Jack Hershey Method: Beginner Rockets
- Thread starter Chicken Little
- Start date
Chicken Little;
1] 5 minute charts?????
2] How is FBO defined [first breakout?????], example would be helpful
Like the nickname rockets;
its not, however rocket science
1] 5 minute charts?????
2] How is FBO defined [first breakout?????], example would be helpful
Like the nickname rockets;
its not, however rocket science
The code below is for Tradestation paintbar. When all the conditions are met, the chart colors the bar blue. This is to be used on a 2 data stream chart. 1 Minute bars for data1 and 5 minute bars for data2. The metrics are calculated on data2
inputs:
PriceH( High of data2 ),
PriceL( Low of data2 ),
PriceC( Close of data2 ),
StochLength( 14 ),
SmoothingLength1( 1 ), { used to slow FastK to FastD = SlowK }
SmoothingLength2( 3 ), { used to slow FastD to SlowD }
SmoothingType( 1 ), { pass in 1 for Original, 2 for Legacy }
OverSold( 20 ),
OverBought( 80 ),
PRV(10000);
variables:
oFastK( 0 ),
oFastD( 0 ),
oSlowK( 0 ),
oSlowD( 0 ) ,
myMACD(0);
Value1 = Stochastic( PriceH, PriceL, PriceC, StochLength, SmoothingLength1,
SmoothingLength2, SmoothingType, oFastK, oFastD, oSlowK, oSlowD ) ;
myMACD= MACD(c of data2,5,13);
Condition1 = (ticks of data2 > PRV and myMACD >= .40 and oslowd >= overbought and oslowk >= overbought) or (ticks of data2 > PRV and myMACD <= -.40 and oslowd <= oversold and oslowk <= oversold) ;
Value1 = HIGH ;
Value2 = LOW ;
if Condition1 then
begin
PlotPaintBar( Value1, Value2 ) ;
Alert ;
end ;
inputs:
PriceH( High of data2 ),
PriceL( Low of data2 ),
PriceC( Close of data2 ),
StochLength( 14 ),
SmoothingLength1( 1 ), { used to slow FastK to FastD = SlowK }
SmoothingLength2( 3 ), { used to slow FastD to SlowD }
SmoothingType( 1 ), { pass in 1 for Original, 2 for Legacy }
OverSold( 20 ),
OverBought( 80 ),
PRV(10000);
variables:
oFastK( 0 ),
oFastD( 0 ),
oSlowK( 0 ),
oSlowD( 0 ) ,
myMACD(0);
Value1 = Stochastic( PriceH, PriceL, PriceC, StochLength, SmoothingLength1,
SmoothingLength2, SmoothingType, oFastK, oFastD, oSlowK, oSlowD ) ;
myMACD= MACD(c of data2,5,13);
Condition1 = (ticks of data2 > PRV and myMACD >= .40 and oslowd >= overbought and oslowk >= overbought) or (ticks of data2 > PRV and myMACD <= -.40 and oslowd <= oversold and oslowk <= oversold) ;
Value1 = HIGH ;
Value2 = LOW ;
if Condition1 then
begin
PlotPaintBar( Value1, Value2 ) ;
Alert ;
end ;
Backtesting shows that beginner rockets are not profitable if they are traded exactly as specified in the introductory document provided by Jack Hershey. Easyrider and Jack confirm this. Jack states that without using "WASH" techniques the backtesting is incomplete and thus the true picture does not emerge from backtesting. Easyrider says that about 75% of all trades must be washed. One wonders why this important feature is ommitted from the beginner documents, but nonetheless the next step must be to add "washing" to beginner rockets.
Important disclaimer:
Beginner Rockets traded exactly according to Jack Hersheys' "Beginner Rockets" document are to be considered as a baseline starting point. They will not be profitable over extended usage without adding the concept of "washing".
The exit rules as stated from the document are as follows:
"The least risk exit occurs when the fast line goes inside 20/80. Any continuation of the hold on the rocket is terminated when the slow line goes inside the 20/80. Variations: use end of bar measurements."
The above needs to be modified to say that those conditions apply only IF the exit will produce a win. To transform Beginner Rockets to profitability, any exit resulting in a loss or breakeven must be covered by "WASH" techniques.
Important disclaimer:
Beginner Rockets traded exactly according to Jack Hersheys' "Beginner Rockets" document are to be considered as a baseline starting point. They will not be profitable over extended usage without adding the concept of "washing".
The exit rules as stated from the document are as follows:
"The least risk exit occurs when the fast line goes inside 20/80. Any continuation of the hold on the rocket is terminated when the slow line goes inside the 20/80. Variations: use end of bar measurements."
The above needs to be modified to say that those conditions apply only IF the exit will produce a win. To transform Beginner Rockets to profitability, any exit resulting in a loss or breakeven must be covered by "WASH" techniques.
Here ia a brief overall comment.
I recommend that you disregard all of chicken little's comments here and anywhere that you find them.
My orientation to trading and other people is to support a persons' complete learning processes if they wish me to engage with them. How I engage and what good learning processes may be are well thought out from my point of view.
Learning to make money can be defeated in many ways. I will not go into this truth of trading but learning is a very serious and important consideration.
There is also the factor that money is involved; other peoples money is always an important consideration for anyone associated with it in any way including even remotely.
Here is one thought for you. If you wish, at some point, take my example to heart on one matter. I do not trade on the 1 minute chart nor do I ever in my life recommend anything to anyone with respect to 1 minute data. This is apparently unknown to chicken little.
Apparently he is taking upon himself some mission for some purpose. I can't and will not define it.
By abstracting from materials provided by others and by truncating the information and by making mistakes, he is especially unfair to those who may become affected by his mission.
For anyone who is taking it upon himself to learn about anything it is important to go about the learning process to go about it in a manner than improves the chances for success.
Any OP who starts a thread about anyone else in any modus other than being at inquiry on a significant learning topic, is someone to be wary of. The agenda is unhealthy.
I am not an OP type. But I do have viewpoints. My viewpoints are relatively unimportant compared to any erroneous viewpoints. An erroneous viewpoint is much more important because it tends to defeat and lead a reader astray.
Naturally, most people find me to be in error in my views and orientation. It could be said, as a matter of fact, I am a target in ET. There are many and diverse opinions on why I am a target.
Most reasons provide a nice bit of daily humor.
People will always advance critiques and criticisms about all possible topics. All readers take the opportunity to determine what is what.
I am finding views are being expressed by those who have no basis for making their viewpoints known with respect to what I hold to be true from experience. No one can expect any of this kind of commentary to have any alternative kind of substance that lends credence to anything. Making another person wrong never requires saying anything that is, on the ther hand helpful in a forwarding way.
Here is the standard fare in ET at this point. Rockets and the 73 year old retard who named them is in the air and chrome plated turd category. Fortunately, the guy who turned 5K into 200K on the record in ET in two years using rockets, et al, is okay because of an assortment of reasons.
I am a retard who words, discoveries and ideas you target all the time. Others learn to use the words, dicoveries and ideas to turn 5k into 200k on the record. Over the same period of time you get to be an OP he gets to be rich and I get to post humor and continue to make others almost as rich as me.
Lucky for both of us money makers we can identify rockets; then, we use rockets to make money. Lucky for both of us we do not have to deal with those who target us; they just serve as places to post whatever we wish if we do at all.
I recommend that you disregard all of chicken little's comments here and anywhere that you find them.
My orientation to trading and other people is to support a persons' complete learning processes if they wish me to engage with them. How I engage and what good learning processes may be are well thought out from my point of view.
Learning to make money can be defeated in many ways. I will not go into this truth of trading but learning is a very serious and important consideration.
There is also the factor that money is involved; other peoples money is always an important consideration for anyone associated with it in any way including even remotely.
Here is one thought for you. If you wish, at some point, take my example to heart on one matter. I do not trade on the 1 minute chart nor do I ever in my life recommend anything to anyone with respect to 1 minute data. This is apparently unknown to chicken little.
Apparently he is taking upon himself some mission for some purpose. I can't and will not define it.
By abstracting from materials provided by others and by truncating the information and by making mistakes, he is especially unfair to those who may become affected by his mission.
For anyone who is taking it upon himself to learn about anything it is important to go about the learning process to go about it in a manner than improves the chances for success.
Any OP who starts a thread about anyone else in any modus other than being at inquiry on a significant learning topic, is someone to be wary of. The agenda is unhealthy.
I am not an OP type. But I do have viewpoints. My viewpoints are relatively unimportant compared to any erroneous viewpoints. An erroneous viewpoint is much more important because it tends to defeat and lead a reader astray.
Naturally, most people find me to be in error in my views and orientation. It could be said, as a matter of fact, I am a target in ET. There are many and diverse opinions on why I am a target.
Most reasons provide a nice bit of daily humor.
People will always advance critiques and criticisms about all possible topics. All readers take the opportunity to determine what is what.
I am finding views are being expressed by those who have no basis for making their viewpoints known with respect to what I hold to be true from experience. No one can expect any of this kind of commentary to have any alternative kind of substance that lends credence to anything. Making another person wrong never requires saying anything that is, on the ther hand helpful in a forwarding way.
Here is the standard fare in ET at this point. Rockets and the 73 year old retard who named them is in the air and chrome plated turd category. Fortunately, the guy who turned 5K into 200K on the record in ET in two years using rockets, et al, is okay because of an assortment of reasons.
I am a retard who words, discoveries and ideas you target all the time. Others learn to use the words, dicoveries and ideas to turn 5k into 200k on the record. Over the same period of time you get to be an OP he gets to be rich and I get to post humor and continue to make others almost as rich as me.
Lucky for both of us money makers we can identify rockets; then, we use rockets to make money. Lucky for both of us we do not have to deal with those who target us; they just serve as places to post whatever we wish if we do at all.
Thanks;
& like the nickname ''rockets'', what you could call a word picture
& like the nickname ''rockets'', what you could call a word picture