Software Used to Trade Jack Hershey Methods
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No doubt this is for a limited time only... however, if you don't yet have Snagit or Camtasia you can now get the older (one level down) for FREE! The freebies are one version behind the current ones.
Download a demo version of SnagIt 7.2.5
ftp://ftp.techsmith.com/pub/products/snagit/725/SnagIt.exe
or Camtasia 3.1.3
http://download.techsmith.com/camtasiastudio/enu/312/camtasiaf.exe
and then register to get free license keys that turn the demo versions (SnagIt @ http://www.techsmith.com/snagit/ukdn.asp
and Camtasia @ http://www.techsmith.com/camtasia/pcpls.asp ) to fully-functional versions.
It works even if you are not in the UK.
Download a demo version of SnagIt 7.2.5
ftp://ftp.techsmith.com/pub/products/snagit/725/SnagIt.exe
or Camtasia 3.1.3
http://download.techsmith.com/camtasiastudio/enu/312/camtasiaf.exe
and then register to get free license keys that turn the demo versions (SnagIt @ http://www.techsmith.com/snagit/ukdn.asp
and Camtasia @ http://www.techsmith.com/camtasia/pcpls.asp ) to fully-functional versions.
It works even if you are not in the UK.
I wanted to run a couple of ideas by you guys, before I send it off to Jerry at QuoteTracker, to see if he could possibly include them as an option on the charts. Tell me what you think:
1) How about DOM bid/ask bars right on the chart? I modified the chart below to create an example of what a wall might look like on the chart. It might be easier to see the wall if it's right there next to price and the trend line.
2) I don't use T&S yet, but I was watching it the other day and it occurred to me that everything we use to trade is visual. Maybe a non irritating amount of audio could be useful when coupled to the T&S. What I mean is, imagine a very, very, soft organ tone for a sale of >50 contracts, a higher tone for sales at ASK and a lower tone for sales at BID. Maybe it could even be adjusted so that the tones got higher or lower in pitch as the amount of contracts exceeded certain amounts. The key here would be to make it non irritating. Has anybody already done this with Excel?
Edit: I think it would be more intuitive if I had made the three bottom DOM bars black instead of red.
1) How about DOM bid/ask bars right on the chart? I modified the chart below to create an example of what a wall might look like on the chart. It might be easier to see the wall if it's right there next to price and the trend line.
2) I don't use T&S yet, but I was watching it the other day and it occurred to me that everything we use to trade is visual. Maybe a non irritating amount of audio could be useful when coupled to the T&S. What I mean is, imagine a very, very, soft organ tone for a sale of >50 contracts, a higher tone for sales at ASK and a lower tone for sales at BID. Maybe it could even be adjusted so that the tones got higher or lower in pitch as the amount of contracts exceeded certain amounts. The key here would be to make it non irritating. Has anybody already done this with Excel?
Edit: I think it would be more intuitive if I had made the three bottom DOM bars black instead of red.
It would be nice if QT had a legend you could set up to access commonly used text and line colors.
For example, in the Price window have a legend set up where there is a list of JHM acronyms (FTT, FBO, LAT, FBP, etc) as well as the ability to choose the color for each selected. So when you want to insert an "FTT" you would click in the FTT in the legend and then on the color you want. In addition, in the Volume window set up another legend to choose line colors (i.e. black and red).
This seems like it could speed up the time it takes to annotate while the market is moving
.-guava's $.02
re. software for J.H's methods.
A modified Schiff "Andrews Pitchfork" works well for your parallels(So far I've found only Tradestation allows you to modify it.). Then use Volume Spread Analysis(read "Master the Markets") to peg your FTT's and all other J.H. bar anomalies(hitches, stalls, etc.). Adding MarketDelta, makes id'ing the turns even easier, you can "see" the shift in market sentiment as at happens.
A modified Schiff "Andrews Pitchfork" works well for your parallels(So far I've found only Tradestation allows you to modify it.). Then use Volume Spread Analysis(read "Master the Markets") to peg your FTT's and all other J.H. bar anomalies(hitches, stalls, etc.). Adding MarketDelta, makes id'ing the turns even easier, you can "see" the shift in market sentiment as at happens.
why SIM is not real
(but you can still make the best of it)
There are 2 kinds of sim:
1. play back sim
2. real time sim
Limitations of play back sim:
1. most software only collect "trade" data. real life is bid, ask, and trade.
2. most software cannot playback multiple streams. eg. ES, YM and INDU at the same time, at different time frames.
there are 2 types of real time sims:
1. real data, sim software (eg. Brackettrader sim on IB real data)
2. real data, sim account (eg. IB TWS)
Limitations of real time sim:
1. most software will "fill" your order at trade price, while real life only fills buy at offer and sell and bid.
2. assume unlimited quantity of opposite trades availability.
more later...
(but you can still make the best of it)
There are 2 kinds of sim:
1. play back sim
2. real time sim
Limitations of play back sim:
1. most software only collect "trade" data. real life is bid, ask, and trade.
2. most software cannot playback multiple streams. eg. ES, YM and INDU at the same time, at different time frames.
there are 2 types of real time sims:
1. real data, sim software (eg. Brackettrader sim on IB real data)
2. real data, sim account (eg. IB TWS)
Limitations of real time sim:
1. most software will "fill" your order at trade price, while real life only fills buy at offer and sell and bid.
2. assume unlimited quantity of opposite trades availability.
more later...
For sim I'm using Ninjatrader with IB as the data feed. Ninja does a good job simulating fills. If you want to buy at limit, ninja won't register a fill until the ask meets limit with sufficient contracts to complete the transaction. vice versa on the short side.
Personally, I don't see any difference between the simulated fills and actual fills I have been getting in ES since I started trading the instrument.
RT