There's some old threads on this, I thought I'd float some questions about it in the current context.
The impression I get from reading the help files is you open with the balance or EQ punishing state, then you educe for damage and temper 4 humors as a combo, maybe do that again if they cure some of it, then you move onto wracking two afflictions at a time. Maybe throw in more educe/temper stuff as you go on. The goal is to either get their health and mana down or truelock them.
Assuming my impression is correct, it sounds a lot like playing an apostate except you replace the setup with installing a nightmare and daegger hunt, then you throw two afflictions at a time.
So the main difference is in utility skills (apostate has more) and having more health damage (and more artifact requirements) as an alchemist. Also, alchemist bashing sounds like it might be better than apostate bashing. Am I on the right track here?