Traders Laboratory - View Single Post - John Carter's Setups: Legit or Lame?
View Single Post
  #6 (permalink)  
Old 02-20-2007, 02:28 AM
wsam29 wsam29 is offline
wsam29 has no status.

Trader Specs
 
Join Date: Jan 2007
Location: Toronto, Ontario, Canada
Posts: 229
Thanks: 1
Thanked 4 Times in 3 Posts
Send a message via MSN to wsam29
Re: John Carter's Setups: Legit or Lame?

First off, let me have my say, they both clearly say, especially Hubert that their indicators are useless if you don't understand market internals.

Which is very true.

Their "squeeze" indicator is a simplified way or a mechanical way to give a trader the heads up that prices may explode in one direction or the other. For the new trader with the untrained eye, that is great, but once you recognize when markets are in a "quiet" period and due for an explosive move, you really dont need the squeeze. It's just a way/method of keeping your trading consistant because using your judgement may be eratic at times and provide inconsistant results to analyize what is wrong.

Understand price action and market internals is more important than any indicator or system out there. Hubert even says using a chart and indicators are like crutches. The dude can trade, he's a tape reader, I've seen him do it first hand and you don't even realize he's trading because its so fast, but he is still human and mistakes are bound to happen. If anyone trader says they don't make mistakes, like Hubert says "run the other way" and get far away as possible from that trader, he's full of crap.

Ever wonder how Jesse Livermore or Humphrey Neill trade back in the days with no computers or technology that we all have today? They understood price action and the psychology behind what was occuring and about to occur.

__________________
Winfred
Life is a comedy for those who think and a tragedy for those who feel.Horace Walpole Doubt all before you believe anything!Sir Francis Bacon
Reply With Quote