to about all my contributions.
TIKI
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i have no problems with you or your contributions, the point was that in playback mode the bars form differently. this is not your fault it is the data vendor and software vendor.

so, even if jacks stuff worked on one chart perfectly that same data was formed in error. the method that jack touts relies on data to much it is to data sensitive. it will fail over and over because it is based on a fouled theory.

that theory is that what you see on a chart is a true reflection of the actual market and i can tell you that is wrong and so can all my money i have lost figuring that out. at the best you can trust the mean and maybe the open and the close as long as neither is the high or low of a bar.

example: if you have a bad tick of data is it the close? no is it the open? no. it will always be the high and the low of the bar. now to even get deeper what the high of a bar is may be a tick off the high for the given time period with yet another data vendor. any methods that depend on lines being drawn are not a good thing and jacks method is a very subjective "in the first place" line intensity affair.

mb

jack lives in a perfect world - the market devours perfection.
 
Quote from MarkBrown:


That theory is that what you see on a chart is a true reflection of the actual market and i can tell you that is wrong and so can all my money i have lost figuring that out. at the best you can trust the mean and maybe the open and the close as long as neither is the high or low of a bar

mb
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A very good friend of mine has spent 50 years on the floor of the American Stock exchange. He is now retired, but continues to trade daily.
He spent a good part of his life trading charts that were hand drawn. There are many posts here about Jack doing the same. This person I speak of, He is a very bright and successful man.

He actually trades by a feel he gets for the way a stock acts. On the floor he was personally responsible for 70 stocks at once , while at the same time he had to oversee all traders positions he was responsible for.

He often tells me how he could sense if a clerk had what it takes to be good within weeks. He gave them all a year to prove themselves, but knew in a short period of time if they had it.

His son works on the floor for 18 years now as a specialist, although not for long, thats all changing.
This family has a history on the floor of the exchange going back to the grandfather who has now passed.

So now I filled you in a little on his background, what I want to say is today he looks at all the same data as we all do. He watches it and gets a feel for how it acts. He is very good at what he does and continues to trade with great success.
He has seen the change in the market with computers and software from his days spent on Sundays staying home all day to hand draw charts for work on Monday.

He has followed my path for the last year. He has seen all the charts I have annotated. This person feels what I have achieved in the last year has value to it. I trust him. He has seen a lot in his life. He supports fully what has been accomplished.
For himself , He will always trade by feel, that is who he is. He will never have a line on his chart.
He is an honest man and believes in what has been presented to him.

Does that go to say that success will be at hand to anyone that takes this path.

No, there are many and everyone will choose the one that leads somewhere.
I wish great progress to any path taken to any trader, after all they worked hard to get to where they are and fully deserve a good life.

So for myself , I am on a good path with good people in my life.
With that, I wish all here great success in their life no matter where they travel.
 
Quote from MarkBrown:

i have no problems with you or your contributions, the point was that in playback mode the bars form differently. this is not your fault it is the data vendor and software vendor.

so, even if jacks stuff worked on one chart perfectly that same data was formed in error. the method that jack touts relies on data to much it is to data sensitive. it will fail over and over because it is based on a fouled theory.

that theory is that what you see on a chart is a true reflection of the actual market and i can tell you that is wrong and so can all my money i have lost figuring that out. at the best you can trust the mean and maybe the open and the close as long as neither is the high or low of a bar.

example: if you have a bad tick of data is it the close? no is it the open? no. it will always be the high and the low of the bar. now to even get deeper what the high of a bar is may be a tick off the high for the given time period with yet another data vendor. any methods that depend on lines being drawn are not a good thing and jacks method is a very subjective "in the first place" line intensity affair.

mb

jack lives in a perfect world - the market devours perfection.
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IMHO, very true. The picture may even be a little worse. The data one receives may not just not be a "true" representation of the market, but it's "deviations" may change over time as well. Exchanges may choose to aggregate ticks in some way, your quote vendor may change the way it's feed works without even telling you.

If you are using a feed like IB's TWS, the feed carries no time stamp, so bar boundaries must be established by reference to the PC clock, which are notoriously inaccurate. Even if you keep your PC clock synced with a network time server, you will be lucky if you keep drift within 150 mSecs.

There are any number of potential "inaccuracies" not just confined to the famous "bad ticks".
 
Quote from dcraig:

IMHO, very true.
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What - as opposed to somewhat true, probably true, partially true, a little bit true...?

LOL!



The picture may even be a little worse. The data one receives may not just not be a "true" representation of the market, but it's "deviations" may change over time as well. Exchanges may choose to aggregate ticks in some way, your quote vendor may change the way it's feed works without even telling you.

If you are using a feed like IB's TWS, the feed carries no time stamp, so bar boundaries must be established by reference to the PC clock, which are notoriously inaccurate. Even if you keep your PC clock synced with a network time server, you will be lucky if you keep drift within 150 mSecs.

There are any number of potential "inaccuracies" not just confined to the famous "bad ticks".
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You don't need perfect data to make correct decisions and act in a timely manner. You combine data sets so no one data element can unduly influence you. While perfect data is a red herring, it does have to be good enough to satisfice.

Please expand on the other "inaccuracies".
 
Nobody volunteered to post in real-time when I suggested that, considering amount of people using/researching SCT I would expect that some paper traders would at least volunteer as they would not be losing any money that day by doing so.

Instead, I was told I am a lazy bugger and should do my own research, priceless :)

I don't remember somehow questioning the method, I am curious, like some others I assume, to watch results in real-time, rather than EOD charts.
 
Quote from maxpi:

They still won't be convinced :D
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There is no point bragging about skills, unless you can display mastership. You ask any pro to do a little display and he will for the love of it. Jack & Co seem to go on how wonderful SCT is, though when asked to show us a bit of it in action they decline, various reasons are given, you are lazy do it yourself, what's the point? we have nothing to prove to you, etc. I would even pay a couple of bucks, so would others, to watch master of SCT capture multiple daily range. I know many professionals in various industries and all of them would be willing to put on a little display of what they say to be a workable technique, cause there is nothing to hide. And I would applaud any person who says I can do what others can't and actually proves he can. I mean it's hardly some proprietary method, there seems to be tons of info on it on ET alone.
 
Quote from rcanfiel:

Yes, posts for shock value. Jack is an attention seeker, who loves to revel in the adulation of adoring novices. He runs away at the sound of "and now, how about some independent monitoring of your trade claims?"
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I was speaking more about their sexual prowess, I've never seen them trade
 
Quote from nkhoi:

that is about to change.
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I hope so because people are just posting unverified trades

I mean darling I could tell you I crap on a solid gold toilet but you'd probably want to spank my fanny for telling little pink lies
 
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