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Spydertrader's Jack Hershey Equities Journal II
- Thread starter Spydertrader
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Quote from martys:
I thought it did hit the lower band at around 11:30am but not the stochastics. Later on with the strength of the price, stochastics follows later. Would that make a valid JH trade? Thanks.
I have Low band Dry Up Volume for KNDL showing 44,431 shares. I show actual volume for KNDL exceeding this level at 12:32 PM Eastern Time - over an hour after our 11:30 AM cutoff.
- Spydertrader
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Quote from Spydertrader:
I have Low band Dry Up Volume for KNDL showing 44,431 shares. I show actual volume for KNDL exceeding this level at 12:32 PM Eastern Time - over an hour after our 11:30 AM cutoff.
- Spydertrader
Hmmm... I must be really out of it this morning. I swear I saw it hit the lower band and scrambling to get into the trade while my 10 month old son screaming at the background.
But Spydie, I posted the same question some time ago but did not get an answer. If the lower band got hit and the stochastics is not nearly 80, but later on the stochastics follows. Would that be a JH trade in your book? Thanks.
Quote from martys:
If the lower band got hit and the stochastics is not nearly 80, but later on the stochastics follows. Would that be a JH trade in your book?
For me, all the planets need to line up accordingly. If they don't align at the appropriate time, then I pass on the trade. Other traders have posted in the Original Journal a different viewpoint. "Close enough is good enough" has worked for them in the past, and as a result, they employ a less strict requirement for trade entry. As a result, the decision to enter or stand aside remains one of personal choice. I recommend basing your decision on your personal risk tolerance and trading style.
The reason I failed to answer this question previously stems from the fact that I answered it several times in the original Journal. I assumed you would have run across the previous discussion by now. I highly recommend a thorough review. Numerous experienced traders contributed valuable information to the many pages located there.
- Spydertrader
Quote from dougcs:
Quote from Spydertrader:
SNIP
...a good trade isn't necessarily a profitable one. My definition of a 'good trade' involves proper execution (both on entry and exit), as well as, solid adherence to my trading plan. I focus on proper trade fundamentals, discipline and money management. Over time, such a focus has brought me significant profits.
- Spydertrader
I agree with Spyder on this. I've been making most of my income from trading the past 10+ years. One of the most important things I've learned is the point Spyder is making here. Taking trades that are not part of the plan but rather based on emotion or error can lead to "random reinforcement" -it worked before, therefore, I'll try it again. And sometimes that leads to disaster.
IMO, I'd rather break even on the BOOMer trade I'm now in, following the plan, than make a bundle on a KNDL trade that was placed outsice the boundaries of the plan.
DS
Thanks Doug. I agree with that. Random hit doesn't put one into any probabilistic equation. But I was very tempted because I thought 25 was a magnet price.
Quote from Spydertrader:
For me, all the planets need to line up accordingly. If they don't align at the appropriate time, then I pass on the trade. Other traders have posted in the Original Journal a different viewpoint. "Close enough is good enough" has worked for them in the past, and as a result, they employ a less strict requirement for trade entry. As a result, the decision to enter or stand aside remains one of personal choice. I recommend basing your decision on your personal risk tolerance and trading style.
The reason I failed to answer this question previously stems from the fact that I answered it several times in the original Journal. I assumed you would have run across the previous discussion by now. I highly recommend a thorough review. Numerous experienced traders contributed valuable information to the many pages located there.
- Spydertrader
Thanks. I have only done selective search for a few topics... I will have to read the whole thing because it introduces uncertainties such as this.
No, I think having all the planets lining up makes sense to me so I don't have to glue to the screen all day.
With all due respect, I don't know if I understand anything Jack said and why is he always throwing in words such as fractal. I am only interested in following your interpretations. Thanks again.
Good trading.
Quote from martys:
With all due respect, I don't know if I understand anything Jack said and why is he always throwing in words such as fractal. I am only interested in following your interpretations.
Other traders have posted similar experiences when trying to interpret Jack's writings. He can definitely be a tough read. A few individuals have suggested they found it easier to read Jack after having reviewed my translations. After absorbing the information from the Original Journal, they were better prepared to translate Jack Hershey. You might find such a course of action similarly useful.
- Spydertrader
P.S. fractal = timeframe
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