Question for Grob/Hershey...
- Thread starter makosgu
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The IT looks like a new R to L traverse of the Long Term channel. It may be easier to see the LT on the nasdaq.
Yup - and as you can see by recent posts they are open to conjecture 
It's good to know what alternatives are possible -- you can usually come up with a couple of possible scenarios... keep them *both* in mind and trade "just in time"
In other words - the plan is to listen to the market as opposed to the plan being the market listening to whatever plan you come up with.
It's good to know what alternatives are possible -- you can usually come up with a couple of possible scenarios... keep them *both* in mind and trade "just in time"
In other words - the plan is to listen to the market as opposed to the plan being the market listening to whatever plan you come up with.
Seeing those two PRV sheets caused something to click, and so on Friday I started doing the drills using them.
Wow.
It was like trying to read in the dark and then someone turned on the lights for me.
By doing these drills, I was able to see how fast volume was moving and whether it was speeding up, staying the same, or slowing down.
So I took 4 trades:
S1 - 09:41:15 1286.0
exit 09:41:49 1286.5
-.5
I got in too early - I should have waited until after 9:45 (bar 4.) I didn't because bar 3 had passed the end of bar 2, and also I want to be a hairy trader.
I exited because price started to move against me, and volume was not increasing. I would have had an awesome trade if I would have held.
This highlights one of my problems I am working on - not being able to hold. I get chicken and try to wash if it seems like I am on the wrong side of the market.
I'm hypothesizing that if you are in with a trend and price starts to move against you, as long as the volume hasn't reached DU/VDU and then started to take off again, I should be ok to hold. Price retracement on decreasing volume is usually a LtR sequence.
L2 - 13:23:10 1288.25
exit 13:29:10 1287.75
-.5
I entered because price had broken out beyond the previous bar, and volume was increasing. I did note that volume did not continue its push, and that by the following bar both price and volume were declining. At this point, I was afraid of getting caught in a DU situation, with a BO occuring short, and so I exited. I tried to wash, but I'm still having difficulty seeing how to get out at little or no loss.
L3 - 13:47:29 1289.25
exit 13:59:32 1290.75
+1.5
This trade was endorphin city. For the first time since I started trading using Jack's strategies, I actually was anticipating what would happen and watched it unfold. (Note, I didn't anticipate that it would BO long - just that it would BO.) Price exceeded the previous bar high, and volume exploded. Another beautiful moment for me because as soon as I saw that I alt-tabbed over to the trading platform and clicked 't' without even thinking.
I exited because I didn't want to lose what I had made, and price was retreating against me. Again, if I had held longer I would have been ok. Again, I think I could have taken the decreasing volume as an indication that we were in a L2R traverse.
L4 - 14:06:31 1291.0
exit 14:12:04 1290.25
-.75
I entered too early on this. I thought we had reached the point 3 of the channel, and it hadn't in hindsight. I can't find my PRV sheet, but if I remember correctly it seemed that there was an intrabar period of DU volume.
I exited because I saw my "profits" from the previous trade start to go up in smoke.
The PRV drills helped a lot. Thanks Jack.
Wow.
It was like trying to read in the dark and then someone turned on the lights for me.
By doing these drills, I was able to see how fast volume was moving and whether it was speeding up, staying the same, or slowing down.
So I took 4 trades:
S1 - 09:41:15 1286.0
exit 09:41:49 1286.5
-.5
I got in too early - I should have waited until after 9:45 (bar 4.) I didn't because bar 3 had passed the end of bar 2, and also I want to be a hairy trader.
I exited because price started to move against me, and volume was not increasing. I would have had an awesome trade if I would have held.
This highlights one of my problems I am working on - not being able to hold. I get chicken and try to wash if it seems like I am on the wrong side of the market.
I'm hypothesizing that if you are in with a trend and price starts to move against you, as long as the volume hasn't reached DU/VDU and then started to take off again, I should be ok to hold. Price retracement on decreasing volume is usually a LtR sequence.
L2 - 13:23:10 1288.25
exit 13:29:10 1287.75
-.5
I entered because price had broken out beyond the previous bar, and volume was increasing. I did note that volume did not continue its push, and that by the following bar both price and volume were declining. At this point, I was afraid of getting caught in a DU situation, with a BO occuring short, and so I exited. I tried to wash, but I'm still having difficulty seeing how to get out at little or no loss.
L3 - 13:47:29 1289.25
exit 13:59:32 1290.75
+1.5
This trade was endorphin city. For the first time since I started trading using Jack's strategies, I actually was anticipating what would happen and watched it unfold. (Note, I didn't anticipate that it would BO long - just that it would BO.) Price exceeded the previous bar high, and volume exploded. Another beautiful moment for me because as soon as I saw that I alt-tabbed over to the trading platform and clicked 't' without even thinking.
I exited because I didn't want to lose what I had made, and price was retreating against me. Again, if I had held longer I would have been ok. Again, I think I could have taken the decreasing volume as an indication that we were in a L2R traverse.
L4 - 14:06:31 1291.0
exit 14:12:04 1290.25
-.75
I entered too early on this. I thought we had reached the point 3 of the channel, and it hadn't in hindsight. I can't find my PRV sheet, but if I remember correctly it seemed that there was an intrabar period of DU volume.
I exited because I saw my "profits" from the previous trade start to go up in smoke.
The PRV drills helped a lot. Thanks Jack.
Grob109,
Question for you.
Do you monitor the actions of the general market when taking positions in your stocks,
Or do you only monitor the stocks and the stocks only.
Lets say if the stock was clearly in your breakout mode,
but the index is down 1% , would you go long or would you sit out?
Question for you.
Do you monitor the actions of the general market when taking positions in your stocks,
Or do you only monitor the stocks and the stocks only.
Lets say if the stock was clearly in your breakout mode,
but the index is down 1% , would you go long or would you sit out?
If you read this thread, you would probably notice that this is an ES thread.
Your questions have been answered in Spydertraders journal and would be more beneficial if you asked them there.
here is some help , do a search for what you are looking for. It is there. http://groups.google.com/groups?as_...y=2005&safe=off
When are you going to post your stock trades in your journal and I thought you understood everything Jack said anyway?
For those working hard in this thread, sorry for the tangential post.
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