Spydertrader's Jack Hershey Futures Trading Journal

[EstebanUno]

Quote from Lightbody:

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.

Sorry I misread your chart. It's not enough for me, but like I stated before, this part is pretty subjective, as far as I can tell. I would need more movement away from the LT, like a break of the high of the bar that extended it 3 bars before, before I would consider the new movement toward the LT to be a new surge that fails. The movement could also be more horizontal movement, but then I'd need a more definitive attempt to trend toward the LT (like a break of the LT touching bar). As it is it all looks like part of the FBO that I labelled RT.

Take with the usual caveat: I'm just learning too.

 

[svrz]

Quote from nkhoi:

just want to see if this one can match Mak chart

Kewl, another YM fan.

Here is my version of the YM07H.

We may differ a bit in how we see the channels.

This is a 5 min chart of YM. It is not related to the 2 min YM which will be discussed next month.

I have been watching YM for sometime now and for the time being, I feel more comfortable with this instrument than ES.

 

[svrz]

Quote from svrz:

Kewl, another YM fan.

Here is my version of the YM07H.

We may differ a bit in how we see the channels.

Here is the chart.

 

[WGTrader]

I hope I didn't open up a can of worms by posting my YM chart a few days ago! I'm gona sit tight and take the teachers lead.

 

[makosgu]

Quote from Lightbody:

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.

Check my chart for the same day. I had an original channel and a tightened channel which was explicitly due to the bar you pointed out because I had dominant volume (ie. a redefined pt3). In the tightened channel it is without question an FTT. In the original channel, it is a prolonged stall...

MAK

 

[Lightbody]

Quote from makosgu:

Check my chart for the same day. I had an original channel and a tightened channel which was explicitly due to the bar you pointed out because I had dominant volume (ie. a redefined pt3). In the tightened channel it is without question an FTT. In the original channel, it is a prolonged stall...

MAK

Thanks. Your chart and comment is what sparked the question as I studied it for a period of time this afternoon. I had originally identified it as an FTT but I did not draw the tightened channel. I see now that I could of done this on the basis of the volume. I appreciate the clarification. After I wrote the question, the stall possibility entered my mind. Your answer helps me to resolve this.

As you pointed out, if I would of missed this, and not identified the FTT here, I would soon afterwards on the chart. Now I must be more vigilant and get a little more strict when drawing my channels.

This brings up the opposite, that is the expansion of the channel's RTL by (say in an up trend) a new point three that is lower than the original point three. I will have to review what was written in the journal to see if I can determine when we do that.


Thanks and have a good week end.

 

[Lightbody]

Quote from EstebanUno:

Sorry I misread your chart. It's not enough for me, but like I stated before, this part is pretty subjective, as far as I can tell. I would need more movement away from the LT, like a break of the high of the bar that extended it 3 bars before, before I would consider the new movement toward the LT to be a new surge that fails. The movement could also be more horizontal movement, but then I'd need a more definitive attempt to trend toward the LT (like a break of the LT touching bar). As it is it all looks like part of the FBO that I labelled RT.

Take with the usual caveat: I'm just learning too.

Thanks. I guess I was kind of thinking along the same lines as you wrote here but as I got into identifying FTT's and reviewing charts posted by Spyder, MAK, and Jack Hershey, I noticed that sometimes an FTT was identified after only one bar in the non dominant traverse. (That is, the FTT was the second bar after the bounce off of the LTL). This got me to examining my actions on this. Maybe my thinking was a carry over from a past life.

Hopefully, this question with thoughts and MAK's response will be settled in my mind.

Have a good weekend.

 

[Tums]

Quote from WGTrader:

I hope I didn't open up a can of worms by posting my YM chart a few days ago! I'm gona sit tight and take the teachers lead.

we should also stay focus on the 5min ES for now.
Jack always emphasize the importance of learning the 5min well, and to resist the urge to jump to the 1min chart prematurely when you don't see what you are looking for. Instead, do the sweep again, and to do it properly and diligently.

 

[Tums]

Quote from Lightbody:

...Now I must be more vigilant and get a little more strict when drawing my channels.

without the precise channels, we are nothing.

 

[makosgu]

Quote from Ezzy:

MAK,

Care to comment on my questions in this post?

http://www.elitetrader.com/vb/showthread.php?s=&postid=1337858#post1337858

Unfortunately, the post was OT. At the simplest, what we are doing right now is knowing how to do each and every annotation given only what we have. You can see how I have maximized the annotations of a 5M chart, and then clustered 3 consecutive bars to put in perspective the INTERMEDIATE TERM TREND in order to furthur slow down what an FTT looks like on a 15M fractal. In other words, on my 5M chart, a single bar often identifies the FTT on my IMMEDIATE TERM CHANNEL. On the INTERMEDIATE TERM CHANNEL/TREND, a cluster of bars on my IMMEDIATE TERM CHANNEL/TREND constitute the FTT of my INTERMEDIATE TERM CHANNEL/TREND.

Your post was checking out the scene on the YM, T&S/DOM, TICK CHARTS, etc... IMO, it is worth waiting another entire month to really drill home the 5M ES annotations. Reason being is that, without mastering and SUCCEEDING at the initial stage, it will not be possible to succeed at the subsequent stages. This is the error of all prior threads. The EQUITIES journal started at square one and took as much time as was needed before moving on. There are still several more $UB$TANTIAL iterations that the equities journal can continue through. It is both Spyder and my strong belief that the addition of components only complicates what is that your trying to do particularly if the foundation is not down cold.

Spyder and I chat alot which I very much enjoy. More often then not, our charts are different, but we both know that we are both very competent at what we do. Day in and day out, since we have no one else to bounce ideas off of but ourselves, we debrief the tough areas and ask ourselves the questions and then sort out the answers before we bounce our thoughts around to each other. Reason being, is that we know what we know. Sometimes we see the same things differently and regardless of this fact, we know that what is important for us is that our experience and competency will still get us to the same point and actions, and more importantly, keep us on the right side of the action.

In time we will cover the entire landscape. For now, we just need to nail our annotations. They are all getting markedly better because we are beginning to see what is critical (ie. dominants, FTT, pace).

Regards,
MAK