John Carter's Setups: Legit or Lame?

[dalby]

i programmed the TTM squeeze for quotertracker. if you spend 5 minutes learning paintbars in QT, it's very easy

all the ttm squeeze is is when the bollinger bands (20,2) go inside the keltner (20,1.5) - that's IN THE SQUEEZE

and then the squeeze fires when it goes outside

that condition is exceptionally easy to test for and write a paintbar for

the other paintbar is merely the 12 period momentum

i find the 5 minute squeeze EXTREMELY successful but i filter it (iow, i don't take every one that fires - only those that meet certain criteria).

i also will not do a fade play short when a long squeeze is setting up, etc.

helps keep me out of unsuccessful trades.

[BlowFish]

Carter legit. Setups Lame.

Well lameish - some of the underlying principles are sound (e.g. BO after volume and volatility dry up). More valuable to just see a 'squeeze' and understand whats going on behind it.

[cooter]

He makes more $$$ from his trading room and seminars than from his actual trading, IMHO.

[bakrob99]

That is NOT correct. And I can prove it. (But even if he did - so what?)

Send me an email and I will show you why this statement is so stupid and based on what ... jealousy?

[cooter]

What is not correct?

That his seminars and trading room are immensely profitable? So what? More power to him and Hubert. They deserve it.

No need to prove a thing, unless you work with him.

Otherwise, PM me yourself if you feel an innate need to defend his honour, or some thing.

LOL.

[bakrob99]

The implication is that he is doing this for the Trading Room revenue - which I do not believe is the case. The guy has traded for over 20 years and loves trading as an activity. Period. He will always be a trader.

What has one (revenue source) got to do with the other?

He makes a considerable amount from both activities.

[cooter]

Trading room revenue provides ample capital to fuel his trading activities. So what? Do I care? Not in the least.

[BlowFish]

Originally Posted by bakrob99 The implication is that he is doing this for the Trading Room revenue - which I do not believe is the case. ---Snip---

I wonder what this belief is based on? Just interested from a purely academic point of view. I will always give the benefit of the doubt unless something clashes with my own market beliefs which are based on "truths" I have discovered or verified for myself. Having said that I still keep keep a healthy degree of scepticism untill I can verify things.

You seem pretty adamant and I just wondered what made you feel this way. PM me or ignore my question if you don't feel its appropriate for here.

[bakrob99]

It's pretty simple - I've "watched" him trade for one year ... and I've seen brokerage statements which support my statement,

[tony1d]

I think the book had a lot of valuable information however using his setups purely as discussed in the book yielded poor results. I do use a 3 bar reversal setup but only at key S/R areas like pivots, yest H/L/C and value areas from the MP. I also will not countertrend trade those unless a trend reversal is almost definite and finally i am very careful about trading in the value areas as the locals are scalping you to death in there. Watch the locals test the High and low value ranges looking for takers at the 1/2 hour especially in the mornings if no takers they will typically test the opposite range.