Indeed, Jander and Maxpi. FTTs usually occur at probable S/R intraday or at S/R from longer time frames. I find channels useful intraday only for monitoring bull and bear flags. Otherwise IMO they are just distractions that tempt you to make low R/R trades with inadequate information. See Errors #1 and #2 above.
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Errors in the Hershey Futures Method
- Thread starter Joe Doaks
- Start date
You "aren't making claims?" LOL! You've made THOUSANDS of claims on ET alone... you even made claims in this post where you claimed you don't make any. In fact, making claims is your bread and butter, your bait, because it stimulates greed in the naive and in newbies who need a guru. Then you follow up with vague, Grobian gobbeldygook to foil testing and keep 'em wanting for more. Your doublespeak is as impressive as your documented performance in a trading contest, -24%.
Quote from jack hershey:
Let's keep it simple.
You are characterizing what we do. How you did that is your business. Great you did it and you get to own it. Enjoy.
Power and being powerful fits into a heirarchy.
At the bottom is money. Above that is power. At the top is information.
I am not into power.
I (we) have nothing to backup. We aren't making claims. You are the claim oriented person. Keep it you own it; it is yours.
You now have tons of information available to you. You have the ability to work. You can conduct a learning process. We support people who work to carry out a learning process. We also expect people who learn SCT to pass it forward and to do as we do with money and time We contribute some to help solve local problems.
You are following a typical path of a type of person who can't "get it". As has been said before: "We don't care". We do not care if you do not take advantage of what is in front of you. This thread is devoted to knocking SCT. It is a lot of humor.
Here you see that I do not throw life preservers to anyone any more. That is over. I have a lot of work to do.
What is before the world today is to solve many pervasive global problems. There are now three pages of rows of exchanges throughoput the world on a list. (it is a list of monthly fees for trading each exchange). 24/7, SCT is done somewhere.
We extract capital from pools. We start and contribute to organizations that can solve problems anywhere in the world at this point. One person who observed real time trading with real money for a few days said: "You really do not tell anyone how much money you really make do you?" All of us knew why. This was a 9 digit trader.
Thank you for exchanging posts with me. Your suggestions are inappropriate and almost selfserving. It looks like you have elected out on undertaking the SCT learning process for your personal reasons.
Quote from jack hershey:
We aren't making claims.
Strange, the following post would appear to be one of many of your posts making what appear to be claims.
jack hershey 02-14-07 02:05 PM
I took the 15,000,000 and considered that the final result of compounding some intial capital over 240 days.
I use a daily gain on stocks of 2 1/2 % a day as a standard.
So compounding at 2 1/2 % gives the divisor for the 15,000,000 bucks you made last year.
I had already set up an arrangement (limited POA) to post the annualized results of someone doing this for 2007 with capital I was providing (It puts them at no risk).
It takes low 5 digits to get to 15,000,000 in a year by trading every day.
......
.....
If a person is making 40 plus points a day per contract for all of his contracts and he is operating with 10 then 20 then going to 50 contracts as an operating level, it may be different than what you are doing in the team where you are.
.....
we just extract each segment of profits as the market unfolds. about 20 to 40 times a day the market switches sides; we front run this with leading indicators of ES price.
As the market changes sides each time, we change sides as well.
that makes 20 to 40 profit segments a day at the expert level of trading.
Since the thread has gone to hell anyway, I'll make an OT remark. Since November of last year, we have witnessed a schism in SCT equivalent in import to the separation of the Roman Catholic and Eastern Orthodox churches over a millenium ago. Jack's first post to this thread referred to the progressive levels of SCT trading, beginning with Beginner. Those of you who have been reading Jack as long as I have will recall that Beginners begin with Beginner Rockets. But Spydertrader has the current generation beginning with FTTs. A subtle difference? Not to me, as Rocket identification is based on high volume, whereas FTTs mostly occur on low volume. Oh, and while I'm at it, I can read a volume chart as well as the next guy. If Jack is trading 10K cars at FTTs, why is volume there often less than that?
you missed the first post of the first page of the future threadQuote from Joe Doaks:
Since the thread has gone to hell anyway, I'll make an OT remark. Since November of last year, we have witnessed a schism in SCT equivalent in import to the separation of the Roman Catholic and Eastern Orthodox churches over a millenium ago. Jack's first post to this thread referred to the progressive levels of SCT trading, beginning with Beginner. Those of you who have been reading Jack as long as I have will recall that Beginners begin with Beginner Rockets. But Spydertrader has the current generation beginning with FTTs. A subtle difference? Not to me, as Rocket identification is based on high volume, whereas FTTs mostly occur on low volume. Oh, and while I'm at it, I can read a volume chart as well as the next guy. If Jack is trading 10K cars at FTTs, why is volume there often less than that?
to wit,
thus Beginner Rockets is still there but on PVT side.Jack now refers to Equities as PVT and Futures Trading as SCT.
First thing first: look up the definition of fractals, i.e. in wikipedia. That'll invalidate your question.
Channels are accurate guides on their fractals; they describe the market sentiment projected towards the future. They define the framework.
The volume is like a gas pedal that indicates the pace of the market: a rising volume indicates an acceleration of the current sentiment. A falling volume indicates a reduction in the strength of the current sentiment: a pace reduction, a retrace, or a reversal.
Actually "volume gaussian" it is a pretty suggestive name. In its own fractal, each volume acceleration / deceleration follows pretty close the shape of gaussian: starts with a slower slope, that increases to a maximum, then slows down until the volume reaches its peak, and the same happens on the volume's falling slope. The price's volatility correlates with this very well.
When you don't understand something you're tempted to conclude it's wrong, but if you keep an open mind (the pupil attitude, as the old Chinese book advises) you might eventually understand, increase your knowledge, and benefit from it.
Channels are accurate guides on their fractals; they describe the market sentiment projected towards the future. They define the framework.
The volume is like a gas pedal that indicates the pace of the market: a rising volume indicates an acceleration of the current sentiment. A falling volume indicates a reduction in the strength of the current sentiment: a pace reduction, a retrace, or a reversal.
Actually "volume gaussian" it is a pretty suggestive name. In its own fractal, each volume acceleration / deceleration follows pretty close the shape of gaussian: starts with a slower slope, that increases to a maximum, then slows down until the volume reaches its peak, and the same happens on the volume's falling slope. The price's volatility correlates with this very well.
When you don't understand something you're tempted to conclude it's wrong, but if you keep an open mind (the pupil attitude, as the old Chinese book advises) you might eventually understand, increase your knowledge, and benefit from it.
Quote from Joe Doaks:
Error #1: INNACURATE TREND AND CHANNEL LINES
Those of you who chart simultaneously in multiple time frames, as I do, recognize that trend lines and the channels drawn therefrom often look significantly different in the different time frames. This is because the higher the time frame, the greater the uncertainty in where within the bar the price extremes occurred with which the trend line and the channel are constructed. ...
Oh please... drop the holier than thou attitude. You're so transparent. You guys are a cross between the energizer bunny and a really, really cheesy infomercial in which stooges shill for some phony guru's money making scheme.
OK genius, your post implies that you "understand." So please tell us which level of SCT trading you're at. Even AB (one rung up from the bottom) makes "2 plus" the "H-L multiple," so how many millions of dollars have you made so far this year with the Hershey "method?"
OK genius, your post implies that you "understand." So please tell us which level of SCT trading you're at. Even AB (one rung up from the bottom) makes "2 plus" the "H-L multiple," so how many millions of dollars have you made so far this year with the Hershey "method?"
Quote from cnms2:
First thing first: look up the definition of fractals, i.e. in wikipedia. That'll invalidate your question.
Channels are accurate guides on their fractals; they describe the market sentiment projected towards the future. They define the framework.
The volume is like a gas pedal that indicates the pace of the market: a rising volume indicates an acceleration of the current sentiment. A falling volume indicates a reduction in the strength of the current sentiment: a pace reduction, a retrace, or a reversal.
Actually "volume gaussian" it is a pretty suggestive name. In its own fractal, each volume acceleration / deceleration follows pretty close the shape of gaussian: starts with a slower slope, that increases to a maximum, then slows down until the volume reaches its peak, and the same happens on the volume's falling slope. The price's volatility correlates with this very well.
When you don't understand something you're tempted to conclude it's wrong, but if you keep an open mind (the pupil attitude, as the old Chinese book advises) you might eventually understand, increase your knowledge, and benefit from it.
Millions? Jack's only effort was to lose 26% in a trading contest and none of his glassy eyed drooling drones have ever posted a live trade or P/L of any kind.. gutless efforts really
Error #4: SCT Undertrades
(ET does not deserve to know what Error #3 was. I gave you a hint. You can figure it out for yourself.)
Jack in his first post to this thread (much appreciated) stated that the expert practitioner trades upwards of 40 times per RMH session.
Using elementary principles of microtrading, this is manifestly missing opportunities. For example, Jack says to avoid the first 15 minutes to let the futures and cash "synchronize". This arbitrarily conservative dictum misses many profitable microtrades, like my first trade today, 3.5 NQ points in 35 seconds.
I estimate that at my proposed uber-expert level, Jack could make 30X the daily range on a wide ranging volatile day like today.
(ET does not deserve to know what Error #3 was. I gave you a hint. You can figure it out for yourself.)
Jack in his first post to this thread (much appreciated) stated that the expert practitioner trades upwards of 40 times per RMH session.
Using elementary principles of microtrading, this is manifestly missing opportunities. For example, Jack says to avoid the first 15 minutes to let the futures and cash "synchronize". This arbitrarily conservative dictum misses many profitable microtrades, like my first trade today, 3.5 NQ points in 35 seconds.
I estimate that at my proposed uber-expert level, Jack could make 30X the daily range on a wide ranging volatile day like today.