Questions to Jack Hershey

[Paddler]

Quote from Mushroom:
So you look at a chart for a couple of seconds and the results of your deep analysing is that volume is useless?

I looked at a chart for a couple of seconds too, and I see that price sometimes moves in one direction, than it suddenly changes direction. Maybe price is useless too?

But... if you can put price and volume together and if you can see the immediate sentiment in the DOM, the market is like a King parading without his dress on.

 

[Albert Cibiades]

Quote from Mushroom:

So you look at a chart for a couple of seconds and the results of your deep analysing is that volume is useless?

I looked at a chart for a couple of seconds too, and I see that price sometimes moves in one direction, than it suddenly changes direction. Maybe price is useless too?

I watch a one second chart all day. I know intimately how unrelated price and volume can be.

 

[d08]

Quote from Mushroom:

So you look at a chart for a couple of seconds and the results of your deep analysing is that volume is useless?

I looked at a chart for a couple of seconds too, and I see that price sometimes moves in one direction, than it suddenly changes direction. Maybe price is useless too?

I didn't see Jack post any statistics anywhere either, both are just expressing opinions. I've analyzed volume a lot and haven't found any significant evidence of it affecting direction.

 

[Mushroom]

Quote from Albert Cibiades:

I watch a one second chart all day. I know intimately how unrelated price and volume can be.

If volatility was an exact expression of volume, then why should you look at volume? You could just look at a price.

 

[Albert Cibiades]

Quote from Mushroom:

If volatility was an exact expression of volume, then why should you look at volume? You could just look at a price.

Good question. Because total volume conveys information about when to hazard taking a position and when not to. And large trades, no matter what the total volume, suggest possible inflection points.

 

[Albert Cibiades]

Jack's fixation on volume simply proves that he doesn't understand price action. If he did, he wouldn't need to draw those cretinous channels, and would instead be teaching the faithful about support and resistance.

 

[iceman1]

Is it true Jack's a genius....??!!

 

[baro-san]

Quote from iceman1:

Is it true Jack's a genius....??!!

Yes.

 

[Mushroom]

Here's a trade today where I exited solely based on volume being too low. If it wasn't for volume it would have been a small loss instead of a small profit, cause I would have stayed in the trade longer.
Could give lots of examples where it has helped me, others prob can do. Don't understand how you can just disregard volume.

 

[Albert Cibiades]

Quote from Mushroom:

Here's a trade today where I exited solely based on volume being too low. If it wasn't for volume it would have been a small loss instead of a small profit, cause I would have stayed in the trade longer.
Could give lots of examples where it has helped me, others prob can do. Don't understand how you can just disregard volume.

I don't know dip about ES, but my volume rules said that the likelihood of there being a trade in NQ around 7:35CT was poor, despite there being a double tap of a Dow retrace. So you used volume to get out, whereas I would have used volume not to get in. Thanks for sharing that trade. Nice example of not relying on a trendline bounce. Plus there were other S/R thingies transpiring there not encompassed in The World According to Jack.