Quote from slacker:
What you describe as 'they work' has been defined long before Hershey. Keltner, Volume Spread Analysis (well defined in Tradeguider's product), and by Richard Wyckoff.
There is little disputing of the value of basic price/volume relationships. What is amazing about the cult around Jack is the insistance that Hershey's profitability claims are true and price/volume trading originated with him.
Clearly, you are moving back to your "Stage 3" patterns. Be careful!!!
The time line on "they work" begins well before those you listed.
FYI, when you consider the topics that are construed to be JH methods please associate them with 1957 through 1960 as the intial period of their dissemination.
In 1957, Magee was in it's fourth edition. In 1960, the to the trade edition of Davas was being handed out to key clients of most brokerages. By 1960, I had had my first interactions with the SEC.
Now, its 2008 and computers are available to individuals who trade from their retail offices.
Let's make a connection here. You trade from somewhere and you make some money. You know about a few references. (See above). Going out on a limb here, lets say you use something to make money that is old and proven to you. So you are making money that can be compared to anything you choose.
You have posted some of these choices. What you make is not what those you are commenting upon make. You do not make much in comparison you are telling us by your comments.
further, you have chosen to stick with your choices to only make so much money doing what you do.
Right now, it looks like, to me, you do not believe the people who are making more than you do actually make the amounts of money that they have been observed making.
Cocaine has had a wake up call by spending 3 days on two occasions watching a guy make in the 7 digits annually by trading 25 to 60 contracts using intraday trading of the ES.
You also saw a trade of 40 contacts nail, in one turn, more than a day's trading of Cocaine's friend who make in the 7 digits.
A newbie observes that 200 contracts are easily tradable. and that, if so, then 10 million a year looks normal. he wantsto know the answer to 2 Q's. Scaling and # of contracts. He has those answrs and so do you.
What is it that Keltner, VSA and Wycoff know that they haven't told you as yet. What is it that Keltner VSA and Wycoff don't know that Cocaine, spyder and our team know?
To find out, do something you haven't done and that the detractors haven't done.
A question that was answered a few years back was: What is it like the make in a day what is being talked about by you (and not believing it) in a year?
There is a strategy issue on the table here in psychology. Should it be moved to strategy so it can be moved to Chit Chat?
A lot of things are old and they work. That makes them timeless.
That is stage 1 of using a template. What it imparts to the trader is opportunity. How did it come to pass that you missed the opportunity and Cocaine got the opportunity? He saw it and he's taking it. You didn't see it so far and so you, so far, can't take the opportunity.
25 to 60 contracts traded intraday makes over a million a year. What does trading 25 to 60 contracts a day at 3x the daily H-L?
Ask Keltner, VSA and Wycoff or you can start on page one and have the experience.
