Spydertrader's Jack Hershey Futures Trading Journal

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Hey Guys,

I appreciate that some would like to hear about bundlemaker's psychological journey and attendant problems along the way. But let's not forget that this is Spydertrader's thread to which he has committed considerable time and effort. I have received close to a dozen complaints and, as a result, have removed all recent bundlemaker posts and requested that he take his discourse to either his existing thread started earlier this month:
Spydertrader's Futures thread

...or that he start another thread. In the above link he made this statement in the first post:
"I'm posting here so as not to pollute the [Spydertrader] thread any further."

At Spydertrader's, and many other regulars' requests, it would be best if bundlemaker's journey takes place on another thread. Copies of his deleted posts have been sent to him (in case he didn't have a spare, as he obviously put a fair amount of thought into posting). And everyone, of course, is welcome to follow it at the other location. Thanks.

Magna
 
Quote from Spydertrader:

11-30-2007 ES Chart

- Spydertrader
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Spyder,

Going over todays chart I am trying to articulate the reason for each annotation on your chart.

A few things I am having difficulty with....

1- Why is the 1:40pm bar marked as an FTT as opposed to just viewing it as part of a normal non dominant traverse??

(my thinking is this bar opened at its previous close...then attempted a few tick move towards the LTL only to head back below its open and below the previous bar low...although volume was lower than the previous bar)

2- You have the 2:15pm and the 2:35 bars both marked as FBO's of the red channel.

The 2:15 touches the RTL (doesn't go above) and closes within the channel on increased PRV.

How would one tell if THIS bar is the FBO in real time??

The 2:35 bar opens within and then goes higher than the RTL and also closes well above the RTL (i do see it trying to leave the channel on Lower volume).

I viewed these 2 bars as the first still within the channel and the second breaking the RTL and closing outside of the channel but both are marked the same-FBO.

Can you elaborate please??
 
I actually have the 1:35 bar as an FTT (also pt 3) of a faster paced channel with 1:15 bar as pt 1.

I didnt understand Spyders chart either for the 1:40 bar being an FTT, I wouldnt have had a clue how to identify that in realtime as an FTT, fortunately we had a faster paced channel put in prior which enabled an easily spottable FTT.
 
Quote from TraderD72:

Thanks bi9foot,

So would that apply ONLY after a VE and not within a channel that has no VE?
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No requirement for it to be after a VE.

As long as a bar tries to go in the dominant direction and heads back in the other direction it is a potential FTT (as long as you continue to see what you expect after a FTT).
 
Quote from TraderD72:

How would one tell if THIS bar is the FBO in real time??
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2:15 bar - Never Leaves the channel. If Price never leaves the channel, you can't have a BO. Price bounces off the RTL in real time. If Price forms a DOM Wall on a trend line, then a trader should be able to reverse at such a signal quite frequently.

2:35 bar - Price exited the channel on decreasing Volume. Anytime this happens, we anticipate the trend remaining intact, but the channel needs altering. Hence, we fan outward. The market will let us know if we anticipated correctly.

See Attached for Question One.

- Spydertrader

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1698383>
 

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Quote from Spydertrader:

2:15 bar - Never Leaves the channel. If Price never leaves the channel, you can't have a BO. Price bounces off the RTL in real time. If Price forms a DOM Wall on a trend line, then a trader should be able to reverse at such a signal quite frequently.

2:35 bar - Price exited the channel on decreasing Volume. Anytime this happens, we anticipate the trend remaining intact, but the channel needs altering. Hence, we fan outward. The market will let us know if we anticipated correctly.

See Attached for Question One.

- Spydertrader

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1698383>
More...

2:15 bar-

I guess I just viewed the 2:15pm bar as still moving towards (and possibly through on the next bar) the RTL based on the increasing volume.
Viewing the next bar travel outside the channel and then close back inside the channel I understand better as an FBO.

Not using DOM yet so hopefully that will help in due time.

2:35 bar-

So if one enters a position on a Point 3 with the intention to hold until the RTL is broken the 2:35pm bar would suggest "hold" as it is on decreased volume?

Would that be the correct decision for a forrest/tree level trade?
 
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