Spydertrader's Jack Hershey Futures Trading Journal

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Quote from dkm:

If my understanding is correct, an FTT usually exhibits peaking volume i.e. the volume of the FTT bar is usually greater than that of the bars on either side of the FTT. Within the constraints of the present tool set (i.e. ES Chart: Price, Volume, Channels and the FTT) am I right to presume that we identify a potential FTT by monitoring the prv of the following 5 min ES bar and anticipating lower volume than on the FTT bar?
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You have described an excellent way to confirm an FTT as the subsequent bars form. However, as you find yourself in the current bar and notice volume begin to slow in terms of pace, and realize the bar cannot get to the last peak volume bar, one should consider at this point an FTT is forming. In other words, you are anticipating the FTT formation based on PRV, context of current bars when compared to previous peak bars and current gausian formation.

- Spydertrader
 
Here's my chart.

I've been lurking and studying so far and not participating because of time issues. Just wanted to say it's a great journal and I'll participate whenever I can.

Thanks spider.

regards,
Ivo
 

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I look forward to people's write ups at the end of the day. Today, thenewguy and C99 mentioned some confusion in the afternoon - I also have experienced that myself the past couple aft's. Could it be the amount of focus this method requires - much more than I am used to, and that is a good thing! Also, the price action has been similar these past two aft's, with the price oscillating about the rtl it seems.This gets me to question where my channel should be sometimes. But all in due time - I take solace in being a newbie - lol! Thanik goodness for Spyder's comparison charts!

Was also interesting today to see how the 20 sma supported price this aft - one could almost have used it as a channel line - heheh.

Have a question about the 'hitch' - was that term coined from Granpa Mccoy (Walter Brennan), as he had "a hitch in his get-a- long". Or maybe Chester on Gunsmoke - hahah. But it fits how price kinda limps for a bar before resuming its traverse.

Also agree w/ Bearbelly - this volume stuff is a real eye opener. The vistas of the horizon are widening ...
 

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Today I noticed several ftt's occuring in stall areas occuring within a multiple trend area of the charts. In case my words are not clear I attached the chart and circled the area. Within the circle the second ftt had convincing volume. The intersection of multiple intraday trends happens almost everyday and sometimes which trend will win is not alway apparent by the volume.

Also there were multiple ftt after 1230pm if the RED 123 trendline
from the morning was the corect trendline to use.

Given the goals for this month is my analysis accurate or am I not using all the data that the chart is providing.

BTW: on my chart pay attention to the color of my numbers but ignore the color of my trendline (they are all blue )

thank you!
 

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Quote from Spydertrader:

You have described an excellent way to confirm an FTT as the subsequent bars form. However, as you find yourself in the current bar and notice volume begin to slow in terms of pace, and realize the bar cannot get to the last peak volume bar, one should consider at this point an FTT is forming. In other words, you are anticipating the FTT formation based on PRV, context of current bars when compared to previous peak bars and current gausian formation.

- Spydertrader
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This has me quite confused. I thought it was just the opposite until I realized two possiblities exist.

For the sake of talk, we're in an uptrend, traversing right to left. We just completed a green bar on pretty good volume and price didn't make it to the left side. The next bar could be PRV decreasing from prior bar with price still trying to climb (green bar); which would "confirm" the FTT. Or PRV could be increasing over previous bar on price dropping (red bar forming) which would also "confirm" the FTT.

Do I have this right?
 
Dang - guess I get the booby prize for the day. I missed THE DOMINANT CHANNEL of the session. No wonder the afternoon was confusing. Will now go stand in the corner for an hour and say my 1-2-3's :(

36 D's would suffice ...
 
Quote from 8833broc:

Today I noticed several ftt's occuring in stall areas occuring within a multiple trend area of the charts. In case my words are not clear I attached the chart and circled the area. Within the circle the second ftt had convincing volume. The intersection of multiple intraday trends happens almost everyday and sometimes which trend will win is not alway apparent by the volume.
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I'm just learning like you, but I'd like to try my hand at an explanation here. Feel free take it apart if you don't agree.

I agree that the 2nd ftt in your circled area is conveniently marked by a volume spike and easy to spot. The 1st one circled in the circled area is weak, and notice it fails quickly. But the signs are there to call it an ftt. Black volume increasing on the bar following pt 3 of the new uptrend. Could be the beginning of a Gaussian shift. But the overall low volume of this area and marginal increase in V would have me very suspicious of any ftt marked there.

I like the ftt that reverses the uptrend marked just to the left of your circled area. It shows another PV pattern that can mark ftts. Declining Gaussian peaks where price pushes weakly higher. I think the proper terminology is B2B or ? I can't keep that R2B, B2B, and the other permutations straight in my mind.

So that is 3 consecutive ftts marked by different PV action!
 
There were several comments today about the PM being difficult to read/chart, and I agree, it was for me too. When that is the case I like to step up to a higher fractal and get a bird's eye view of what is happening. This 30min shows we were testing resistance of the left channel line and the top of our 4-day range this afternoon, a situation that generally makes for messy annotations on the 5min chart.
 

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