Spydertrader's Jack Hershey Equities Trading Journal III

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Quote from Haroki:

You must be busy - anotating all those 5 minute charts -whew !!!

FWIW, I have the daily, 30 min, and 5 min up all the time. I usually only mark up the daily, although I will do the 30 for demo/posting purposes. But not really in real life. maybe this is you too?
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On my equities trading screen, I always have a daily chart up and then a chart I switch to different fractals. If I'm interested in a stock, I'll usually monitor it on a short fractal (3 min first 30 to 45 minutes of the day, then 5 min after that). I scalped for 3 years so I'm comfortable on those fractals. I generally only back out to the 30 minute fractal, if the trading is kind of choppy and I want a clearer picture of where the volume is.

I don't fully annotate the 5 min I just did that for my posts to illustrate what I was seeing. If I'm starting to consider an exit, I'll usually throw in the short term channel or annotate a pennant.
 
Quote from Haroki:

Yeah, you've got two things working there for you. An FBO and an FTT of my red down. I was looking at it too but decided that the thick red was too close, only around 10% away.

Wait, are you strictly short term trading? In that case this looks ok, if all you're looking for is a couple of %.

Also, I would have made the dec red that you have a dec black instead. It may have given a better clue that the up move was about over and you might have gotten out nearer the top.
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I wasn't too concerned with (and didn't draw in) the down channel because I didn't feel it had been established yet. The gap up and retrace to me looks like a pretty clean B2R dominant up channel. Until I spotted an FTT, I was holding off on drawing in a down channel. I would be interested to know how Spyder looks at these situations and if and when he would draw in the down channel.

I am not strictly short term trading. I generally just monitor my entries closely in the morning and then try and let PRV with price action tell me when I need to take a closer look. I'm still working on finding the right balance (for me) between giving a stock room for larger moves and locking in profits. Right now, with the uncertainty of the market, I'm a little less likely to give a stock much room or time. If the stock is not maintaining it's PRV and behaving as I anticipated shortly after entry, I'm looking to exit.

I'm not sure what you're trying to point out with your last paragraph. Maybe you could attach a chart with the gaussian formation you are seeing.
 
Quote from Atari:

I wasn't too concerned with (and didn't draw in) the down channel because I didn't feel it had been established yet. The gap up and retrace to me looks like a pretty clean B2R dominant up channel. Until I spotted an FTT, I was holding off on drawing in a down channel. I would be interested to know how Spyder looks at these situations and if and when he would draw in the down channel.

I am not strictly short term trading. I generally just monitor my entries closely in the morning and then try and let PRV with price action tell me when I need to take a closer look. I'm still working on finding the right balance (for me) between giving a stock room for larger moves and locking in profits. Right now, with the uncertainty of the market, I'm a little less likely to give a stock much room or time. If the stock is not maintaining it's PRV and behaving as I anticipated shortly after entry, I'm looking to exit.

I'm not sure what you're trying to point out with your last paragraph. Maybe you could attach a chart with the gaussian formation you are seeing.
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Jeeze, I still don't see how you pick that all out on a 5 min.

On your posted 5 min graph, you had inc B, dec red, inc red (B2r2R). I would have labeled it B2b2R since it matches the price movement better.
 

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Quote from Haroki:

Jeeze, I still don't see how you pick that all out on a 5 min.

On your posted 5 min graph, you had inc B, dec red, inc red (B2r2R). I would have labeled it B2b2R since it matches the price movement better.
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I see what you're saying - probably more accurate than how I labeled mine. I think if I was to redo the gaussian I would probably just extend the black up line over one more to cover the small black bar and then do my R2R. I usually only draw the type of B2b or R2r gaussians you show when there is a lateral movement or some type of flaw. Either way, for me, the signal for change occured at the same point - the increasing red volume.

Considering it again now, I'm happy with the point I chose to exit. It had made a steep up move so I was willing to sit through a R2R BO of that steep RTL and give the stock a chance to create a new pt.3 for a shallower upchannel. However, a BO to the downside from that FBP was a further show of weakness that I would not anticipate in a stock that was going to maintain a dominant up move.
 
Quote from Haroki:

Ok, was away for a while.

Got NFI - 3.06 after break of sym pennant.

Daily volume still sucks though, may have to bail quick and take a 2% gain....
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Update -

Sold this on Friday @ 3.30

+8%
 
Bought BKI. It opened waaay outside the RTL, near the hi of the day, then filled the gap in the first 30 min bar. I bought when price BO'd again on inc black on a 30 min chart.

In at 13.55 .

Note that again, the last day's volume isn't showing, but it's higher.
 

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I'm working on doing a better job of noting points 1, 2, and 3.

I'm finding as I add these notations around prior trades, I can see that many trades that went bad were opened near point 2. In hindsight, I'm seeing that these were not good entries. So, I'm trying to improve my notations on current charts so I can avoid point 2 entries and for now put more focus on point 3 entries until I can improve to shift to point 1s.

My charting software can draw Andrews Pitchfork. I've played with this recently using Points 1, 2 and 3 as the points and it looks interesting. It draws a line from point one though the midpoint of a line between points 2 and 3. And also draws 2 lines parallel to the first, one starting at point 2 and the other at point 3. It looks like a breakout from the right pitchfork tine might be another signal to identify a shift in trend. I don't have enough knowledge or experience to make an intelligent conclusion on whether this is a useful tool. For now, I'm not using this as a decision tool but just to observe appears to be valid over time.

Has anyone else tried using Andrews Pitchfork with channels and pt 123? and if so, is it useful?
 
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