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Spydertrader's Jack Hershey Equities Journal II
- Thread starter Spydertrader
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Quote from Elvis:
thanks Syper and everyone lese for the great journal. I've recently joined, gone through the 1st journal and 300pages of this one. I must have missed it, but what does FTT mean. Is there a current DU list?
FTT = Failure to Traverse
You probably haven't arrived at the section where we begin to discuss FTT's.
Here are the stocks I had in DU for today:
FTEK
GIGM
GMXR
NVEC
OMNI
PCCC
SIRF
Quote from jimclark:
SORRY, can explain the data behind your chart? How to read your indications/trends/marks???
I provided an explanation for chart annotations on an earlier chart I posted (a few weeks back). If you click back to where we begin to discuss FTT's in this Journal, you might find the information helpful.
- Spydertrader
In with SIRF at 25.73. Happy New Year everyone!
Tis my only 2nd trade after my ATHR adventure! Reasons I took the trade: reached DU, MACD oscillator turning positive; so is the Stoch.
Question:
If i drew a trendline from 32 (previous high) to 25.45 would that be considered as FTT? (on a daily chart that is).
1) I used to draw trendlines using obvious pivot (?) points and it seems to me by reading the FTT stuff that I should throw that notion away and just use any 2 points regardless of the obvios pivots (which happens after the fact)
So, if this is the case, my new trendline would be to draw from 24.71 (yesterdays' close) to 25.23 (today's low).
2) My DU from yesterday were BITS, GIGM, GROW, NVEC, OMNI, SIRF, and REDF...they are quite different from Spyders'. Is there a new script that I missed?
As always....always thankful to everyones' help in learning.
Tis my only 2nd trade after my ATHR adventure! Reasons I took the trade: reached DU, MACD oscillator turning positive; so is the Stoch.
Question:
If i drew a trendline from 32 (previous high) to 25.45 would that be considered as FTT? (on a daily chart that is).
1) I used to draw trendlines using obvious pivot (?) points and it seems to me by reading the FTT stuff that I should throw that notion away and just use any 2 points regardless of the obvios pivots (which happens after the fact)
So, if this is the case, my new trendline would be to draw from 24.71 (yesterdays' close) to 25.23 (today's low).
2) My DU from yesterday were BITS, GIGM, GROW, NVEC, OMNI, SIRF, and REDF...they are quite different from Spyders'. Is there a new script that I missed?
As always....always thankful to everyones' help in learning.
Elvis..
I use this website to save me most of the pain...
http://networknt.com/wiki/index.php?title=Final_Universe
I use this website to save me most of the pain...
http://networknt.com/wiki/index.php?title=Final_Universe
Spyder,
In your summary for beginners, you said something like trade in the direction of the FTT until:
1. You reach another FTT (then reverse), or
2. You reach and FBO (then exit [beginner]), or
3. You reach a BO (then hold).
Looking at today's chart, there are a boatload of FTTs. When I watch in real time, I'm spotting a lot of these only about 5 minutes after they occur, e.g.: the FTTs before and after the HVS at 10:25 and 10:45.
For the first, I see price dropping lower and volume increasing. The bar closes towards the bottom of the bar and the next bar moves down and then retreats higher. All of this seems consistent with a traversal. It isn't until it shows that volume is not dropping and price is not coming back down that I start to say "maybe that was an FTT." This seems to happen about 5-10 minutes too late.
The same thing with the spike up out of the HVS. It is on high volume so I'm thinking long but then the next bar goes nowhere and volume is 1/4 of the "breakout", so now I'm thinking "reverse".
I seem about 5-10 minutes behind times, and I'm constantly being chopped back and forth.
Can you offer any suggestions for what else I should be looking at? Is it just the nature of this particular trading day (the 5min bars earlier were over 2pts wide, very choppy) and if so, are there some signs that beginners can use to determine whether it is safe to follow?
In your summary for beginners, you said something like trade in the direction of the FTT until:
1. You reach another FTT (then reverse), or
2. You reach and FBO (then exit [beginner]), or
3. You reach a BO (then hold).
Looking at today's chart, there are a boatload of FTTs. When I watch in real time, I'm spotting a lot of these only about 5 minutes after they occur, e.g.: the FTTs before and after the HVS at 10:25 and 10:45.
For the first, I see price dropping lower and volume increasing. The bar closes towards the bottom of the bar and the next bar moves down and then retreats higher. All of this seems consistent with a traversal. It isn't until it shows that volume is not dropping and price is not coming back down that I start to say "maybe that was an FTT." This seems to happen about 5-10 minutes too late.
The same thing with the spike up out of the HVS. It is on high volume so I'm thinking long but then the next bar goes nowhere and volume is 1/4 of the "breakout", so now I'm thinking "reverse".
I seem about 5-10 minutes behind times, and I'm constantly being chopped back and forth.
Can you offer any suggestions for what else I should be looking at? Is it just the nature of this particular trading day (the 5min bars earlier were over 2pts wide, very choppy) and if so, are there some signs that beginners can use to determine whether it is safe to follow?
After recent discussion about Jack's prv timing sheet on this journal (link to post )
http://www.elitetrader.com/vb/showthread.php?s=&postid=1294287#post1294287
I decided to generate this graph on the computer.
Here is a screen shot of the output generated for the ES volume today by a sample app I created.
Things to note:
1) Each color represents the columns on the horizontal axis in Jacks' document (Dark red for Noise, Dark green for Extreme volume). The color band is shown at the very top.
2) Each colored cell represents 30secs.
3) As each interval is updated, color change towards green shows accelerating volume and change towards red shows deceleration.
4) Red or green does not represent price, just the rate of change volume for the interval.
I had to do 2 caputres because the morning segment scrolled of the screen. The 10:05am and 10:50am intervals are off due to a bug.
If there is interest, I will try and get something that could be consumed by anyone.
http://www.elitetrader.com/vb/showthread.php?s=&postid=1294287#post1294287
I decided to generate this graph on the computer.
Here is a screen shot of the output generated for the ES volume today by a sample app I created.
Things to note:
1) Each color represents the columns on the horizontal axis in Jacks' document (Dark red for Noise, Dark green for Extreme volume). The color band is shown at the very top.
2) Each colored cell represents 30secs.
3) As each interval is updated, color change towards green shows accelerating volume and change towards red shows deceleration.
4) Red or green does not represent price, just the rate of change volume for the interval.
I had to do 2 caputres because the morning segment scrolled of the screen. The 10:05am and 10:50am intervals are off due to a bug.
If there is interest, I will try and get something that could be consumed by anyone.
Attachments
Spyder and anyone else,
I've been following the ES portion of this journal and doing comparisons between my 5-min ES charts and the ones you are posting. It is a great help to have a comparison.
With things being so slow, I did some work on the ER2. The lines are done in real time, the markings are done afterwards. If you could take a look and let me know if I'm getting it or not. Thanks!
Also, thanks to Mikeytrader for the stacked volume.
JD
I've been following the ES portion of this journal and doing comparisons between my 5-min ES charts and the ones you are posting. It is a great help to have a comparison.
With things being so slow, I did some work on the ER2. The lines are done in real time, the markings are done afterwards. If you could take a look and let me know if I'm getting it or not. Thanks!
Also, thanks to Mikeytrader for the stacked volume.
JD
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