Do you know how to mentally interpret the letters presented here which we call reading ? It seems not.
SCT High Velocity Profits Q and A Journal
- Thread starter Grob109
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Do you know how to mentally interpret the letters presented here which we call reading ? It seems not.
Why do I feel like Im in a war zone? I have to be completely honest here and confess that the only thing I am interested in is making money and I will go to just about any length in that quest. I am a fast reader and have gone through a ton of posts the last couple of days. It seems obvious that any reverse begins at the tick level but determining whether it is going to "stick" or not is the tricky part. It seems to me almost impossible to catch every turn and if Jack or anyone else is doing it they have my most profound admiration. I would humbly ask that Jack or Spydertrader or Makogosu simply post a snapshot of their execution sheet at the end of the day to prove that they are doing this and end the controversy. I dont see how this would compromise anyone and it is very simple to do.
Well you can probably imagine why Hershey refuses to post any real executions.
Jack has posted execution reports in the past, and the controversy didn't end. I have (and so have others) posted in advance trades on ET, then posted charts while in the trade, and finally posted blotters and execution reports at close of trade. Not only did the controversy not end, I found myself accused of posting in an effort to defraud and front run new folks. Other traders posted their blotters, only to find themselves accused of using photoshop to alter their results. As a result, I no longer concern myself with convincing others. Their opinions have no affect on my profitability. I post now in an effort to answer questions, and to correct erroneous information.
A number of people make money using these methods - both equities and futures. Many traders make money by not using the methods described by Jack, Mak and myself (among many others) - plenty of ways to 'skin a cat.' Find what methods work best for you based on your psychological profile and tolerance for risk. Follow your own plan for success.
Good Journey to you.
- Spydertrader
Jack has never posted a screen shot of an execution report, except for the time he posted a screenshot from a 15 min delayed demo simulator. When he was called out on it he crawfished and said it was a practice session or some other mumbling. The rest of his execution reports are nothing more than his handwritten logs. One of his disillusioned students did this analysis on one of the logs:
S3: wash reverse short bar 6 (9:55 bar) 998.25
Examining 1-min charts shows this trade must have occurred
during the 9:59 minute.
Examining time and sales shows that this trade must have
occurred between 9:59:38 and 9:59:59.
L4: wash reverse long bar 7 (10:00 bar) 998.25
Examining 1-min charts shows this trade must have occurred
during the 10:00 minute.
Examining time and sales shows that this trade must have
occurred as one of only three trades at either 10:00:00
or 10:00:01.
S5: wash reverse short bar 7 (10:00 bar) 997.25
L5: wash reverse long bar 7 (10:00 bar) 997.25
Examining 1-min charts shows these trades must have occurred
during the 10:00 minute.
Examining time and sales shows that these trades must have
occurred between 10:00:09 and 10:00:17. The long must have
been executed at the bar extreme. There were151 trades
made during that time.
Conclusion: The four trades must have been executed within
a 30 second time frame.
quoted from this thread:
http://www.elitetrader.com/vb/showthread.php?s=&postid=340499#post340499
Magna
Administrator
This thread is an open forum, all are welcome to post. That is, as long as you are not personally abusive and you stay on topic. For instance, requesting the principals of the thread to post a screensnap of an IB execution sheet with their SCT trades for the day is not off-topic in an SCT thread, and is not an unreasonable request. But what is unreasonable is Jack or anyone else using this thread to attack me and that will not be permitted. Any post like one of Jack's recently deleted that include puerile phrases like "the moderator is fucking up day after day" will be removed in total. And, of course, it's not the best way to win friends and influence people. A better approach, if you have a beef with me, is to send a PM and we'll address things.
To gripe about a thread issue you can either use the Complain feature providing an explanation (a simple "Delete This Post" is not sufficient), or better yet send me a PM as I only see the Complains about once a day. By the way, to clear up a misconception, Jack has not sent me a single PM since this thread started, instead using the Complain feature in an inappropriate way. As those who have been around ET for awhile know, PM's are usually a much more immediate and effective way to deal with ongoing threads.
In short, provide me links to posts that are personally abusive or posts that are off-topic and we'll take care of business. But if you just don't like a post (or poster), if you just want any and every post removed that disagrees with or challenges you, then that's too bad. As I mentioned earlier, this is an open forum and everyone has as much right to post as everyone else. In that case I recommend the Ignore feature.
To gripe about a thread issue you can either use the Complain feature providing an explanation (a simple "Delete This Post" is not sufficient), or better yet send me a PM as I only see the Complains about once a day. By the way, to clear up a misconception, Jack has not sent me a single PM since this thread started, instead using the Complain feature in an inappropriate way. As those who have been around ET for awhile know, PM's are usually a much more immediate and effective way to deal with ongoing threads.
In short, provide me links to posts that are personally abusive or posts that are off-topic and we'll take care of business. But if you just don't like a post (or poster), if you just want any and every post removed that disagrees with or challenges you, then that's too bad. As I mentioned earlier, this is an open forum and everyone has as much right to post as everyone else. In that case I recommend the Ignore feature.
Thank you Spydertrader. Where has Jack posted any future execution reports on ET? Can you suggest where I can find them? Where they have been posted outside of ET I believe they have been immediately followed by unaddressed questions and skepticism.
'Many traders'? Spyder you know 'many' traders. You have also met the Hershey IBD Tucson trading group, do you know of ANYONE who is trading futures using the Hershey method as taught on ET by Jack? How long have they been trading it, and how are they doing?
Thank you again,
For sure you will be more confused than before. If the charts earlier in this thread and in the related blog do not make sense then none of our prints would make sense either. I have followed several of your posts in the T28 thread where the data vector is significantly smaller than the vector bundle we sweep. You will not find any others who address the market in terms of vectors. One considers each vertical column of the relevant log sheet as a different axis from which a datapoint can be gathered. All of this will seam farfetched. T28 data vector had two datapoints (1. >0,<0; 2. MA xo MACD, MA xo 0) and arguably a third data field which T28 nor anyone on thread has yet realized (ie. volume). It would have removed a majority of the ambiguity that folks were complaining about in his "bread & butter" thread. In time, I am sure he will realize the significance of it, quantify it, and then identify the significant data/information. My data vector would be more than a dozen data elements. I just bundle them into structures that resemble words in some sense. For example, a data vector like A.U.T.O.M.O.B.I.L.E. has 10 data elements. It's position in the string could be anyone of 26 different letters. A 10 data element string can be anyone of 26^10 different strings. Only a very small subset are recognizable as english words. For us, the words (data vectors) we look for are the ones that identify the picture that informs one that the market is changing directions... The market speaks its own language. The indicators and elements you use are their own languages. Some translations just communicate better than others... As usual, I cannot stick around in the thread since it seams to bring out the usual detractors.
Regards,
MAK
No, I cannot pinpoint the exact location on ET or anywhere else I have seen them. I thought I had seen them on one of the older threads, but I am now unable to locate the reports using the search function. Should I locate them, I'll be sure to send you a link.
For the record, the Tucson IBD Group has only reviewed the Equities Method (what Jack now refers to as PVT).
Yes, I know 'many' who trade futures as Jack suggests. Some of these traders I have personally met. Others, I have spoken to over the phone, and a few, I have only communicated with via the ET web site PM function. I personally have only studied / traded the ES using Jack's Methods since June. The length of time the individuals to which I refer have traded varies, but a few have done so for over a year - some even longer. A number of these individuals do post on ET, but many do not. Those that chose not to post, do so, to avoid the hassle which often surrounds Hershey Threads.
Their success rates range from struggling towards consistency at one end to profitable each day on the other. The results I have seen, most would describe as extraordinary by any metric used.
I do not expect anyone to simply take me word for it.
I understand the frustration level which often surrounds Jack's posts. Rarely brief, Jack writes in a style which some perceive as obfuscatory. However, having met the man, I can say, without a doubt, it is not his intent. Unfortunately, most traders on ET (or anywhere else) never have the chance to meet Jack in person, nor sit and watch as he trades. As a result, most view Jack with a great deal of skepticism.
Interestingly, I once held a great deal of skepticism towards trading the futures as described by Jack on ET. Although I could successfully trade the Equities Methods, I viewed the lack of successful posts by futures traders to be quite telling. Two things happened to change my mind. 1. While at a meeting in Tucson, I looked at a chart of the ES, and realized, I could profitably apply an equities template onto the futures. This realization came almost immediately upon watching a chart of the ES in real-time. 2. In a response to a comment I posted in my Journal, I received a few emails from successful traders who rarely (if ever) post on ET. These individuals encouraged me to investigate further trading the ES using the methodology explained by Jack.
Again, I do not expect anyone to simply take my word for it.
The best analogy which describes how one learns to trade Jack's Futures Methods involves learning to drive a car. When we all first learned to drive, we had a mental checklist in our brains of things we needed to do to pass the driving test. Hands at 10:00 AM and 2:00 PM. Check the speed, rear view mirror, side mirror and hit the turn signal when switching lanes. Later, this 'laundry list' became intuitive. No longer needed, the internal monologue disappeared. We switched lanes, passed slower vehicles and travelled from point A to B without thinking much about it. Ever drive down an expressway on a long trip only to realize you had 'zoned out' and driven the last 5 miles on autopilot? We all have. Unfortunately, few people ever get beyond the 'laundry list' stage when attempting to learn Jack's Futures Methods. The data inputs and their priority within the methodology changes over time and context. As a result, in one trade a certain subset of data inputs has higher priority compared to another trade where similar (or entirely different) data inputs take precedence. When driving a car, one uses different observations for decision making a left turn when compared to pulling out of the driveway. So too, do the different data inputs have varying priority when trading Jack's Futures Methods.
I hope I haven't confused things even more for you. If so, I apologize. Good Trading to you all.
- Spydertrader
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