Spydertrader's Jack Hershey Futures Trading Journal

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Quote from R/R:

There have been several responses to your question but none mentioned the aqua(?) taped long channel shown on your chart near the end of the day Wednesday. Just after your green point 2 and HVS there is an attempt to traverse the taped channel which failed. Therefore I think there should be an FTT shown indicating the reverse to short at your brown point 1.

Perhaps this is the FTT you were searching for.
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Thanks.

I suspect that that was an recognized FTT at the time and indeed was recognized as such.
 
Attached is a chart zoomed in on this am. I think I'm getting the hang of it if this is done correctly. THe 10:25 bar, which is red in color, I have just sort of ignored colorwise because it's at the bottom of the Gaussian. Doing so reveals a G2G (or B2B) which was a plain precursor to the ensuing rally.
 

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Quote from dkm:

Spydertrader, how did you identify the low of the 15:00 bar on Friday as a new pt 1 (for green channel)?
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An FTT, often creates a "Point" on a "Point Three" Formation. The further the 'taped' channel progressed, the more we realize we are in a "Point One" uptrend. When we have a BO after an FTT, we only need to wait for the pullback to confirm the "Point Three" Formation. You start to think ahead and (in your mind's eye) 'see' where price needs to go to create an uptrend.

- Spydertrader
 
I had composed a rather lengthy post about today's journey, but came across this and thought it more useful to post...

"if a man ... be content to begin with doubts, he shall end in certainties" -Francis Bacon

I leave you with my chart for those who are comparing notes.
 

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Here's mine for today. The green channel was carried over from yesterday and the orange down channel is a longer term down channel starting on 1/3/07. Volume made a little more sense to me today, but it was still more in retrospect than in real-time.

BM- our charts are looking pretty similiar. I would think that's a good thing.

Spy- Bar 43 I have new 3? labelled. You can see I drew a new channel w/ that as the point 3 and left the original as well. Later in the day, the boundries of the original were more respected. Is this proper protocol? Leave both and let the market determine which is more relevant? I would also appreciate any insight into the two WTF's I have labelled. I felt lost during those periods.

Thanks.
 

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5min ES

On 3 occasions this afternoon I identified an FTT then had second thoughts about the validity of the decision. I reversed on 2 of them and on both occasions ended up with two small losses. Net result -1.25 for the day. The subjectivity of FTT identification prior to seeing B2B or R2R confirmation continues to be a problem.
 

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