Hypostomus has not contributed any trading ideas on ET and he will not, because that's how he is. The only purpose of this thread by him was to ridicule Jack, not actually offer any positive contributions.
Hypostomus Tests Jack
- Thread starter hypostomus
- Start date
...you are a constant source of comfort to me, because your appearance is invariably a harbinger that my thread will soon come to a merciful close so I can slink away in ignominy.
But I am perfectly serious. Jack is right that "system" or "edge" trading is inefficient because it collects a pitiful fraction of the daily range. At least mine do. He holds out the promise of methods which will munificently remedy this failing. There are many Jack adorers here. I merely wish them to defend their idol. I challenged one yesterday, and he promptly closed his thread. That cowardice pissed me off, hence this thread.
I stoutly maintain that if there is logic and rationale in a method, an algorithm can be written for it. It may be too complex to optimize with any confidence, but it CAN be codified.
But I am perfectly serious. Jack is right that "system" or "edge" trading is inefficient because it collects a pitiful fraction of the daily range. At least mine do. He holds out the promise of methods which will munificently remedy this failing. There are many Jack adorers here. I merely wish them to defend their idol. I challenged one yesterday, and he promptly closed his thread. That cowardice pissed me off, hence this thread.
I stoutly maintain that if there is logic and rationale in a method, an algorithm can be written for it. It may be too complex to optimize with any confidence, but it CAN be codified.
Actually, he didn't. Every one of the "intraday" tactics that you list was lifted from Wyckoff, with the possible exception of "reverse on failures to traverse, or at the very latest in right hand channel line breaks" (Wyckoff would exit and wait for a more definite short signal).
As for referring to trend lines as "left" or "right", this again is lifted from Wyckoff and his supply/demand lines (if you're interested in examples, see my thread).
A good teacher clarifies. He doesn't purposely make things murky in order to make himself necessary.
It's too bad that Wyckoff's trading course (and I'm not referring to his tape-reading book) is not available at a reasonable price. Traders would be amazed at just how little original thought has taken place over the last fifty years.
...what a sunny post! If you check my posting history, you will see that they parse neatly into bullshit like this and serious advice on the arcane practice of mechanical system development, in which abstruse art I am one of the world's leading experts. In fact, I just exposed to ET a non-working system which some poor fools probably thought worked.
I'll stack up what I know against what you don't know any day. If you understand Jack, elucidate him to us lesser mortals. My intent was not to ridicule the great man but to draw out his coterie with a clear cut example of a system which he maintained works, which clearly doesn't. I would be absolutely thrilled to be humiliated by them with clear explication of a Jack method which I can code and test to prove it works.
Stangely enough, I am in accidentally in a Jack trade now in NQ, a VDU/inside bar/BO. But for different reasons which the Great Hypostomus cannot disclose to the unwashed.
I'll stack up what I know against what you don't know any day. If you understand Jack, elucidate him to us lesser mortals. My intent was not to ridicule the great man but to draw out his coterie with a clear cut example of a system which he maintained works, which clearly doesn't. I would be absolutely thrilled to be humiliated by them with clear explication of a Jack method which I can code and test to prove it works.
Stangely enough, I am in accidentally in a Jack trade now in NQ, a VDU/inside bar/BO. But for different reasons which the Great Hypostomus cannot disclose to the unwashed.
...I stand corrected. Thanks for the clarifications.
True, my showing up occasionally has a merciful effect on threads. It's a gift.
I do not entirely agree. Another option is to go for smaller moves with tighter stops and higher leverage. In this way, you can be more selective in the setup(s) you take because there will be more of them. This increase in selection will offset the supposedly increased randomness arising from seeking quicker trades and smaller moves. I'm not suggesting that one way is better than another. I just propose that neither should be summarily dismissed. Do you really believe it is absolutely essential to capture a large fraction of the daily range in order to do well?
...Your use your gift well. Are you referring to intraday systems which are not anchored to a particular time of the day (open, close, intraday extremes)? My repertoire is limited to that.
For example, something like exploiting NDX/NQ premium extremes for a one minute scalp?
Jack makes a good case for efficiency in the use of capital. Hence my interest, as my account is almost down to the $2K IB cutoff thanks to naively Jack trading.
For example, something like exploiting NDX/NQ premium extremes for a one minute scalp?
Jack makes a good case for efficiency in the use of capital. Hence my interest, as my account is almost down to the $2K IB cutoff thanks to naively Jack trading.
Just 2 cents: I'd think Hypo is serious, this time.
Whether telling truth or not, he did mention very recently a few systems that according to his testing are working, not-working, profitable, not-profitable, etc., if others believe his comments.
My another suggestion to Hypo (and others) is it might be better to organise the concepts (whether origianl or not shouldn't be an issue on a public forum, imo) promoted by Jack so that these many concepts can be discussed and tested one by one individually (by Hypo?).
Why don't you (and others including Jack) help him to achieve his goals (or challenge his abilities)?
If I understand your question correctly, no, I do not refer to methods "anchored" in the way you describe. If I am not mistaken, reference was made to the use of 5-minute charts. Personally, I find these charts a bit too unreliable and, dare I say, random? I much prefer the 1-minute chart. On balance, I find that it mumbles less. As an aside, limiting a method to "anchors" such as open, close and intraday extremes is somewhat restrictive, is it not? Rather like boxing with one eye closed. (Your opponent then happily closing the other one for you.)
Heavens, no! We do not have to go from one extreme to the other. Besides, can mortals actually do that?