Trading with price action

[iceman1]

Quote from Gordon Gekko:


SOME OF YOU PEOPLE ARE GOD DAMN UNBELIEVABLE! (this is NOT directed at you, Jack)

The #1 most ANNOYING phenomenon on ET is when someone opens up and tries to teach, AND THEN PEOPLE COMPLAIN AND TELL THEM TO "CHILL OUT!" UNREAL!!!!!!!!!

Asking questions is FINE, but to hint that they should stop/slow down is one of the DUMBEST things you could possibly do! Are we here to learn or not?!

JACK, I find your posts very interesting and you should continue. There is one very important thing you need to learn about ET: IGNORE negative posts! Just do your thing and don't waste your time with negative responses! Please continue posting as much as you want. If sure others feel the same way.

OldTrader, glad to see you back posting again. I think both OT and Jack make interesting points and it's cool to see the veterans debate. I'm glad you're BOTH here.

GG

good points Gekko... (b.t.w, can u fix me up with Darryl Hannah?)

 

[mktman]

Tell us how you really feel.

I suggest you go back and re-read my post.
Not complaining.
Are not all opinions valid as you stated?

If his system works for him great.
Is this the answer for everyone?
No.

We all should be open to learning ie what works for everyone.
Whether it be stoch or whatever.

btw Im on the same boat that nitro, inandlong, and oldtrader are on -- lacking indicators.
We must be sinking.

Bickering.
It's a sure sign the markets are tough.

 

[Fluidity]

Quote from jack hershey:



if my stuff is hard to read to one of two things: use a yellow high liner to accent stuff. Or second after you highlight use black to kill about half the rest. Do not cross out the annual money made; you need to underline that in green.

Jack there is absolutely nothing in my mind that is worth highlighting in the spew of yours...HAHHAHAHAHA 12.5 per ct / per session huh? Jack you are full of shit

 

[profitseer]

Quote from Lobster:

I have always wondered how they come up with those S/R levels. But frankly I have never been able to see how you could use those numbers profitably anyway.

Lobster, an example would be, let's say the market is in it'e usual quagmire at 894-897. Your chart shows heavy resistance at 901 and light resistance at 906.

You just sit back and wait for the batlle at 901. If the Bulls win, you join their victory parade to 906 and go AWOL until that battle is fought. If the bears somehow win, you can then march with them all the way back to 901.

We want to be heroes, not mercenaries. Just don't make too many friends along the way, because they will be your enemies on the return march.

 

[nkhoi]

Quote from jem:

Jack - you may be a very good teacher and you seem to be giving away information you feel important, but you are using words and phrases in a way that is vexing to most readers.

in plain English, one more time
--------------------
From: dkm (davidmarshall@nospamhotmail.com)
Subject: Re: Question for Jack Hershey
View: Complete Thread (23 articles)
Original Format
Newsgroups: misc.invest.futures
Date: 2003-02-08 05:50:43 PST


My interpretation of Jack's earlier posting regarding the use of stochastics
to trade ES is as follows:

Level 1 - "rockets" - fast paced long and short trends
Stochastics set to 14,1,3
Long when fast line breaks above 80. Exit when fast line breaks below 80
Short when fast line breaks below 20. Exit when fast line breaks above 20
Look for fast and slow lines to be entwined above 80 or below 20.
Mentally block out the 20 to 80 zone.
Target: $30,000 per annum

Level 2 - slow trends plus rockets
Stochastics set to 5,2,2
Go long as fast line breaks up through 75. Exit as fast line breaks down
through 25.
Go short as fast line breaks down through 25. Exit as fast line breaks up
though 75.
Do not look in the 25 to 75 zone for this method also.
Do not reverse. (Will do later after capital tripled).
Target: $60,000 per annum

Level 3 - reverse on slow trends instead of just exiting.
Target: $90,000 per annum

Notes:
Need to distinguish between fast and slow trends. Rockets (fast paced
trends) end in congestion. The stochastic signals go to the middle where
congestion "lives". If congestion, low volatility and low volume occur,
lines become entwined at 50%. This is the "sleepiest" condition. If not at
50, it is going to BO on the opposite side. Congestion ends with a BO. We
then get either a slow or fast trend.

Jack, please correct me if this wrong.

David

 

[nkhoi]

Quote from Gordon Gekko:


JACK, I find your posts very interesting and you should continue. There is one very important thing you need to learn about ET: IGNORE negative posts! Just do your thing and don't waste your time with negative responses! Please continue posting as much as you want. I'm sure others want you to continue, too.
GG

GG Jack thrives on challenge, he love it if people picking apart his setup point by point.

 

[inandlong]

Quote from jack hershey:

Looks like you are telling us you are stuck on timing.

Tell us what you think the possiblities are for money velocity and how timing may be subordinate. After we get through reorienting to efficiency of money velocity then we can really jump on some other aspects of indicators.

Nope... I use indicators, ma's and macd specifically. They work great for me. And it appears that stochastics work great for you.

I began the thread out of curiosity as to what people meant when they said they traded by price action alone. Are you saying that you consider yourself one who trades by price action alone and you do it by incorporating a stochastic?

Either way, you have started an interesting discussion about the use of the stochastic indicator, so I will split your posts off to a new thread entitled, 'The Stochastic Indicator."

Thanks for your posts.

 

[nkhoi]

Quote from OldTrader:


Thanks for the chart including indicators. I was unable to read the settings on the stochastics or the MACD. If this isn't something proprietary would you post the settings involved?

OldTrader

Jack's setting was wrong, he is not skill in typing

here is correct one
> > Stochastic (5,2,3) with lines at 75% and 25%
> > Stochastic (10,2,3) with lines at 80% and 20%
> > Stochastic (14,1,3) with lines at 80% and 20%
> > MACD (5,13,6)

 

[wally_]

Quote from jem:

Jack - you may be a very good teacher and you seem to be giving away information you feel important, but you are using words and phrases in a way that is vexing to most readers.

He needs to be more systematic and use less jargon.

What he talks about is sound and not necessarilly very new to me. I have used stochastics in a similar way as a means to gauge the strength of the market. One of the setups I use, not on a regular basis, because I trade mainly systems, that utilizes stochastics was mentioned in the thread 'Good entries for newbies'. I don't want to repeat it here, because that's not important. What is important is that you can use stochastics in more than one way and certainly in other ways than it was originally designed to be used.

Jack seems to have some experience in this matter, so it would be good if he presented his ideas in a more organized way, preferably in a new thread. This thread was meant for something else, anyway.

I ask those who want only to criticise to stay away from this new thread.

 

[wally_]

Quote from inandlong:


Either way, you have started an interesting discussion about the proper use of the stochastic indicator, so I will split your posts off to a new thread entitled, 'The Stochastic Indicator."

I would not call it 'the proper' use. It is more original than what you can find in most or perhaps even all TA books, but you can use stochastics in more than one way and none of them is more proper than the other. For instance, the stochastics divergence is still a good way to use this indicator, and it is by no means less proper than what Jack does.

Let's not abandon good things in favor of just new ones. The new things are not always better. They only are different.