The MEJT System: A New Tool for Day Trading the S&P 500 Index Kindle Edition

Revised Jan 2012 Review on Jan 2014:I still love this book and upgrade it to a 5-star rating. It has several rules and has taken some time to digest/re-read and apply it, and I am still in progress, but any method takes work/time. Today, 1.14.2014 the system would say there is no MEJT am prediction, but the test sequence for the am session showed prices going a bit higher & back down, which is what indices did; so here is an example of the system working even when it shouldn't but still offers meaningful tradeable information, sometimes- but don't misuse it(I saw camarilla/DeMark reversal pivots on 10 symbols/charts for mkt throwback, VIX/UVXY dissenting). So, the MEJT method is useful to me w/ other market analysis but sometimes stands alone. To recap, without rambling, I have grown to love and enjoy this system even more through the years, found it even more helpful w/ amazing nuances, subtleties, and, of course, rules I am still learning. I use it somewhat like a reference book everyday and, as with any good work of art, I see different/new things and layers in it over time. If you are persistent about daytrading, this is a tool that I believe I need and I recommend MEJT. My original review below is before I became a CTA.Errata: truthfully, I don't think Dr. Tennant completely left medical practice."I love this book, thought I used it everyday, am completely amused that an MD walked away from healthcare to spend a decade seeking price bars with hidden, psychic messages in them, being in health care myself. What an abstract concept that secret messages are embedded in some 5-min chart bars- hard to accept for some, though.I can often infer wave patterns in these reference bars but sometimes wonder is this real at all, or is it truly a coin toss when one enters a trade? Hebner's 12-Step for Active Traders Index Funds book can convince anyone that it is a dice roll probability.I've no data from any source to show proof that this book works, except it has seemed to work amazingly well in the last 6 months, and I was doing it wrong, ignoring the gap rule, using the time deadlines backwards/reversed and found the delayed ones to be really better, and I thought the extra strength rule was part of the formula, so that may be why I had such success with it- more stringent criteria, inadvertently. So, again, I thought I used the book but in fact misused/misapplied it successfully! Once, I concluded we'd have 2 soft pushes down and an inside close slightly higher but under the reference bar, which the S&P did, and I realized none of that was actually in the book- and I was one half a point off. So, where did I get all that from the 3 bars, then, if not from Tennant's book? Looking at too many charts? Bringing me back to my first sentence, "thought I used the book"- -coin toss?I truly believe the time periods described contain critical information, and I can similarly use a 1-minute chart in the same time periods, or even extrapolate it to a weekly chart if I spend enough time with statistics.Compatible books: Bean's 7 Gap Strategies, and my rationale is that when gap events weaken this one's techniques, Bean's techniques are strong, and the converse.Great work, but buyer beware- abstract concepts that got my wife to grin and say, "really, and after a second graduate degree." For $35.00, I can say, just stay out of a restaurant once and buy this book for the same price and get a good laugh, even if you can't trade its ideas, and stand in awe/respect of its clean charts in its natural simplicity and historical footprint if you are new trader or someone like me with too many indicators on a chart!Yes, my best guess is the man is like Al Brooks, MD, and looks at a plain, clean 5-minute chart. I still need some complex divergences, etc."

The MEJT system does work with reliable accuracy for me, over the course of the past 2 years using it. It is definitely more accurate for intraday trading than any other system I've found.MEJT provides targets but does not tell you "buy now" and "sell now." This is by design. It is up to you to determine if a particular signal is worth trading.I believe any detail-oriented and critically thinking trader should be able (with proper risk management) to take great advantage of MEJT as I have, and I recommend it highly.

This is NOT a book for the novice trader nor will you read it once and understand it. This is NOT a book that will teach you how to make big money by trading the MEJT system by itself. This IS a book for the experienced, well-educated trader who is looking for an additional advantage for their trading system(s). I read this book 5 times before I got the gist of the system and how to apply it. I then dissected it chapter by chapter while paper trading it along with my knowledge of trading, charts and technical analysis. The book remains right next to my trading desk and I review it often to ensure I am interpreting the MEJT sequence(s) correctly. I trade SPY and SPX weekly options and I am averaging a consistent 68% to 73% winning trade ratio on a weekly basis using the MEJT system. That is the best winning index trade percentage I have had in over 20 years of trading! This is NOT one of those get rich trading systems that make you big money like others tell you theirs will do. This book gives you the insight to see support and resistance areas that are not well publicized to the general market as well as trend information that you can then use to set up higher probability trades. I HIGHLY recommend this book to experienced traders who are looking for an additional way to view and trade the market.

Apparently the Kindle version came out in this country before the paper text. This review is not about the content/context of this book. Instead I'm just warning that in the Kindle version one cannot read any of the many stock-chart figures. The author uses black background color on each of his charts. These all appear as black rectangles on the Kindle in which you can barely make out the price bars (and nothing else).The trading system is moderately complex and you need to view the many included figures to fully understand the author's strategy. You can't do this on the Kindle version.The solution for the folks at Kindle is simply to publish the negatives of these black background figures. I suspect that this same problem exists with other stock market books.I'll write another review on the book's content once my hard-copy version arrives.

When started to go through I realized that you need to commit yourself to learn something new.So I took the pen and paper and made some notes.Without even realizing after feedback to feedback you are getting so used to it that you startmaking less and less losses in your trade.After a while when looking to the market you only tell by confident what to expect.One of the best books I bought.This is what I would call discovery of SYSTEMATIC REALITY.YOU CAN only PROFIT.thanks.

This book is only suitable for those using TradeStation software and data.The author clearly states on page 11 that the system will not work with alternate software because of the slight differences in data supplied by other providers.This should be made clear in the product description. I have returned the book for a full refund.

Utter nonsense. Waste of paper.