Quote from euclid:
Suggestions? Well you might want to consider what you are trying to measure with those channels. Why does price appear to follow channels? Is there a better way?
Interesting. Well so far the things I have learned from JH like about the DOM have been verified and very valuable.
However price and channels? I have previously worked hard on automated traded of S/R. But never got it working very well.
However, Jack taught something very logical and helpful.
He pointed how that the trendline which always to the right of the price action. Right means that if the trend is up then the TL is diagonally beneath it. For a down trend, it is diagonally above. It's much easier to consider both of these at to the Right or price data while thinking symmetrically.
Okay, now is the crucial detail. That TL's are rather accurate in predicting the next point at which the market rebounds if it retraces from hi/lo of the trend.
However, the S/R is defined by Jack as the opposite side of the trend. Rather inconsistent on how far it will go before rebounding to the trend.
His analogy was a ping pong ball and paddle. The TL is the paddle that keeps hitting the back several times and then it bounces back from S/R and gets hit again.
That was very helpful and useful.
I'm still learning so don't trust me, I may be leaving out or missing some details.
What I like about Jack's stuff, especially at traderuniverse.info is that it clearly all comes from PRACTICE and experience of what really makes money hand over fist AND NOT from theory that you hear and read so much about.
Ever hear people ask, if that guys strategy he wants to sell works so well to make millions of dollars, why does want to sell it to others?
Well it's a valid point. Many of the strategies for sale don't work for a variety of reasons even though they may work for some people some of the time.
Jack on the other hand is teach all he knows without any suggestion of getting paid or even saying he'll accept donations.
I know another awesome trader who gives out signals and other advice but always includes a request for donations.
Ask yourself, why ask people to pay back if your trading generates so much much. Jack only asks you to pay it forward proving he has no need of our money. He has made enough.
If people can't GET what he's teaching. Fine. Different strategies work better for different personalities.
some could NEVER day trade. Either too stressful or too boring. I suffer from the boring periods when nothing is happening. I can handle the fast moving periods find. That's why I want a trading system to sit through the boredom and make money the rest of the time.
NOTE: People criticize Jack for his criptic posts. It's mainly because he uses terminology and acronyms that are over their heads. That was my feeling at first.
Well, at traderuniverse.info it was very refreshing. All the acronyms were explained all the terms clearly discussed with diagrams. Oh, it was a heavenly experience.
After reading that stuff which altered how I think about trading entirely, I know understand the other posts Jack rights.
So the main problem, in my opinion isn't Jack. It's that others don't put the effort to understand what he's saying.
He's already going WAY out his way to teach, why should he repetitively spell out the meaning of every term or acronym in every email.
Maybe he should put a reference to traderuniverse.info in every email.
Wait. He might be disallowed from doing that due to terms of the site. I don't know. Didn't occur to me before.
Anyway, I appreciate you recognize I'm not a naive idiot. Thanks. I am a humble and very willing learning. But I VERIFY and TEST everything I learn to ...
separate the wheat from the chaff.
So far, Jack is all wheat.
Wayne
I am out of town for the weekend but would love to touch base with you to review the LR logic you have. If I may, I will PM you next week and we can discuss further.