Spydertrader's Jack Hershey Futures Trading Journal

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MAK,

I to had some questions on this a couple of weeks back. I do not know if I have resolved them yet. I looked at this as seen in the attached chart. (I just finally got my futures account changed to a new one and got live ES data on QT. so please bear with me on the quality of my chart.)

On the 11:25 bar I saw it as an FTT since the bars went from the LTL two bars before that, tried to traverse to the RTL,failed and then had that down bar at 11:25 as marked with the arrow. I realized that we were probably in some CCC due to lunch and started my gray CCC channel then. This channel took me back to the RTL of the trend for the day.

The question becomes from this and other charts I have tried to annotate, do I officially have an FTT at this point after only a one bar attempt to go back to the RTL? Or, am I just dreaming up FTT's on the fly?

Again, thank you for your help and Spyder and Jack's help on this. This is some of the most outstanding work I have ever seen to help other individuals.





Quote from makosgu:

Thanks for your Q! I was hoping somebody would ask and today was a great day to highlight what I call "tightening the channel". We had a similar day a few days back where the morning just sank and we watched a prolonged short channel ensue. You will have to keep in mind that I am a strict PV person. VERY STRICT. You can check all the dominants I annotated on volume. So for me this is my containter. Since pts 1,2,3 are critical values of the channel, I explicitly correspond pts 1, 2, 3 with volume. You are correct, you can handle your channel by pushing out the LTL due to the volatility expansion of the channel. So for the moment, look at the 5M and ignore the grey channel lines. On the second short channel, which began around 11:30 on the RED DOMINANT VOLUME, I get pts 1, 2, and 3 within approx 25M from the break out of the blue lateral. It is business as usual until I get to 12:05 where I get volatility expansion of the original short channel, WHICH WE ANNOTATE AND EXPAND our LTL! By the 12:30 the channel has been in place for about an hour. On this 12:30, I saw a RED DOMINANT out of a NON DOMINANT. My PV orientation expects a TRAVERSE to ensue. For me, such a bar is a point at which I TIGHTEN my channel as PV has put in a new critical point (ie. a new pt3). Nonetheless, lets say you don't tightent, then your channel goes until about 12:50 where you would get an FTT off of the original RTL.
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Regards,
MAK
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Quote from Lightbody:

MAK,

I to had some questions on this a couple of weeks back. I do not know if I have resolved them yet. I looked at this as seen in the attached chart. (I just finally got my futures account changed to a new one and got live ES data on QT. so please bear with me on the quality of my chart.)

On the 11:25 bar I saw it as an FTT since the bars went from the LTL two bars before that, tried to traverse to the RTL,failed and then had that down bar at 11:25 as marked with the arrow. I realized that we were probably in some CCC due to lunch and started my gray CCC channel then. This channel took me back to the RTL of the trend for the day.

The question becomes from this and other charts I have tried to annotate, do I officially have an FTT at this point after only a one bar attempt to go back to the RTL? Or, am I just dreaming up FTT's on the fly?

Again, thank you for your help and Spyder and Jack's help on this. This is some of the most outstanding work I have ever seen to help other individuals.
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As you stated in your question, what you have circled would be an FTT of the traverse from left to right TL. FTTs are failures of right to left only.

As to whether or not that bar is failure enough (if it was right to left), I think it's a personal choice at this point in our development.
 
So I jumped ahead a few days and added my YM chart today. What a huge difference that makes. Made ID'ing everything ten times easier.

Here's ES...Red is carryove from yesterday.

<img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=1340672">
 

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And sorry for the wide pics- I'm on widescreen monitors. I'll make them smaller when I post inline in the future so people don't have to scroll right for all the other posts on the page. I hate that.
 
Quote from EstebanUno:

As you stated in your question, what you have circled would be an FTT of the traverse from left to right TL. FTTs are failures of right to left only.

As to whether or not that bar is failure enough (if it was right to left), I think it's a personal choice at this point in our development.
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Obviously I did not ask my question clear enough. The ES went to the LTL. It then had an up bar in an effort to go to the RTL and reversed. It now tries to go to the LTL again and fails. Therefore, I labled it an FTT.

The question still is, is it an FTT with respect to the red trend lines?

Thank you.
 

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In an effort to keep the thread on topic, please follow the syllabus and avoid jumping ahead until the appropriate time. We start the YM discussion February 1st.

Thank-you.

- Spydertrader (from Tucson)
 
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