Quote from Avi 8:
Please take this in the manner it is intended and from a huge fan of Frank Z.
Yes on the thoughts, and no on the offset numbers as once one arrives at the place to effectively use the STR/SQU, the 'offset' one uses is 'automatic'.
I will quote from another thread: "relax, you work too hard", by our friend nkhoi.
I have one request, since I don't recall ever seeing an ES chart posted, that you please post an ES chart with your annotations.
The fine tools and various details about this method, are immensely 'shadowed' by the 'simple' ES chart with only Price, Volume, proper annotations (price and volume), and the 20sma. This is the 'rock', the foundation. Without it all else is useless.
Fine tools are 'only' for getting a few more ticks, that's all. But one has to be proficient on an ES chart first.
We all arrive on Jack's doorstep with different stories, as in life experiences, and different stories, as in trading experience. To answer J. M. Hendrix's query: I am experienced. But of course you don't know that (how could you?). I do appreciate that there is some aspect of "How do I (you) even know if this goy knows how to draw a bleedin' channel?" Cool. Zero offense taken.
I hate the actual act of annotation (typing shit out using QT's wretched capabilities in this regard) BUT not the necessity of annotation - not unlike the difference between mental stops and physical stops. Attached you will find a portion of today's YM and ES. FWIW, I have absolutely no difficulty identifying what I think to be FTT's, P1's, P3's, DT's and DB's, etc.
The 20 SMA is fine for some but as I said before - not for me. It is one of the ultimate lagging indicators but is widely used by the herd and therein lies its utility, IMO. I spent many, many hours refining my EMA fan and will not be discarding it. There are exciting interplays between it and Hershey channels/indicators. For simplicity, dump the 20, 50 and just look at the 5, 10 and how the EMA's interact with each other firstly and secondly, how the 10 EMA interacts with price. A 5, 10 strip keeps you in a trend, until it doesn't.
I am not trying to set myself up as practicing the method in a way that I think others should. Spyder has laid out a very clear set of "how to's" in the Futures III thread. Unfackin' believable the amount of work involved in what he did. People who don't understand what he said and did should become familiar with his protocols before attempting to iterate something.
As for the "automatic" stuff with the offset. Sorry. I can't buy that for a minute and that may in part stem from my belief that the current use of STR-SQU is way below its potential. Way below. This being an "iterative refinement" thread I am attempting to make a contribution in respect of what I've just said - realizing the potential of the flapper.
Like Jack, and I'm sure several others on these Hershey/Hershey-Clone threads, I am a quick study. I learned long ago that to hold onto a falsehood is a waste of time - if I don't understand something and tell myself that "I do" or "It doesn't matter -this thing, whatever it might be" is crapola of the highest order. So let me assure you that I do understand PV. The Jokari plays itself out countless times every trading day. Similarly you must know how to draw a channel. Period. If your channels are fucked then so are you.
The governor on my drive to get into the futures market and start trading for real money is a statement Jack is said to have made some time past: "Don't think of reversing until you can make $150K a year trading 1 ES contract." When I think I can do this (make $150K/ES/yr = $600/day = 12 points/day) I'll start trading for real.
lj
ESH8 here and YMH8 in next post.
