I'm going to patent mine as the "THAT'S the way, uh-huh, uh-huh, uh-huh, I LIKE it!" No confusion, "uh-huh, uh-huh, uh-huh" for up OR down. (Apologies to KC and the Sunshine Band.)
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Objections to SCT
- Thread starter Joe Doaks
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Hey, I need that money NOW. When I say "GO", you short NQ and give me five ticks.
I hope that everybody who trades NQ noticed that today's failed cup-and-handle morphed into a successful hup-and-candle. Very common pattern mid-day.
Just curious. Is "cup and handle" just another way of saying "higher low" or is there more to it?
I believe O'Neil invented it. Ask Jack, he's an O'Neil groupie. The distinguishing feature is the pronounced rounding in the cup and in the handle, exquisitely and painfully drawn out in the reverse pattern, which, of course, I am the inventor of. If you don't believe me, google hup-and-candle. The pain of watching the reverse pattern is you keep saying to yourself "No fucking WAAAAY. It's not gonna happen." I use it all the time. Please do too, it will help my profits. Jack ain't the onney wun kin frontrun using his fan club.
OK kiddies, put away the crayons for a few minutes... I'd like to ask a very simple but serious question: who is the "real deal" and who is not?
Jack offers a new "paradigm" which he claims is superior to the "conventional orthodoxy." So let's compare and contrast the two with Jack representing his "paradigm" and Bill Eckhardt representing the "conventional orthodoxy."
1. Methodology
a. Jack Hershey: SCT and PVT
b. Bill Eckhardt: technical trading systems
2. Methodology Disclosure
a. Jack Hershey: 4968 posts on ET as of Mar 20, 2007 (Jack Hershey, Grob109, Bubba7).
b. Bill Eckhardt: No posts on ET; systems are closely guarded proprietary secret
3. Backtesting Philosophy
a. Jack Hershey: "backtesting is not a viable means for finding anything out"
b. Bill Eckhardt: "I know of no way to validate conjectures concerning technical trading without back testing"
4. Claims
a. Jack Hershey: "for PVT it turns out that instruments like equities yield 2 1/2 % daily on the coarse level and run up to 15% or so on the highest levels," "it takes low 5 digits to get to 15,000,000 in a year by trading every day," etc., etc.
b. Bill Eckhardt: "profitable trading will only get harder"
5. Reality (Track Record)
a. Jack Hershey: -24% in trading contest (2002)
b. Bill Eckhardt: Manages over $800 million; Eckhardt Trading Company Standard Fund has returned over 10,150% since 1987
6. How They Respond to Requests for Track Record
a. Jack Hershey: misdirection
b. Bill Eckhardt: Audited 20+ year real money track record
7. Profiled In
a. Jack Hershey: ???
b. Bill Eckhardt: Market Wizards, numerous newspapers and magazines, etc.
I could go on but is there any question as to who is the "real deal" and who is not?
Notes:
1. Eckhardt quotes from:
http://www.tradingblox.com/forum/viewtopic.php?p=3648
2. Jack Hershey quotes are all from ET under his various aliases
Jack offers a new "paradigm" which he claims is superior to the "conventional orthodoxy." So let's compare and contrast the two with Jack representing his "paradigm" and Bill Eckhardt representing the "conventional orthodoxy."
1. Methodology
a. Jack Hershey: SCT and PVT
b. Bill Eckhardt: technical trading systems
2. Methodology Disclosure
a. Jack Hershey: 4968 posts on ET as of Mar 20, 2007 (Jack Hershey, Grob109, Bubba7).
b. Bill Eckhardt: No posts on ET; systems are closely guarded proprietary secret
3. Backtesting Philosophy
a. Jack Hershey: "backtesting is not a viable means for finding anything out"
b. Bill Eckhardt: "I know of no way to validate conjectures concerning technical trading without back testing"
4. Claims
a. Jack Hershey: "for PVT it turns out that instruments like equities yield 2 1/2 % daily on the coarse level and run up to 15% or so on the highest levels," "it takes low 5 digits to get to 15,000,000 in a year by trading every day," etc., etc.
b. Bill Eckhardt: "profitable trading will only get harder"
5. Reality (Track Record)
a. Jack Hershey: -24% in trading contest (2002)
b. Bill Eckhardt: Manages over $800 million; Eckhardt Trading Company Standard Fund has returned over 10,150% since 1987
6. How They Respond to Requests for Track Record
a. Jack Hershey: misdirection
b. Bill Eckhardt: Audited 20+ year real money track record
7. Profiled In
a. Jack Hershey: ???
b. Bill Eckhardt: Market Wizards, numerous newspapers and magazines, etc.
I could go on but is there any question as to who is the "real deal" and who is not?
Notes:
1. Eckhardt quotes from:
http://www.tradingblox.com/forum/viewtopic.php?p=3648
2. Jack Hershey quotes are all from ET under his various aliases
Ah, yes. The pronounced rounding and the exquisite handle. No doubt containing a percolating market in its fragile embrace.
Percolating, indeed! NQ almost always breaks out with one of the four C&H patterns. I couldn't get by without it. But so far I haven't successfully coded it up. Looks simple, but it isn't. But I'll eventually nail it.
Bravo, Sicksicksick! But by the end of 2007 the Children's Crusade will have put us all to shame with its books and software and backtested results.
A higher low by any other name would smell as sweet. For the most part.
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