Spydertrader's Jack Hershey Equities Journal II

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Hi Spyder,

Ok, I think I am getting it. Previously I traded mechanically, and once again, my above post reflects that methodology, where one size has to fit all (I hear "Just Give Me The Formula" from your Camtasia video).

Using some spin on an old analogy, I guess I am now trying to learn to fish, rather than inventing a new speargun every time my last one breaks.

Whats great about this methodology is that one actually learns the market movements, develops the ability to anticipate, rather than simply trying to use a blunt instrument to bludgeon out something more that the S&P.

So...

From what you say, my interpretation would be to analyse the previous FBO, and make an assement on where I should exit - not use an arbitrary number.

Ideally I'd be watching the market, and exiting should price, MACD, and STO deteriorate on a 30min chart. This would give me a wash trade. If I am not watching the market, I would need to place a tight trailing stop, one which would enable a wash trade.

Placing the emphasis on risk avoidance, rather than greed, I should prefer to miss the BO with a wash, than walk away with a loss.

Am I any closer?
 
The Equities System failed to generate any signals to enter from the long side today (at least from my point of view). Of course, Your mileage may vary.

- Spydertrader
 
GROW looked promising with its volume "perkiness". I didn't bite because of its proximity to the upper bound of the up-sloping channel on the daily.

In retrospect, I looked at the 5 minute chart and saw that even though volume looked good, the MACD histogram and stoch didn't agree.

XING broke out rather late in the day with good MACD and stoch. Too late in the day for me. I can see how getting a solid signal early in the day is best since it gives price a chance to trend if it's gonna. Too late in the day, there's not as much room to move time-wise.

I saw complaints on some other threads about choppiness today. I guess it wasn't so hot for ES either, eh spyder?
 
Quote from stevegee58:

I saw complaints on some other threads about choppiness today. I guess it wasn't so hot for ES either, eh spyder?
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While 'choppy' accurately describes the midday portion of the ES market, this morning provided a few nice trends. The early afternoon also trended nicely - downward. In addition, one can profit in a choppy market. One simply needs a wide enough lateral channel to slalom and enough volume to push movement one direction or another within that channel. In other words, I do prefer a Wednesday type trending environment (who doesn't?), but I can't complain about today's price action either. Both days provided profits.

- Spydertrader
 
Quote from Spydertrader:

In addition, $10.63 USD marks the most recent low of the current cycle. As such, price only needs to reach the $12.75 USD price point to complete another 20% run.


- Spydertrader [/B]
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Just wanted to add some additional perspective to the recent XING Discussion. When adding the IT channels, on the attached daily. One sees three range expansions on the current trend (in blue). The pink channel is a slight acceleration of the same trend. Interestingly, the “targets” you see as short vertical green bars, are at and slightly above the 12.75 that Spyder suggests. Also, with continue volume, we could see yet another range expansion. In any case I expect to close out a 3 day trade on this stock tomorrow. For me the confidence to enter after a DU walk out of the most recent ST down came from the IT channels so, I draw them faithfully. Also, it is worth repeating the Jack frequently reminds us that continued price advance on low volume is actually a very strong situation. Hope this helps.

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1200574>
 

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Hi Spyder,

On the desktop of the Camtasia video of 24th August, there is a pdf file titled "Spydertraders Jack Hershey....??"

I have the Building Minds for Building Wealth pdf and Channels for Building Wealth, but not come across the pdf with the title of that stated above.

Is this a public document for consumption? If so, can you point me to a link to its location?
 
Quote from kamkekona:

The pink channel is a slight acceleration of the same trend. Interestingly, the “targets” you see as short vertical green bars, are at and slightly above the 12.75 that Spyder suggests. Also, with continue volume, we could see yet another range expansion. In any case I expect to close out a 3 day trade on this stock tomorrow. For me the confidence to enter after a DU walk out of the most recent ST down came from the IT channels so, I draw them faithfully. Also, it is worth repeating the Jack frequently reminds us that continued price advance on low volume is actually a very strong situation.

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Great news that your analysis highlights a possible extension beyond $12.75. For me, I will be very happy with an exit around this price.

Would you see the current volume levels as low? I would have regarded them as quite healthy after the recent DU. On the daily chart, price and volume second derivatives on on the incline also, which (I think) reflects a healthy acceleration of both volume and price.

Any reason why you choose to close out after 3 days?

Quote from kamkekona:

Hope this helps.
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It helps me, and I am sure others have an interest in this XING position.

Cheers,
 
Quote from cipherscribe:

Is this a public document for consumption? If so, can you point me to a link to its location?
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I downloaded the Camtasia Video to which you referred. However, I cannot describe for you the contents of the file you mentioned. The computer containing the .pdf file to which you refer belongs to Jack. I didn't create the file, nor do I currently have a copy. Perhaps, Jack could provide a URL where one could download the document.

- Spydertrader
 
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