Spydertrader's Jack Hershey Futures Trading Journal

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My point was that,the top of 10:30 bar (ie the pt 2 in question) happened FIRST, before we ever had a pt 1. So if we had a pt 2 first, then how can it be a pt 2 is what I was getting at.

Quote from cnms2:

Points 1, 2, 3 happen in this sequence. This doesn't contradict the assertions that points 1 & 2 can be on the same bar, or that points 2 & 3 can be on the same bar, on the fractal you're monitoring. If you zoom in, you'll eventually see them on successive bars. :)
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Not sure why you're arguing this so much, without trying to see yourself what others tell you's there ... :confused:

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1635257>
Quote from The Swordsman:

My point was that,the top of 10:30 bar (ie the pt 2 in question) happened FIRST, before we ever had a pt 1. So if we had a pt 2 first, then how can it be a pt 2 is what I was getting at.
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Is this a 1m chart? I thought everyone was trading off the 5 min??

I'm only argueing because of the fact that no one else seems to see that, on the 5 min chart on the 10:30 bar, the "pt 2" happens first before the point 1 ever even formed. Thats all I'm saying and the reason for my confusion is I have always seen channel drawing stem from having a pt1 FIRST before any other points. Spyder explained the contradiction in what sets up vrs drawing a channel and this is entirely new to me as I was always under the assumption that there was an order in which the 3 points MUST come.

Quote from cnms2:

Not sure why you're arguing this so much, without trying to see yourself what others tell you's there ... :confused:

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1635257>
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i Picked up on the bounce off the support in the longer term channel today. We hit the bottom of the 5 minute channel that begins on 9/25/07. Are these the type plays the beginner should look for because they do offer the best R/R.
 

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Points 1, 2, 3 come always in this sequence. It's probable that this confusion came from the fact that around 10:30 there were new channels forming on several fractals, and because we use different data sources the price and the volume bars differ slightly. If for that first bar the top came before its bottom, it wouldn't be a point 2, and we'd look for it on the following bars.

My 5 minute chart:

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1635334>
Quote from The Swordsman:

Is this a 1m chart? I thought everyone was trading off the 5 min??

I'm only arguing because of the fact that no one else seems to see that, on the 5 min chart on the 10:30 bar, the "pt 2" happens first before the point 1 ever even formed. Thats all I'm saying and the reason for my confusion is I have always seen channel drawing stem from having a pt1 FIRST before any other points. Spyder explained the contradiction in what sets up vrs drawing a channel and this is entirely new to me as I was always under the assumption that there was an order in which the 3 points MUST come.
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My afternoon trade circled on the Attached chart is the type of trade that keeps me from becoming consitently profittable. My 1st 2 attempt at going long I washed exited and reentered when the previous bar hi was taken out. My 3rd Long Entry I jumped the gun and didn't wait till the RTL bounce or a hi of the next bar was taken out.

I stopped trading after trade 3. See next posting for morning trades.
 

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Quote from 8833broc:

My afternoon trade circled on the Attached chart is the type of trade that keeps me from becoming consitently profittable. My 1st 2 attempt at going long I washed exited and reentered when the previous bar hi was taken out. My 3rd Long Entry I jumped the gun and didn't wait till the RTL bounce or a hi of the next bar was taken out.

I stopped trading after trade 3. See next posting for morning trades.
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there was FOMC minute release at 2:00pm.

Beginner's rule = stay on the sideline before and immediately after the release.
 
fianlchart.png
 
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