Spydertrader's Jack Hershey Futures Trading Journal

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Well trying to stay off the forest floor..!

Spydertrader..

The pink A and B on my chart is where I am confused, compared to your equivalent channels. Especially the second (B) channel.

I'm unclear as to how you determined your point 2 on your first green channel and your point 3 on the orange channel later in the day..?

I seem to have more difficulty establishing the main channels,but am able to see the smaller (tapes?) . I presume you need the channel to draw the tape ! so it seems a bit odd to me..

It's establishing the main channel that will keep me on the beginners resolution ?

Many thx...
 
Quote from FilterTip:

The pink A and B on my chart is where I am confused, compared to your equivalent channels. Especially the second (B) channel.
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The market (based on Volume) has entered into a period of CCC. No need to worry about channels at this point in time as Volume is too low for any meaningful movement. You could have drawn a flat lateral at both areas and been fine.

Quote from FilterTip:

I'm unclear as to how you determined your point 2 on your first green channel and your point 3 on the orange channel later in the day..?
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The Olive Green (First Channel as you refer to it) carried over from the previous day. This Chart should clearly answer your question.

Quote from FilterTip:

I seem to have more difficulty establishing the main channels,but am able to see the smaller (tapes?) . I presume you need the channel to draw the tape ! so it seems a bit odd to me..
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It's easier to see the tree when standing next to it. Take a step back (push your chair away from the screen) and look for a larger trend. Once you establish it in your mind, you can then trade between the boundaries.

Quote from FilterTip:

It's establishing the main channel that will keep me on the beginners resolution ?
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Yes.

Enjoy the weekend.

- Spydertrader
 
Quote from FilterTip:
...
I seem to have more difficulty establishing the main channels,but am able to see the smaller (tapes?) .
...
More...
FilterTip,

You have to find a way for the main channels to "appear" to you as they form. I'm not sure I can describe how I do it (or how I see them).

That said, I know a few "tricks" that were mentioned to me (in other words, I can't take credit for them :)) that might help. Maybe others can chime in as well. I for one would be interested in hearing them... :)

0. As Spyder says, take a step back from your monitor. This is one way to "zoom out".

1. Although I personally draw the tapes, maybe experiment with not drawing them for a while to see if it's easier to spot the wider channels. If you do draw the tapes, you have to find a way to "zoom out" on a consistent basis. I'm working on this everyday.

2. Use 2 seperate charts. One that includes the tapes, and one that focuses on the wider channels.

Also, I'm not sure if this will be helpful or not but you might want to look at some longer-term fractals as well. Tapes in a 30 min, 60 min, daily, etc fractal will automatically be wider than a tape in the 5 min fractal. Right? C99 posted a 60 min chart yesterday. Try drawing some tapes & channels on the longer-term fractals and then zoom in to the 5 min to see what they look like. The only assumption here is that your charting software lets you switch back and forth between fractals with no loss of [channel] precision.

http://www.elitetrader.com/vb/attachment.php?postid=1347008

And of course, practice. I've drawn a ton of channels since I came across this stuff last Fall.

Anyway, I hope this helps.

spooz
 
Quote from spooz_trader1:

FilterTip,

You have to find a way for the main channels to "appear" to you as they form. I'm not sure I can describe how I do it (or how I see them).

That said, I know a few "tricks" that were mentioned to me (in other words, I can't take credit for them :)) that might help. Maybe others can chime in as well. I for one would be interested in hearing them... :)

0. As Spyder says, take a step back from your monitor. This is one way to "zoom out".

1. Although I personally draw the tapes, maybe experiment with not drawing them for a while to see if it's easier to spot the wider channels. If you do draw the tapes, you have to find a way to "zoom out" on a consistent basis. I'm working on this everyday.

2. Use 2 seperate charts. One that includes the tapes, and one that focuses on the wider channels.

Also, I'm not sure if this will be helpful or not but you might want to look at some longer-term fractals as well. Tapes in a 30 min, 60 min, daily, etc fractal will automatically be wider than a tape in the 5 min fractal. Right? C99 posted a 60 min chart yesterday. Try drawing some tapes & channels on the longer-term fractals and then zoom in to the 5 min to see what they look like. The only assumption here is that your charting software lets you switch back and forth between fractals with no loss of [channel] precision.

http://www.elitetrader.com/vb/attachment.php?postid=1347008

And of course, practice. I've drawn a ton of channels since I came across this stuff last Fall.

Anyway, I hope this helps.

spooz
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To add on to this, a great way to practice "seeing" the forest is to study MAK's charts. Pay special attention to when he is making a new channel and when he is not. When defining your major channels pay especially close attention to VOLUME and GAUSSIANS. Hope this helps.
 
Quote from nkhoi:

qchart question: how do you color the bar? when I click on barchart, all I get is mono color black.
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Right click on the bar after you make it and choose "preferences"
 
Spydertrader...thx for replies..

spooz...thx for your suggestions.
There are, it seems, elements of "artistry" and "vision" (channels)..and "precision" and "technicals".(tapes).

Put another way, anyone can drive a car if the boundaries of the road are not defined.
Define the coarse and rally driving through a forest becomes an art, only made possible though, with full knowledge of the technicals.

As you say, I'll look to "slow down" to the larger time frames as and when the road is less defined. thx.

Your suggestion to use 2 charts, one for ONLY channels the other for my forest floor rumidges..instinctively feels right, I'll try that Monday.
Perhaps too many tapes, with all the lines on the charts are obscuring and or suggesting too much at this point.

The attached chart shows the alternative point 2 and 3 (aqua lines) that i am confused about wrt point 2 (spydertraders green channel) and point 3 (spydertraders orange channel).

Are there "technicals" that I'm missing that determine which bar to use as points 2 and 3 ?

Well I think I've almost used up my entire years posting quota. :)

Thx again for the help and patience being offered.

PS the green and ed channels are my r/t annotations, the aqua lines are the channels "alternatives " that I,m unclear as to how to chose, rather than the choice i made at the time.
 

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