For those familiair with candles they can distract you from the channels while bar charts are monotone and do not jump out and overpower the channels being drawn. Thus it makes sense that they are advocated for the learning stage and for those who are learning from scratch in a sense. Bars move the price to the background and let the channels jump out clearer.
However candles are distracting for everyone not familiar with them. For me and many who use candles they are simply a reflection of what is happening in the price and they do not distract but provide info. For those who understand candles, they will not find it surprising that reversal patterns such as Dojis, Hammers, Inside Days and Engulfings occur at FTT and BO points which are turning/confirmation points in the trend.
My advice is that becoming a better trader is not based on blindly following a methodical system but digging underneath the rules and methods for the theme of what is being analyzed and traded on. You need this higher level of study so that it makes sense as this is not an automated system a computer can blindly follow. Seeing the big picture is what allows you then to understand why something was down as it fits the bigger theme.
Master the theme which is the Continent where the Forrest thrives in which the trees grow and you truly see the big picture. Understanding the big idea of the channels and points and what FTTs and BO imply along with volume helps you understand how to identify them better.
With all great respect to Jack and Spyder's generous efforts, it is not enough to simply follow blindly a prescribed doctrine in the world of trading and hope to emulate Jack and Spyder's performance. Your individual experience, risk tolerance, discipline, emotional stability, and risk aversion will affect your trading decisions always. Even Ed Seykota in Market Wizards (I think it was him) made a comment that he could teach 1000 people his exact method and most of them will never trade like him.
HERE IS THE POINT: This is not a system of how to draw trendlines which form channels and I did not come here to learn how to draw trendlines. Everybody knows how to draw a trendline - simply connect a series of points.
This system appears to be about WHERE to draw the trendlines and channels in relation to the price movementsand how to interpret WHAT the price does in relation to those lines. The theme is WHERE to place the lines not HOW to draw them. If you do not step back to understand the theme of where the channels or placed or why they are placed that way, then you never gain the perspective needed to see the charts the right way.
I am by no means a Market Wizard, but when I was lurking and reading old posts, all I was doing was looking for thei bigger picture of the system and what it was doing. Once I got a handle on thoat basic info, I then could put the specific discussions on channels and points and FTTs, etc in the right context and have them make sense. Many here try and break it down to the miniscule level of "How do I identify an FTT or BO?"
If you see the bigger context then it becomes a little clearer as to when price is failing to traverse the channel you drew and thus not respecting the current trend it has established. I am by no means an expert here or trying to say I know it all and let me impart my wisodm.
But starting on the bigger picture context before I dove in is what helped me only do this for 2 weeks and already see it translate to trading profits and a clearer vision of the daily price action even without diving into Gaussians yet lol. I am not there yet on consistency so don't get me wrong I am still in the learning phase and that is why I am still reading hundreds of pages of old posts.
That is also why candlesticks or bar charts do not matter at all. If you do not see the bigger context of the approach or the importance of where you place the trendlines, then the type of chart is not going to help.
Sorry for the long-winded post, but I think people have missed the intent of Spyder and Jack for people to also see the big picture and not just get overwhelmed with drawing lines and looking for clear cut signals. This is a Monet, up close it can look kind of blurry and formless, but if you step back you see a beautiful picture in the right context.
However candles are distracting for everyone not familiar with them. For me and many who use candles they are simply a reflection of what is happening in the price and they do not distract but provide info. For those who understand candles, they will not find it surprising that reversal patterns such as Dojis, Hammers, Inside Days and Engulfings occur at FTT and BO points which are turning/confirmation points in the trend.
My advice is that becoming a better trader is not based on blindly following a methodical system but digging underneath the rules and methods for the theme of what is being analyzed and traded on. You need this higher level of study so that it makes sense as this is not an automated system a computer can blindly follow. Seeing the big picture is what allows you then to understand why something was down as it fits the bigger theme.
Master the theme which is the Continent where the Forrest thrives in which the trees grow and you truly see the big picture. Understanding the big idea of the channels and points and what FTTs and BO imply along with volume helps you understand how to identify them better.
With all great respect to Jack and Spyder's generous efforts, it is not enough to simply follow blindly a prescribed doctrine in the world of trading and hope to emulate Jack and Spyder's performance. Your individual experience, risk tolerance, discipline, emotional stability, and risk aversion will affect your trading decisions always. Even Ed Seykota in Market Wizards (I think it was him) made a comment that he could teach 1000 people his exact method and most of them will never trade like him.
HERE IS THE POINT: This is not a system of how to draw trendlines which form channels and I did not come here to learn how to draw trendlines. Everybody knows how to draw a trendline - simply connect a series of points.
This system appears to be about WHERE to draw the trendlines and channels in relation to the price movementsand how to interpret WHAT the price does in relation to those lines. The theme is WHERE to place the lines not HOW to draw them. If you do not step back to understand the theme of where the channels or placed or why they are placed that way, then you never gain the perspective needed to see the charts the right way.
I am by no means a Market Wizard, but when I was lurking and reading old posts, all I was doing was looking for thei bigger picture of the system and what it was doing. Once I got a handle on thoat basic info, I then could put the specific discussions on channels and points and FTTs, etc in the right context and have them make sense. Many here try and break it down to the miniscule level of "How do I identify an FTT or BO?"
If you see the bigger context then it becomes a little clearer as to when price is failing to traverse the channel you drew and thus not respecting the current trend it has established. I am by no means an expert here or trying to say I know it all and let me impart my wisodm.
But starting on the bigger picture context before I dove in is what helped me only do this for 2 weeks and already see it translate to trading profits and a clearer vision of the daily price action even without diving into Gaussians yet lol. I am not there yet on consistency so don't get me wrong I am still in the learning phase and that is why I am still reading hundreds of pages of old posts.
That is also why candlesticks or bar charts do not matter at all. If you do not see the bigger context of the approach or the importance of where you place the trendlines, then the type of chart is not going to help.
Sorry for the long-winded post, but I think people have missed the intent of Spyder and Jack for people to also see the big picture and not just get overwhelmed with drawing lines and looking for clear cut signals. This is a Monet, up close it can look kind of blurry and formless, but if you step back you see a beautiful picture in the right context.
Quote from optionpro007:
The saying 'You can't teach an old dog new tricks' comes to mind everytime I bug you about something you are doing 'not in order' to the Jack/Spyder "prescribed" SCT doctrine is concerned
In his book, The creative process in the individual, Howard Troward writes "order is heaven's first law'. Meaning that getting things into it's proper order is the great secret to everything, including the unbelievable or unimaginable yet.
I now Jack and Spyder understand this very well as I am sure there is a good reason for bars for this fractal, but as you point out, success at the individual level is what matters either way.
Let's keep rolling !
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