Spydertrader's Jack Hershey Futures Trading Journal
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Speaking from experience, I have used this method to make money and, when I got ahead of my understanding and experience level, lost money. Obviously, Spydertrader has put a lot of thought, effort and time into this approach. By moving at this pace, IMHO, he is trying to be certain step 1 is ingrained before moving on to step 2,3,4...
I can't tell all of you how anxious I am to jump back in. But capital is too precious and I've been done that road before. However, I want to be certain that I have these lessons burned on the hard drive in my head before getting back in. So I will be on the sidelines updating my charts, gaining experience and reading what the market is telling me for the time being. Cause when I put my money on the line again, I want to be certain that I am always on the right side of the market with my positions.
I can't tell all of you how anxious I am to jump back in. But capital is too precious and I've been done that road before. However, I want to be certain that I have these lessons burned on the hard drive in my head before getting back in. So I will be on the sidelines updating my charts, gaining experience and reading what the market is telling me for the time being. Cause when I put my money on the line again, I want to be certain that I am always on the right side of the market with my positions.
Attached Chart. Take Note of the FTT at the end of the day. Notice how Volume presented itself.
- Spydertrader
- Spydertrader
Spyder,
I have noticed that some of your FTT's are labeled as such without a full left to right traverse just prior to FTT. On your chart, the first FTT in brown color serves as an example.
Somewhere along the way I got in my head a traverse that turns into an FTT must have started from the right side trend line. I take it I must have dreamt this up somehow and is not the case.
Thanks in advance,
I have noticed that some of your FTT's are labeled as such without a full left to right traverse just prior to FTT. On your chart, the first FTT in brown color serves as an example.
Somewhere along the way I got in my head a traverse that turns into an FTT must have started from the right side trend line. I take it I must have dreamt this up somehow and is not the case.
Thanks in advance,
Spyder,
As usual, nice chart! Thanks.
I'm glad you are keeping things focused right now. I for one keep very busy drawing tapes, traverses, channels, gaussians, FTT's, BO's, FBO's, pennants, etc. This is a lot of work in real-time if your goal is to spot all of the "end effects". I keep telling myself that now is the time to get into the habit of fully annotating a chart because when you add more tools to the mix, there will be even less time bar-to-bar to annotate. I now consider chart annotating the most basic "sports memory" function I have to master.
spooz
bundlemaker,
Great question as I keep coming across these guys in real-time. I've noticed they sometimes occur mid-channel (like this am). It recently occurred to me that sometimes a faster paced channel could be drawn in that clearly shows the FTT. In this case, try point 1 at 10:00 and point 3 at 10:20. Add the LTL and the 10:25 bar is clearly an FTT. I believe Jack's channel doc has some examples of creating faster paced channels within channels. Hope I'm not inventing here...
Also, I had the 10:25 bar as an FTT on my chart from the 3 bar short tape (my 10:15 bar was both point 1 & 2).
Regardless, Vol was probably a good clue on that bar as well.
spooz
- Spydertrader - (who perhaps is already known as "The Todd" in the inner sanctums - might we some day see you on a reality TV series for 'apprentice' traders - lol)
My thoughts echo spooz's above - in my mind, correct annotation is paramount to the proper implementation of this methodology. If one's channels are bogus, then I assume so too will be their FTT's - heheh.
Today I have finally bit the bullet, and crossed over to the dark side. By this, I mean that I have switched to solely following the ES, putting aside over 3 years spent daily with the euro currency. I feel the benefit of being able to directly compare annotated charts cannot be bypassed. And as my goals are based on the quest of Confidence gained through specific market knowledge, I feel the additional tools waiting in the wings for us would be of little use in the euro mkt - at least at this stage of the game.
OK, backdrop in place - now to the nitty gritty:
Could you please explain your rationale for how you decided upon the 1-2-3 formation which I have circled on your chart? To be clear, it was used to construct your "brown" downward sloping channel.
On my chart, I selected the bar after "your #3 pt" as "my #1 point", since I figured the higher high was a logical place for the start of a new channel. And perhaps I didn't bring up the ES chart here until after this actual point in time today - can hindsight play tricks on a person? And am I just splitting hairs here anyway?
Finally, the above leads to a question on "housekeeping". Does this refer to going back and making adjustments to one's annotations, as future price action changes the "chartscape"?
To others - please dismiss my scriblings on Spyder's attached chart - I sure wouldn't want to spread my confusion
thanks, and regards ...
Thank you for your responses, Aurum - appreciated! And this link to the method of organization is very good! The only thing remaining (for me) is to buckle down
and do it!Best to ya ...
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