Spydertrader's Jack Hershey Futures Trading Journal

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Perhaps Spydertrader's chart from Friday 20.02.07 can show where I am confussed..

THe green channel from about 11.45.

1. How and why was point 2 established.?
2. Why was a new point 1 and L to Right channel not started at the Green/Blue FTT..? and again at the second blue FTT?
3. Why/how chose point 3 at that bar..?

The Orange channel from about 14.30...

1. Why was point 1 selected there..?
2.How could point 2 be drawn there and thus establish the orange FTT and new green point 1 ..it is drawn parallel to the right (upper) orange line even though that upper line could not have been drawn until the point 3 arrived..?
3. Why/how chose tht bar as point 3, whynot any of the two blck bars either side of the first Orange FTT..?

This then was able to establish the last green channel and keep this on the right side of the move..however shallow it turned out to be..which I did not see nor the orange channel on my chart for that day..

Really trying to understand this .. thx

FilterTip
 

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Quote from Spydertrader:

It's driving on an expressway through Texas at night with nothing on the road for miles and miles (continuation) when suddenly a coyote runs onto the road (change).

...

If by my analogy above, I have added confusion, rather than, provide clarity, please let me know, and I will attempt to provide another example.

Good Journey to you all.

- Spydertrader
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Fantastic post! Great analogy.
 
I appreciate very much what Spy and Mak are trying to do here. I know and understand how annoying it must be when people constantly ask for documentation to see your daily figures and then bash when they dont get what they want.

What would be nice to see is if Mak and Spy could, when they post their screenshot of the day also add, "today my gross profits were $1400 or $550" or whatever. No need to see an account statements, I think everyone who follows this thread closely would believe either of these fellows. EOD P&L is merely a scorecard for how the day went. It would just be nice for those following the thread to see how its teachers are doing while we are all following in realtime.
 
1. How and why was point 2 established.?
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Your first pt.2 was at 11:40 or so, and then there was a volatility expansion at 12:10 or so, giving you a new pt. 2. I'm not sure how else to explain why this is a point two...? Maybe this will help, from I think one of Spyder's posts in this journal on January 2nd:

1. Select the period of consideration: the long term (months to years), the intermediate term
(weeks to months), or the short term (days to weeks).
2. For an uptrend within the period of consideration, draw a line from the lowest low, up to the
highest minor low point PRECEDING THE HIGHEST HIGH such that the line DOES NOT
PASS THROUGH PRICES IN BETWEEN THE TWO LOW POINTS. Extend the line upward
past the highest high point.
3. For a downtrend within the period of consideration, draw a line from the highest high point to
the lowest minor high point PRECEDING THE LOWEST LOW such that the line DOES NOT
PASS THROUGH PRICES IN BETWEEN THE TWO HIGH POINTS. Extend the line
downward past the lowest high point.
Suggestions for the first time: Print off some Yahoo or whatever charts for one of the big indexes
– perhaps a 5 Day, 3 Month and 1 or more years. I suggest you use a line chart for convenience.
In the Uptrend (2 above) you have your ruler BELOW the chart line – you are below the action.
In the Downtrend (3 above) you have your ruler ABOVE the chart line – you are above the
action. Simply reread the section above word for word and you will have it in no time.

2. Why was a new point 1 and L to Right channel not started at the Green/Blue FTT..? and again at the second blue FTT?
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Pay attention to volume levels. Channels are pretty much meaningless when volume is in dry up. If your gas tank is empty, pressing on the gas pedal isn't going to get you to your destination. Furthermore, it will do you some good to go back to the beginning and review the proper terminology. I have no idea what you mean by "L to Right channel." All channels go from left to right, unless you have a time machine.

3. Why/how chose point 3 at that bar..?
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What bar? Don't know what you are asking.

The Orange channel from about 14.30...

1. Why was point 1 selected there..?
2.How could point 2 be drawn there and thus establish the orange FTT and new green point 1 ..it is drawn parallel to the right (upper) orange line even though that upper line could not have been drawn until the point 3 arrived..?
3. Why/how chose tht bar as point 3, whynot any of the two blck bars either side of the first Orange FTT..?
More...

1. Because that is when the CCC ended and the market's new sentiment became clear.
2. I see why you are confused here. It looks to me like the orange FTT was drawn in hindsight, because you are right-- it would not have been orange if drawn in real time. Personally, the orange channel looks invalid/arbirtary to me, b/c I can't see the P/V basis for it. If I drew the chart, the orange channel's point 3 would be at the end of the retrace, when the black bar kisses the blue 20SMA line. And then the market changes sentiment on the next bar where that huge spike and FTT is, thus marking the beginning (point 1) of the green channel. If you look at my chart that I posted earlier you can see what I mean.

Hope this helped. You seem to be doing a good job of trying to wrap your mind around this paradigm, but I still think there may be some basic things that you missed that you could pick up by just going through the first month of the journal again. An alternative is to review my PDF, which I posted 10-20 pages back.

Regards,
Pr0crast
 
Quote from Cocaine:

Like I said, I'm not asking for "proof" but rather just a comment by Mak or Spy after a trading session. I think it might inspire some guys. Nothing wrong with providing inspiration Nkhoi, would you agree?
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If you are asking for them to post trading logs, the result of this is well documented. Rather than providing inspiration, it just provides more fuel for the fire, and all kinds of detractors will come out of the woodwork and claim that it was forged or whatever and that we are all kool-aid drinkers. If you don't want to spend the time to learn this stuff, you don't have to! Why not make your own proof by experiencing success yourself? :) You will do much better here if you are a self-motivator.

Cheers
 
PrOcrast, this is my post from a little earlier.

Quote from Cocaine:

I appreciate very much what Spy and Mak are trying to do here. I know and understand how annoying it must be when people constantly ask for documentation to see your daily figures and then bash when they dont get what they want.

What would be nice to see is if Mak and Spy could, when they post their screenshot of the day also add, "today my gross profits were $1400 or $550" or whatever. No need to see an account statements, I think everyone who follows this thread closely would believe either of these fellows. EOD P&L is merely a scorecard for how the day went. It would just be nice for those following the thread to see how its teachers are doing while we are all following in realtime.
More...
 
Quote from Cocaine:

It would just be nice for those following the thread to see how its teachers are doing while we are all following in realtime.
More...

They don't, rightly IMO, as it is has proved to be the most effective filter. Either you can see the potential of this approach or you can't - it has to come from within. If you're not inspired already then you are missing something fundamental. The type who needs proof from outside sources is unlikely to be the type to succeed.

If you are still sceptical, go into the chat room and ask Spyder what he is up to - he normally has time to explain what he is seeing in real time, as do many others.
 
Procrast

Thx for your feedback.

apologies for the terminology..

1. How and why was point 2 established.?
--------------------------------------------------------------------------------


Your first pt.2 was at 11:40 or so, and then there was a volatility expansion at 12:10 or so, giving you a new pt. 2. I'm not sure how else to explain why this is a point two...? Maybe this will help, from I think one of Spyder's posts in this journal on January 2nd:

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I think you are looking at the down red channel. I see the expansions there..I'm referring to the next green up channel..
and the green point 2 just after the 2nd CCC.

If you see my chart attached below I have an up green channel. It's starts at about 16:30 on my chart time frame..

the green is what I annotated real time..The two AQUA lines are alternatives to wait for point 3..

i just want to understand why spydertrader had his right line of his up channel (green on his chart) at the 2nd of my AQUA lines ( the one furthest to the right)..?

Hope I'm explaining myself here..

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2. Why was a new point 1 and L to Right channel not started at the Green/Blue FTT..? and again at the second blue FTT?
--------------------------------------------------------------------------------


Pay attention to volume levels. Channels are pretty much meaningless when volume is in dry up. If your gas tank is empty, pressing on the gas pedal isn't going to get you to your destination. Furthermore, it will do you some good to go back to the beginning and review the proper terminology. I have no idea what you mean by "L to Right channel." All channels go from left to right, unless you have a time machine.
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THx ,:) I understand re: Volume here but thought that a new channel was always started from an FTT. AS there were 2 on Spydertraders up green channel ( one at point 2 a blue FTT) and the (double) green and blue FTT after point 2.
My thought's were ahead of me and i meant a right to Left down channel ought to have started from either of those FTT's in the green channel.


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3. Why/how chose point 3 at that bar..?
--------------------------------------------------------------------------------


What bar? Don't know what you are asking.


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THe green point 3,(with the blue FBO) reiterating my question about why chose that bar to have the point 3 and not the other (first)AQUA line on my chart. or indeed the actual green channel that I annotated in real time.?

==========================================


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The Orange channel from about 14.30...

1. Why was point 1 selected there..?
2.How could point 2 be drawn there and thus establish the orange FTT and new green point 1 ..it is drawn parallel to the right (upper) orange line even though that upper line could not have been drawn until the point 3 arrived..?
3. Why/how chose that bar as point 3, why not any of the two black bars either side of the first Orange FTT..?
--------------------------------------------------------------------------------



1. Because that is when the CCC ended and the market's new sentiment became clear.
2. I see why you are confused here. It looks to me like the orange FTT was drawn in hindsight, because you are right-- it would not have been orange if drawn in real time. Personally, the orange channel looks invalid/arbitrary to me, b/c I can't see the P/V basis for it. If I drew the chart, the orange channel's point 3 would be at the end of the retrace, when the black bar kisses the blue 20SMA line. And then the market changes sentiment on the next bar where that huge spike and FTT is, thus marking the beginning (point 1) of the green channel. If you look at my chart that I posted earlier you can see what I mean.

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I see..regards the ending of CCC..and Spydertrader did mention that in his reply a few post ago..sorry for the repetition..

Your answer to no.2 above reflect my thoughts here..
btw..I wasn't suggesting at all that the orange channel was drawn in hindsight..just the way I explained it to understand..

When someone is exemplifying what I perceive as mastery, which is rare in life, I have tried to duplicate that level of mastery through study. If I was unable to offer anything more, then at the least I would have attained a new level of mastery myself. If I found that I intern was able to add anything, all well and good, but I would never know either way unless I first recognized and then studied to learn.


Many thx ProCrast..I will review things again and again..I just finished reading 4 entire threads when I posted before, so forgive the repetition when it occurs , there is much to learn, I know little.

You have helped.

I shall crawl away under my leaf down here on the forest floor now and get some sleep, only 4 hours till eurex opens..

FilterTip

"every day I wake up and realize I know nothing and then I smile "
 

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