Take This Trade, Hershey Traders?

[amedhussaini]

i'm not here to argue. i just posted that image because of the initial post, claiming that trade wasn't predictable with a channel break. as you can see, from the image, the channel was drawn halfway through the trading day on 8/28, not after the fact.. and thus, a break of the channel with a nice retest and consolidation on the broken line met for a good risk/reward long.

of course, i could get into why i believe channels have any efficacy at all.. i'm constantly attempting to frontrun blackbox quantitative programs, many of which use linear regression to maintain which "side of the coin to be on" (order flow).. and as you probably know, adding std devs to linear regression lines creates channels, etc etc etc.

no, i don't want to bore you or anyone with that snake oil.

channels don't work and thats that

 

[hypostomus]

Jack, hope you can find this response in amongst the graven images. Thanks for responding to my earlier thread about the economy. I knew that you would have a unique perspective. I have saved your response and will spillchick it later for improved readability. But I don't want to remove any Milton Erickson style ambiguities, very nice. A printout is under my pillow now as I take my old man nap.

I will attempt to keep my response brief. As you may recall, one of my beefs with you is that you claim to be a binary decision maker, but you never announce any thresholds, and consequently one cannot test the validity of SCT. I am not making an idle complaint, because the original studies I have on my current screen all have fixed thresholds (about 20). Therefore I argue that "you know that you don't know", and should really admit that you trade intuitively. Not that this is a bad thing, my morning exit was intuitive and I only understood why in terms of my rule set later.

Good to know that you are taking care of the senior community financially. I still maintain that a younger working wife and a backup even younger working girlfriend is the best financial insurance for an old man. In my case I intend to work 'til I drop. May even grow a pony tail.

As to the increasing success and spread of SCT, I don't see you on the tape. Or in the profits of limit order traders as a whole. But I don't hang out in tony places like you do, I slum.

As to the demise of the CO and the 80 edges, they are alive and well. Wish I knew all 80, though, I have only 57 nailed at the moment. Perhaps it is a matter of semantics. Edges don't test well because they only work intermittently. When they work, they work. When they don't, they don't. For example, Darvas boxes worked today. Clean BOs without ugly retraces. Tomorrow they won't. So you use what works TODAY.

Surely you don't disbelieve simple CO like pivots providing S/R, tests of BOs, closing a gap, double tops/bottoms, simple shit like that? They are the proximate causes of the events in your landscape that you ascribe to channels. Easy enough to claim that, since you're allowed to redraw channels at will.

Anyway, I am ranting as bad as you do. Maybe we should have a debate at a show. Two old farts ranting and raving. Four people might attend.

And don't pick on my one car trading. I can ramp up any fucking time I want to. Maybe when I am as OLD as YOU are and don't need to worry about needing the money much longer.

Best regards.

 

[dalailama]

Technical analysis only works in so far as it helps to highlight price action..

Jack and his slack jawed followers would like to believe there is a holy grail out there that can keep them in the market all the time while reaping 3 times the daily range without ever suffering a single loss..

These of course are the ravings of the naive, ignorant and deluded.. they will learn but ever so slowly.. Jack may never learn because his sense of self and inflated ego hinge on the grail being true.. he will go to the grave unfulfilled

Jack Hershey sporting a pony tail at age 70.. inform your local congressional representative

 

[rotflmao1]

Quote from The Swordsman:

no problem man, as we speak llama is searching for some windex and a paper towel as he got a little shrapnel on his screen. He loves Jack so much he set record distance with.... well......you know what

"shrapnel " LMAO!! ahahha damn this thread is ball-bustin laughter thanks ahahahhahahahahah

 

[The Swordsman]

no need to develop my own when the method I am currently trading is great. im very sorry that you dont agree with it, but its water off a ducks back mate.

Quote from dalailama:

Sayeth the Swordsman.. and upon peering through his past posts we find a collection of stupid questions being asked in Spyder's thread.. oh dear.. another sad drooling drone that cant think for himself or develop his own method

Jack Hershey sporting a pony tail at age 70.. inform your local congressional representative

 

[dalailama]

Quote from The Swordsman:

no need to develop my own when the method I am currently trading is great. im very sorry that you dont agree with it, but its water off a ducks back mate.

You don't even understand it you goose.. that much is obvious from your posts.. you'll be eaten alive

Jack Hershey sporting a pony tail at age 70.. inform your local congressional representative

 

[hypostomus]

Amed, thanks for the rational response. Very cleaver. I never draw such trendlines on principle because I firmly believe that overnight action is a legitimate part of the landscape. IMO drawing such channels is meaningless because leaving out the overnights distorts the time scale. But, WTF, if some people draw them that way and trade that way, then I suppose it is valid TA. Best regards.

 

[The Swordsman]

sorry but the P&L says otherwise. I'm not going to lie to you, it did take a good deal of time to understand things but I am consistent as they come now.

no sense in argueing over it, if I show you, you'll just say I'm lying and if I dont you'll also say I'm lying.

many ways to trade the mkts, I am happy with my way (thank you spydertrader) and you're happy with your way.

now lets get back to your jack whacking, was it good? are you gonna go another round? You got plenty of pics littered all over ET now to jog your interest

Quote from dalailama:

You don't even understand it you goose.. that much is obvious from your posts.. you'll be eaten alive

Jack Hershey sporting a pony tail at age 70.. inform your local congressional representative

 

[dalailama]

Quote from The Swordsman:

sorry but the P&L says otherwise.

You are not even trading yet.. I know that

Jack Hershey sporting a pony tail at age 70.. inform your local congressional representative

 

[hypostomus]

BTW, Jack, what you had to say was very interesting and would go over better not directed at me (looks bad for you to be seen talking to ETidiots). I recommend you clean it up and publish it elsewhere here, somewhere people are more likely to look for serious opinions.