You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Spydertrader's Jack Hershey Equities Journal II
- Thread starter Spydertrader
- Start date
- Status
- Not open for further replies.
Quote from seneca_roman:
Do you post all of your trades related to Mr. Hershey's methods or only some to illustrate them?
In Journal One I posted all trades from the Long Side. I only occasionally posted short trades. In Journal Two, I only post now and then. In addition, I spend a great deal of time each day studying and trading the futures markets according to Jack's Methods. As a result, I don't have the time I once did.
Quote from seneca_roman:
Do the alternate methods I've seen, such as Unusual Volume, Bruno's, trade more frequently?
I recommend altering your viewpoint slightly with respect to the methods discussed here. Rather than look at it is 'initial' and 'alternative' methods, think of it as pieces to a large puzzle. Journal One contains Beginner methods as discussed and refined throughout a yearlong process. Journal Two outlines more intermediate, advanced and expert level trading. However, all methods discussed use various iterations of the Hershey Methodology. The intermediate methods (and higher) represent additional risk and should therefore only be used by experienced traders who understand and can appropriately mitigate such risk.
By using the entire package across all levels of trading, one does see an increase in the number of available trades.
Quote from seneca_roman:
Are the holding times in those trades intraday or may they last several days.
The amount of time one chooses to hold a trade results from price location within a channel, as well as volume and indicator considerations. As such, any trade entered into from any signal may result in a range of hold times - from intraday to several days in length.
Good trading to you.
- Spydertrader
Quote from TCRhodes:
Rick,
I see your concern on CBEY and Volume.
Unlike DTLK this morning, which has continuing strong Volume to keep pushing price upward, Volume on CBEY never showed up, hence price is drifting downward.
Nice DTLK trade Spyder and Rick.
thnaks, but the day isn't over yet, and it looks like cbey is picking up volume rate.
i'm not exactly thrilled with the vol in DTLK really, so i'm exitting for a wash.
Quote from qed:
Obviously you guys are using 30 minute charts for entry. Wealth-labs only gives daily charts, at least the free version anyway. Where do you get the intraday data to calculate DU? And are there any versions of JH programmed in Tradestation yet?
The Wealth-Lab Chartscripts calculate Dry Up, FRV and Peak Volume levels on a daily basis. If you use Quotetracker (a free intraday resource) you can use the Unusual Volume levels (Vol % In Quotetracker) for entry, as well as, set volume alerts to trigger at the various volume levels.
- Spydertrader
Quote from Spydertrader:
[
The amount of time one chooses to hold a trade results from price location within a channel, as well as volume and indicator considerations. As such, any trade entered into from any signal may result in a range of hold times - from intraday to several days in length.
Good trading to you.
- Spydertrader [/B]
Thank you, that clarifies it for me. I'm still a starting beginner (I guess that is a term) and as such will stay with the beginner methods until I've better understood them.
Seneca
Quote from seneca_roman:
Thank you, that clarifies it for me. I'm still a starting beginner (I guess that is a term) and as such will stay with the beginner methods until I've better understood them.
You have a wisely instituted a very good plan here. The single greatest mistake I frequently see results from Beginners progressing too quickly. When this happens, the trader often fails to build a strong foundation in the methodology under study. We all want to advance to the highest levels of profits as quickly as possible. However, slow and steady does indeed often win the race.
- Spydertrader
Heh, yup!Quote from Spydertrader:
We all want to advance to the highest levels of profits as quickly as possible. However, slow and steady does indeed often win the race.
- Spydertrader
I'd say that the system as presented in Journal I looks deceptively mechanical and simple, but there are a lot more subtleties involved than I realized. It is a very good start, though. You can screw up a number of things and still take a wash or small profit which is amazing.
But when I tried some of the more advanced trades, I got rolled. I'm contenting myself with taking only the best entries with very small size and trying to learn. The money (it's not much but it is coming in) is nice, but if you're a newbie like me, focus on learning and the big bucks will follow.
I have the volume as a percentage of the 65 day moving average programmed into Tradestation and is sorts the list throughout the day. I'm just not clear on the definition of unusual volume yet. And I do not know how I would find an entry point based on a certain level of volume. I looked at the DTLK and CBEY charts but just do not get it.
Quote from qed:
I have the volume as a percentage of the 65 day moving average programmed into Tradestation and is sorts the list throughout the day. I'm just not clear on the definition of unusual volume yet. And I do not know how I would find an entry point based on a certain level of volume. I looked at the DTLK and CBEY charts but just do not get it.
Look for Unusual Volume levels above .22 by 11:00 AM - the earlier in the morning the better. These stocks usually exceed their average (65-day) levels by end of day. Most times, these Unusual Volume stocks bubble up to the top of your Universe List early on, and remain there the rest of the day. Such stocks normally have nice movement (either up or down).
All other parameters (channels, MACD, Stochastics, Score Cycle) also apply.
- Spydertrader
- Status
- Not open for further replies.