lol......
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Jack Hershey's Methodologies (SCT & PVT)-Good Bad or Ugly
- Thread starter sappjason
- Start date
lol......
I don't know how to tell coolweb to be able to see the difference between a U and an L. All I know and all that I have learned thus-far (in profitable trading) is that (and I'm ashamed to admit this) volume is absolutley of utmost importance. All my system does is look for stocks trading on abnormally large volume (intra-day) and figures out how to ride the momentum upwards (for stocks rising on large volume) or downward (for stocks dropping on large volume). That's really it in a nutshell. Of course (as I always say), the devil is in the details.
Jason
Jason
Quote from jack hershey:
This narration above is worth reading.
...
Let jason do the followup to teach collweeb the difference between a retrace "U eee") and a reversal (an "L eeee").
...
I'm not from Beijing (Chicago), but either way it doesn't sound like I'm being invited to trade at your side... OK, so you don't need/want an advocate, but can't I convince you to allow me to visit either way? It doesn't cost you anything but I would really appreciate getting to watch you trade.
Quote from jack hershey:
Thank you for your offer.
If we have advocates , they are people doing two things: passingforward what they learned and helping solve local problems by contributing time and money (both are called "walking the walk").
Right now all the seats are empty for various reasons which are being handled by the best of the best.
You sound like you are from Beijing, etc... Which reminds me fresh ground horseradish can't be wolfed down as a condiment in our southwestern Style restaurants.
We always host when visitors are in town (except for the MeetUps, I only bought the drinks).
People say it is fun to watch. My fav part is the narration and all of us hitting T together.
When we do have people here, they are experienced and the trading is on a level wherby I narrate far enough ahead that "steer and focus" is always in effect. What this means is that I do not ask Q's and I speak mostly about where their eyes are to be moment after moment. I use vertical screens (data is turned 90 degrees from normal screen processing) and they are large enough for everyone to see my annotating. Each person has a laptop that is fully equipped and servicable; you do not.
My mice are spread out so they (the group in the room) know the mouse's purpose and it helps them see when I am going to be ready to hit T since it is left handed mousemanship.
Unfortunatley, the related videos do not feature me; they feature only the market and the trading. When I did sales, I was in the videos and so were the clients. But that was only for training corporations to get up to capacity to handle our completed sales input effectively. Say hooray for Liz; she got the cash bonuses for this region this month.
From the above, I think you can see that what we do doesn't have an advocacy component and there is a quid pro quo instead.
Thanks for your offer.
I agree. It has become quite worthless. Except (that is for me). I've (at least) been able to determine that our buddy Jack is completely full of poop (by way of his "tells" and other "not mentioned" investigative evidence).
What bothers me the most (however) is his blatant deceit. I'm talking about everything. Not just trading. His business associates. His fake compensation offers. His claims of profitability. His pretending to know and understand technology. His mentions of foreign interests. Everything is just complete BS.
I must admit.... I've never run into anyone quite like him before. A megalomaniac, manic-depressive, schizophrenic liar all wrapped up into one bright and shiny package.
Jason
What bothers me the most (however) is his blatant deceit. I'm talking about everything. Not just trading. His business associates. His fake compensation offers. His claims of profitability. His pretending to know and understand technology. His mentions of foreign interests. Everything is just complete BS.
I must admit.... I've never run into anyone quite like him before. A megalomaniac, manic-depressive, schizophrenic liar all wrapped up into one bright and shiny package.
Jason
Quote from Fireplace:
This poll is worthless, the crazy guy keeps coming back as a different person and voting. Poll is completely skewed. No point in trying to garner anything from it.
Quote from Fireplace:
This poll is worthless, the crazy guy keeps coming back as a different person and voting. Poll is completely skewed. No point in trying to garner anything from it.
Poll may not be skewed. Usually it is four out of five who reject the approach.
Most people agree with Jason on the variety of topics he is focussed on.
He trades in a way that is similar to GG1972 and coolweeb. It is worth bringing up my critique the next steps that they can take to improve their approaches.
Anyone can hold up a trend template and see where each deals doing part of the template. Jason doesn't qualify or do much quantification of the curve he posted. It is a forward test but it is on the same level as T666's back test. There is little infomation on things like capital, etc.
In the spectrum of trading approaches, these three are near the lower end of profitability and are headed out of trading as a potential career. Each has said some things about how they are trying to make it as traders and they aren't any longer doing any iterative refinement.
In ET it is typical that stuff related to me gets moved to chit chat. The moderators are mostly taking the easy way out in not having to moderate.
There is always confusion about how much the market is offering compared to how much iis being taken by an approach. The Rwl for the momentum approach being profferred is not too swift. When this becomes the yardstick, the refinement process dies in its tracks. I got to take the rap as usual.
Quote from New2thegame:
I'm not from Beijing (Chicago), but either way it doesn't sound like I'm being invited to trade at your side... OK, so you don't need/want an advocate, but can't I convince you to allow me to visit either way? It doesn't cost you anything but I would really appreciate getting to watch you trade.
We exchanged views in a great thread that the moderators closed.
What would be the point of a person with your views watching me trade?
Basically, what it is like in the room I trade in, is a congenial atmosphere and we all work together to "know that we know". We use a routine that is the opposite of yours as you state your orientation Apples and oranges so to speak.
When people (who are normal CW kinds of people) have observed us trading, it is a unique experience for them. There are a wide range of reactions as you would expect.
As we observe the people watching us, it is very clear that most people do not know how the markets work. This can cause a great deal of questions. It make the atmosphere a little electric and not eclectic.
Sometimes a person observing would take it upon himself to try to do better than we do. This postpones their reaching a place where they might have a moment of open mindedness. People sometimes harden up in their views and countertrade relative to our positions. It is not fun to have this happen.
If you read some of the positions people take regarding extracting the market's offer all of the time, maybe you can understand how it is not in the cards for you to spend any time in Tucson or whereever I happen to be on exhibit.
The Worden Bros did use their drag and drop to set up PVT and then, not having a Universe selection capability, they checked it out against the NAZ 100. The Sharpe was about 60 so they figured they screwed up the drag and drop. Personally were I them, I would have put the computer in a box and taken it back to Wordenland without touching it.
They knew instinctively something was wrong. By repeating the process and getting an identical answer, they relented and just chalked it up as the best performance they had ever seen. The group watching and their marketing director seemed to take an interest in using the drag and drop flow sheet that was generated.
This took about 20 minutes. You want to watch for three times as long for some reason. When I teach real time trading I use canned videos of screens. A day's trading takes 40 minutes by just going along and doing the trades and zipping through each hold period. Holding is more important and just looking at the end of holds is the primary focus.
Here is the way it is. The tougher they are the harder they fall. Some people never get it as a matter of fact.
You have the impression that a 77 year old person incurrs no costs when he spends time doing something. When I post a word on here, there is a reason. It is a cost recovery time. Many people who have your viewpoint get taken care of in one post of mine.
It would be very expensive to all in the room where I was trading if you opened your mouth. Irrational distractions are expensive. Have you ever been in a trading room, ever?
Speaking as a megalomaniac, manic-depressive, schizophrenic liar, I really can't figure out any value in it for you to sit around while we are trading.
Since you are from Chicago, drop in at the executive offices of Rosenthal Collins, all their top brass have seen us trade and assessed our performances (floors 10 to 12 at the place where the exchange is located.) The ex president of the large S&P contract floor traders ( club like thingy) could fill you in because he was an eye witness. Fro quite a while the phone number posted in ET has been available to anyone who wanted to verify our trading. This person's individual clients get mid 8 digits up side down sometimes; being prudent, that is not a great DD in their accounts.
if you are from chicago then call I am sure they will more than welcome you ask all question you want to ask ,no need to flyQuote from New2thegame:
I'm not from Beijing (Chicago), but either way it doesn't sound like I'm being invited to trade at your side... OK, so you don't need/want an advocate, but can't I convince you to allow me to visit either way? It doesn't cost you anything but I would really appreciate getting to watch you trade.
James Sramek
Broker
Peak Trading Group
30 South Wacker Drive
Suite 1208, Chicago, 60606
Phone-866-279-9648
Phone-312-627-4560
Fax-312-795-4120
Quote from nkhoi:
if you are from chicago then call I am sure they will more than welcome you ask all question you want to ask ,no need to fly
James Sramek
Broker
Peak Trading Group
30 South Wacker Drive
Suite 1208, Chicago, 60606
Phone-866-279-9648
Phone-312-627-4560
Fax-312-795-4120
What's the story behind their charting program (Peak Trader Pro)? Looks like an SCT for Dummies platform but I see no references to Jack Hershey anywhere on their site.
Found some items in their FAQ that could have been taken straight out of a Hershey newbie thread on ET. Quite amusing:
When do you enter the market?
A Point 3 is an entry into the market. If you donât get increasing dominant volume, exit the trade and wait for the next formation.
What is dominant volume?
Up Channel: Black is a dominant traverse and red is a non-dominant retrace.
Down Channel: Red is a dominant traverse and black is a non-dominant retrace.
What are the signs of change?
One sign of change is a Failure to Traverse (FTT). When a price bar does not reach the left trend line, accompanied by a sequence of increasing non-dominant volume, the pattern is failing to traverse and breaks the ongoing momentum, predicting a possible change in market direction.
Another sign of change is a shift in the Volume Bar. The price opens on a new bar and continues to trade in the dominant direction, but then shifts and closes in the opposite direction of the open. This shift in momentum is creating a potential FTT and a change in market direction.
A third sign of change occurs on the Outside Bar. The price creates a higher high and a lower low relative to the last price bar, but closes the opposite color of the dominant trend. This shift in momentum is creating a potential FTT and a change in market direction.
In all examples increasing non-dominant volume is needed for change.
What makes dry volume significant?
Dry volume dictates less volatility. Lower volume and lower volatility correlate to smaller price movements.
What do the green bubbles on the ES screen signify?
These bubbles are displayed on the Depth of Market (DOM) Wall and represent the highest offer and the highest bid.