Spydertrader's Jack Hershey Equities Journal II

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Quote from johnpinochet:


Scanned WatchList DryUp with ChartScript Hershey Equities Rank v. 3.0.0
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You guys seem to be using the chartscripts differently than I.

I use Hershey Equities Rank Scan v. 1.0.0 after pulling stocks from stocktables.com, in order to establish the potential stocks' rank. The only other time I run this is month end to ensure that stocks in the final universe continue to maintain rank. After running the stocks through the rank scan, I check them for float, volume, etc. If they pass, they go into the final universe.

Nightly, I run the entire final universe through Hershey Equities Dry-up Volume Scan v. 2.0.0. If a stock creates an alert, its in dry-up and goes on the watchlist.

For stocks that are in dry-up, I run Hershey Equities Chartscript Version 4.1 to get dry-up numbers. Which I then track the next day for a buy.

I then look at the channels for each stock to determine whether a stock in dry-up is a potential buy for me. For instance, if its near the top of a channel, I probably won't buy it regardless of volume/movement the next morning.

For today the dry-up scan gave me the following stocks: NVEC, SMSI, SIRF, XING.

Of those 4, only NVEC and XING seemed to be in good channel positions to buy. Unfortunately, I failed to buy NVEC because I wasn't around at the time (gotta take the kids to school - those kids are expensive in more ways than one! :D)

Can someone correct me if I'm using the scripts incorrectly? Thanks!
 
Quote from ebulldog:
3) Having read both logs, all of Jacks’ material I could locate and watched all the videos, it doesn’t seem that Jack stresses the FTT’s in the way you are.
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ebulldog,

I'm a newb and I don't want to speak for Spyder or Jack but here's some of the things that I've learned from the threads and offline material that is available regarding FTT's.

A FTT that follows through is point 1 of a new channel that is headed in the opposite direction of the current channel. This is also where channels overlap. When I see a FTT that follows through, I'm looking for point 2. I'm also looking for either an BO or FBO of the current channel's RTL. Next up, point 3 and I can draw the new channel.

Have you read Jack's channels document? If you found the camtasias, it's there as well.

For equities, I'm not at the point where I'm trading FTT's (except for general channel reference/anticipation). I'm learning/using the "beginner method". However, I'm glued to the ES & YM and I'm also working hard to learn how to trade FTT's on the 5 min ES.

Hope this helps. If not, I apologize for interjecting...

spooz

Also, I just saw you new process post. I follow the same steps and use the scripts you noted.
 
Quote from spooz_trader1:

ebulldog,

A FTT that follows through is point 1 of a new channel that is headed in the opposite direction of the current channel. This is also where channels overlap. When I see a FTT that follows through, I'm looking for point 2. I'm also looking for either an BO or FBO of the current channel's RTL. Next up, point 3 and I can draw the new channel.
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Spooz-
I'll take any input I can get. Thanks!

I've read the stuff - although I probably need to read it all 3 more times :). My main point/question is that while Jack talks about FTT's, they're not really the main focus of what he's been teaching (I don't think). Whereas, Spyder seems to be REALLY focusing on them now. Spyder seems to be suggesting a shift in emphasis.

One point - page 23 of Channels for Building wealth says that an FTT forms a new point 3. In my limited channel drawing experience, it doesn't always work that way, so sometimes I'm drawing them as a point 3 and sometimes a point 1.

Thanks again for your reply!
 
Quote from ebulldog:

Spooz-
I'll take any input I can get. Thanks!

I've read the stuff - although I probably need to read it all 3 more times :). My main point/question is that while Jack talks about FTT's, they're not really the main focus of what he's been teaching (I don't think). Whereas, Spyder seems to be REALLY focusing on them now. Spyder seems to be suggesting a shift in emphasis.

One point - page 23 of Channels for Building wealth says that an FTT forms a new point 3. In my limited channel drawing experience, it doesn't always work that way, so sometimes I'm drawing them as a point 3 and sometimes a point 1.

Thanks again for your reply!
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This is a big happy family situation.

The emphasis on FTT here in ET is very important and very correct to be followed. Building personal confidence is well underway here and it is a direct consequence of the mentoring Spyder does and the way he does it.

All the positive feedback you are giving each other is also a very valuable contribution.

The thing about the FTT is a very pragmatic thing: money and making money comes from doing FTT stuff very well.

There is a difference between just a reference document and a process of doing it. The work process is most important.
 
Jack-
thank you for your encouragement and direction in your previous post, its very helpful. More importantly, thank you for all the effort and time you've put in for years now trying to transfer your expertise to the community. There are few individuals like you and Spyder in the world and I, for one, am thankful to have run across you.

I'll be even more thankful when I start to make some muuuneeey! :D
 
If I understand correctly, you'll find two types of FTTs depending on the channel. If you're in a microchannel that is taping (the bars fill the channel top to bottom), when one bar doesn't hit the left line it's a FTT.

On a longer term uptrend channel where price is traversing back and forth, right to left and left to right, you might get a FTT that looks like a 1,2,3 topping formation, where the the second pivot high is below the first pivot high. And if it's inside the longer channel, the FTT is already the #3 point. The gist being sometimes the #3 is in the old channel overla. p, sometimes it isn't. Sometimes it's the #1 sometimes the #3Hope this was clear.

The main point I wanted to bring out is that next to volume, the FTT (and FBO) is the first indicator of change. That's why it's so important.
 
Quote from jack hershey:

This is a big happy family situation.

.... snip

The thing about the FTT is a very pragmatic thing: money and making money comes from doing FTT stuff very well.

There is a difference between just a reference document and a process of doing it. The work process is most important.
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I spent most of the day doing a drill of looking for FTTs using an equity. I realize futures will be easier to do since the FTT's happen more frequently... however I am not there yet and I did it using what I use which are stocks.

I was primarily using the 5 min chart but dropped down frequently to the 1 min charts to pick the FTT, BO and FBOs faster. It was an eye opener.... I was pretty much able to call the direction of the next move everytime. I was using both price and volume (but Spyder mentioned earlier today to try and use price alone). I will try the price alone later on.

I will continue to try and do this on reqular basis to increase my ability to spot FTTs.

Jack had mentioned to do a drill of doing 100 wash trades and this is where I got the idea from. It certainly helps to use a stock that has a decent spread (think not NVEC).
 
Quote from ebulldog:

Spooz-
I'll take any input I can get. Thanks!

One point - page 23 of Channels for Building wealth says that an FTT forms a new point 3. In my limited channel drawing experience, it doesn't always work that way, so sometimes I'm drawing them as a point 3 and sometimes a point 1.

Thanks again for your reply!
More...

ebulldog,

I just re-read p. 23. I noticed that I had an erased note that said "pt 1?". In other words, I thought it might have been a typo but I later erased my comment. Then, I flipped the page and noticed a sketch that I drew a while back. Here's a rough .png of what I'm "romming" in my brain. I hope it's correct... :)

The channel on the left has a new point 1 on the LTL of the long channel. This starts the new red channel down. In this case, point 3 is the FTT. The channel on the right has an FTT that is point 1 of the new channel. I guess I'm more dialed in to the latter version but it was a cool drill to go back and re-read page 23 and to see something I noted a month or so ago.

I echo your thanks to Jack & Spyder...

spooz
 
Because several terms are used throughout the threads and documents in dealing with different phases of volume, I put it all in a spreadsheet to help with PRV, market pace and what to expect on the ES.

You might notice some small discrepancies on the Pace divisions, it was difficult to show a range in a clean format. The minute bars count up with volume adding over time during a 5 minute bar. It may be more helpful for some to do the reverse, PRV based on time left in the 5 min bar. Feel free to change it to your needs or make it better.

Below PRV is 5 minute bar times. It helps when debriefing and comparing charts. There is a blank column next to the bar times to add time of day notes. Prints on one landscape page. Hope this is helpful.

Regards,
EZ

PS: If it's in error I hope Jack or Spyder will jump in.
 

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