Spydertrader's Jack Hershey Futures Trading Journal

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Quote from bundlemaker:

Steve,

Your point 1 is actually an FTT of a channel which you do not have annotated. For this method to work it is critical that all pertinent channels be annotated on your chart. The red to red which confirms the new down trend happens right after the point 1.


The sequence is: FTT, decreasing red volume back to the right trend line, and increasing red volume as price break out downward beyond the right trend line. This is of course an idealize description, but with some effort it's pretty easy to see.

The ideal entry is the earliest possible ident of the FTT. Enter short when you think you have an FTT. What you will find is that by entering when you think you have an FTT, even if it wasn't (a flaw, a what wasn't that) you can more times than not salvage a small profit and then immediately get yourself back on the right side of the market as soon as you realize you erred.
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EXCELLENT!!!!!
 
Bundle,

Thanks for your very precise response, makes perfect sense to me!

Steve

Quote from bundlemaker:

Steve,

Your point 1 is actually an FTT of a channel which you do not have annotated. For this method to work it is critical that all pertinent channels be annotated on your chart. The red to red which confirms the new down trend happens right after the point 1.

The sequence is: FTT, decreasing red volume back to the right trend line, and increasing red volume as price break out downward beyond the right trend line. This is of course an idealize description, but with some effort it's pretty easy to see.

The ideal entry is the earliest possible ident of the FTT. Enter short when you think you have an FTT. What you will find is that by entering when you think you have an FTT, even if it wasn't (a flaw, a what wasn't that) you can more times than not salvage a small profit and then immediately get yourself back on the right side of the market as soon as you realize you erred.

Hope this helps.
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Quote from JDAndy:

Interested to see how the rest of you annotated the FOMC reaction.
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Almost the same... skipped most of the midday annotations due to anemic volume.

<img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=1345710">
 

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Quote from JDAndy:

Interested to see how the rest of you annotated the FOMC reaction.
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JDAndy,

Minus the tapes, mine was similar to yours. I did have one additional channel that I added to your chart.

Due to the FOMC surge(s), I had a tape followed by several volatility expansions. After a few bars, I extended and thickened the TL's and ended up with a channel that contained price the rest of the afternoon.

This channel is probably a little unusual (and maybe wrong?) but I did start with 2 bar ends. I know it's weird to have a wide channel form from within a narrow/steep channel. I can't recall that I've done this before. But notice the 3 FBO's at the end of the day. Price pierced the RTL but closed within the channel. I'll carry this channel over into tomorrow...

FWIW...

spooz

<IMG SRC=http://www.elitetrader.com/vb/attachment.php?s=&postid=1345731>
 

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Congrats on making it this far!

Before proceeding to the next item on our syllabus, if you feel you need to review what has happened so far I encourage you to check out my compilation. Be aware that it is not a shortcut, and as far as I know nothing major has been left out (it is 147 pages). Print it, bind it, reread it, and stick it in a three-ring binder on your bookshelf as a reference.

To quote Spyder,

Lastly, a beginning trader must understand the value of time and experience. If you have reached this point in the Journal and have not practiced locating the FTT's (using ES price and Volume only) for a minimum of 20 trading days, please do not continue reading past this point until you have completed the 'January' portion of the syllabus. Failure to take the time to build a proper foundation provides a recipe for certain failure. Allow yourself the time needed to absorb the material. The number one mistake beginning traders make (when learning a new system) is allowing their desire to reach 'Expert Level' Status to override their common sense. Take the appropriate time to prepare yourself at each level, and do not rush the process.
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Enter ET/ftt_now as the username/password.

Spydertrader's Jack Hershey Futures Trading Journal Vol. 1 PDF

I hope you find this useful, and if you have anything that could be added, or if something needs to be fixed, just shoot me a PM.

-Pr0crast
 
What a way to end the month... FOMC... :cool: Here's my chart. The blue box was atypical. Things don't ALWAYS go our way. Just the majority of the time... LOL!!!

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1345947>

Regards,
MAK
 

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