John Carter's Scalper Buys and Sells

[joo_p23 10]

Hello,

 

I'm reading Mastering the Trade by John Carter and his description of Scalper Buys and Sells seems confusing.

 

Could somebody help me understand this setup?

 

If a stock is in uptrend, do I look for three consecutive lower closes for a reversal?

If a stock is in a downtrend, do I look for three consecutive higher closes for a reversal?

I also don't understand how he "paints" the bars.

 

thank you!

[doughayman 10]

Sorry, I can't answer your specific questions, but I will make a few point about his book:

 

1) I think it was well written, overall;

 

2) If you peel the onion, and look at his trading strategies in detail, you will see a lot

of unclear information (you alluded to some of it);

 

3) Several years ago, I coded up several of his strategies in Wealth Lab, and couldn't find

a method or market that made any of his strategies profitable.

 

In conclusion, just another well-written book, that makes money for the author. Just my 2 cents.