Pros and Cons of the Jack Hershey Futures Method:

[Atlantic]

Quote from Joab:



Think of Jack in the same way you would a University Professor.

that is a good idea. those that teach are those who cannot do.

means - those univ. profs are most of the time just smartasses who are stuck in theory - unable to recognize the real world out there...

 

[CFerret]

Quote from bighog:

How many base a trade upon price alone? ANSWER: many

How many base a trade based on volume alone? ANSWER: fools

To observe vol is a glance backward in time to see where you are now. EXAMPLE: You see price is in a smallish retrace of the previous leg and it is during the lunch time time of day. You ask yourself if you should be worried about this retrace taking out your trade STOP. Ok, you see the retrace has not traveled past the 50% retrace of the last leg, fine you still want to hold. Next you look BACK at the vol during the retrace and see price has declined, cool, that basically shows you the trade is still good and vol is showing you NO conviction , just local yocals and maybe some small retail newbies playing. YOU hold the trade if desired.

VOLUME as an indicator to take a trade or not during real time is in my opinion a fallacy. price is what you watch. Price is the determining factor as the PRICE moves, not volume.

Price is the cause of volume, not the other way around. If price just bounced around in a small range as happens many times, What happens to volume? It shrinks from lack of interest. When someone decides price is going to go up or down then that person will place some orders to move the price. As a trader you care less what volume is DOING, you only care what PRICE is doing. No one ever placed a STOP based on what volume is going to do.

Watching, thinking about volume in ES 5 min chart is a waste of good eyeballs. price only dude, forget all the vol crap. thks

Hmm... I trade looking at price and volume and can definately say that volume is really a BIG hint. I don't care if it leads the price or price leads it (never thought that choppy lunch time can be a RESULT of light volume? . There is no difference for me. But when you look at both things together it gives you much more information than price alone. And I began to take a look at volume on intraday charts after Jacks posts. I don't use his methods but can say many thanks for many great ideas he has in his posts.

 

[rodmike9]

Quote from Trader28Lite:

Don't know his method and not interested, but sick of his page long off topic rants in other people's threads

I wasn't aware there is ownership of a threads.

 

[NihabaAshi]

Quote from CFerret:

Hmm... I trade looking at price and volume and can definately say that volume is really a BIG hint. I don't care if it leads the price or price leads it (never thought that choppy lunch time can be a RESULT of light volume? . There is no difference for me. But when you look at both things together it gives you much more information than price alone. And I began to take a look at volume on intraday charts after Jacks posts. I don't use his methods but can say many thanks for many great ideas he has in his posts.

I think what is really occurring is that traders that use price and volume will eventually (after many years) be able to see the volume sort'uv speak in the price without having to actually look at any volume histogram.

This is where I'm at in my trading where I can see the volume and volatility within the price on the chart all by itself without any actual volume or volatility indicator.

Therefore, for many price action only traders that use volume analysis or volatility analysis...

Once they began to get more deeply into price itself and after many years...

They traverse to just price and what's moving the price (key economic info, price action of other key markets, market seasonal tendencies/cycles, world events et cetera).

Simply, price and volume analysis works and after awhile with some experience...price all by itself works just as well because you've begun to understand what's moving the markets.

Mark
(a.k.a. NihabaAshi) Japanese Candlestick term

 

[hypostomus]

The proof will come when they start TRADING. I think they will find that all that annotation obscures what's REALLY going on, that while they're creating it the market is moving on without them, and finally that there is a high price to be paid in frequently making what they so blithely call "mistakes". Damp armpits will overwhelm the cool analytical prowess they think they are developing in that grand circle jerk.

 

[CFerret]

Quote from NihabaAshi:

I think what is really occurring is that traders that use price and volume will eventually (after many years) be able to see the volume sort'uv speak in the price without having to actually look at any volume histogram.

This is where I'm at in my trading where I can see the volume and volatility within the price on the chart all by itself without any actual volume or volatility indicator.

Therefore, for many price action only traders that use volume analysis or volatility analysis...

Once they began to get more deeply into price itself and after many years...

They traverse to just price and what's moving the price (key economic info, price action of other key markets, market seasonal tendencies/cycles, world events et cetera).

Simply, price and volume analysis works and after awhile with some experience...price all by itself works just as well because you've begun to understand what's moving the markets.

Mark
(a.k.a. NihabaAshi) Japanese Candlestick term

Yes, from this point of view I agree. I also notice that often price reflects volume and I can "guess" volume just looking at price. But so far volume helps me as a confirmation. Well, that's good news - I have where to grow.

 

[Pekelo]

Quote from rodmike9:

I wasn't aware there is ownership of a threads.

It is called netiquette...

Basicly you should stay on topic what was started by the OP and not blabbing away your agenda.

But I am getting offtopic...

 

[Joab]

Quote from hypostomus:

The proof will come when they start TRADING. I think they will find that all that annotation obscures what's REALLY going on, that while they're creating it the market is moving on without them, and finally that there is a high price to be paid in frequently making what they so blithely call "mistakes". Damp armpits will overwhelm the cool analytical prowess they think they are developing in that grand circle jerk.

I added the method (real $) to my repertoire a month ago and I'm very satisfied with the results thus far.

 

[Bearbelly]

Quote from hypostomus:

The proof will come when they start TRADING. I think they will find that all that annotation obscures what's REALLY going on, that while they're creating it the market is moving on without them, and finally that there is a high price to be paid in frequently making what they so blithely call "mistakes". Damp armpits will overwhelm the cool analytical prowess they think they are developing in that grand circle jerk.

I'm not so sure about that. I am quite suprised after doing this for awhile how much time there is in a five minute bar. Annotating actually seems to help my concentration rather than hinder it.

 

[Bitstream]

amazingly as it seems i agree with hog. volumes is for ladybabers.