An Old Post from Jack which may help some to 'see' the FTT quicker. Note Jack's description of Volume in the post.
- Spydertrader
- Spydertrader
Spydertrader's Jack Hershey Futures Trading Journal
- Thread starter Spydertrader
- Start date
- Status
I am starting to dream FTTs.
Actually I wanted to post a annoted emini chart for comments and to see if I am with the program so far. The graph is from Dec 8/2006.
BTW -
1) The last week of December due to the very low volume is a very risky/tricky emini trading week.
2) The daily pivots are valuable emini Support and Resistance points.
Actually I wanted to post a annoted emini chart for comments and to see if I am with the program so far. The graph is from Dec 8/2006.
BTW -
1) The last week of December due to the very low volume is a very risky/tricky emini trading week.
2) The daily pivots are valuable emini Support and Resistance points.
Quote from Vienna:
It's unbelievable how fast these threads are growing.... I am still chewing through Journal One... by the time I will have digested and understood that, you will be on page 800 of journal Six... great work of course, and fascinating...
not so, if you understand J. One then it will take 1/2 of the time J. Two and the rest is just one form of permutation or other.
""Correct. FTT, FBO and BO correspond in color to the channel of the same color (formed by the numbers of the same color).""
Patience, patience the master said to himself.
Patience, patience the master said to himself.
Volume Estimator method that may be of use
In Journal 2 I posted some code for a colored stacked vol bar which helped in determining PRV in Tradestation. For those that do not have Tradestation here is another way to determine volume PRV. (The assumption being that you want to look at where volume is at the first 30 second interval of every 5 minute bar)
Use a timer program e.g.
âTimeleftâ
http://www.nestersoft.com/timeleft/
download the free version
Start timer at 9:30 :29 for every 5 minutes
You set 1 second before the 30 second mark to give your neck time to turn.
Set the timer to sound at that interval and as soon as you hear the beep immediately look at volume. Do not look at price, do not pass go, do not collect $200. Immediately look at volume. At the 30 second beep, volume should be at or exceeding X (X being defined as a level deemed to be sufficient for you to feel comfortable that the volume bar will be significant by the time it closes). The bar may lose its volume speed later in the bar, but you need to make your decision based on what you see early in the bar. Once you see where volume is then look back to price.
This is a beginner PRV estimator. More sophisticated and finely tuned tools exist but for the current stage of the syllabus the key is to not get distracted by over analysis. This method truly trains your brain to look at volume at the correct moment.
Who knows, this program in theory could be adapted to tell you how long you have left to live!
This looks pretty good. My only recommendation would be to color your price and volume bars accordingly (red up / black down) so you can more easily differentiate the Gaussian Formations. Even after a few "beers" (according to your chart) the thick green lines looked pretty good as well.
- Spydertrader
I have several questions pertaining to the above. For starters, when viewing a 5 min ES chart, how far out into the higher fractals do you want to go to be able to view their dominant trend channels (i.e., 15, 30, 60, 240 min, daily, weekly, etc)?
I believe I have already read this somewhere previously, but failed to make note of it. As an aside, this leads me to suggest to anyone just starting to learn this methodology - create a WordPad file, and copy/paste all which strikes you as important as you begin to immerse yourself with all the linked materials presented here. I am not a highly organized person, but it just recently dawned on me to begin doing this.
Secondly, if a person's charting pkg does not facilitate this practice, can one get by with simply paging to the higher fractals' own chart page to keep an eye on where price is in relation to these dominant channels?
Does anyone know of a charting pkg that will offer this capability and is compatible w/ IB data feed?
I would also like to express my thanks again to Mr. Hershey, Spydertrader and all the contributors within these journals - I personally have high expectations for myself in 2007, and I don't imagine I'm alone in this regard. There is another forum out there titled "Traders helping traders" - these journals here are the pinnacle of that ideology. Kudos, gentlemen ...
Below is my ES chart thus far in the day. I have been unsure about how to proceed after a perceived CCC area. Are my pt's 1,2 and 3 correct at this point? Are there any "rules" for starting or adjusting a channel after a CCC?
- Status