Spydertrader's Jack Hershey Futures Trading Journal

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Quote from bi9foot:

That is quite the site :D. Hesitant to click on any of the links on that site.
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LOL. :D Here is the place to download from the above linked page:

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1373259>

Once again, nicely done bundlemaker.

- Spydertrader
 

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Quote from Spydertrader:

Jack talks about 'Beginner Rockets' being low risk / high reward trades. 'Rockets' come from the indicator settings used on the MACD and Stochastics Indicators.
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Keep in mind these indictors levels all occur after an FTT.

I know I keep repeating this but, the market provides signals of continuation and signals for change. There are no 'safe' or 'unsafe' entry. One is either on the right side of the market or not.
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A beginner rocket entry is a late entry into strong CONTINUATION - an established, fast paced trend. Once you are familiar with FTTs a rocket signal will feel uncomfortably late (but it is nice confirmation if you are already in).

Even when presented with this "low risk" set-up, many people will still not pull the trigger because it "looks late", "its going to stop as soon as I get in", "it'll reverse" etc. I've been there, watching HUGE moves on the Nikkei and DAX from the sidelines and thinking to myself "too late" as the LTL expands further.

I am much more comfortable getting in earlier. Counter-intuitively (how many times do we use that word?) early is safer (given the right context).

It is also worth considering that at any price there is ambiguity and opposing views on future price direction. This method provides disambiguation.
 
Quote from Bearbelly:

I hope I get to where you are one of these days.
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You are closer than you think. Everyone is.

All that is required is a human hair's width change in mindset. Alter your vantage point - so to speak. Begin to determine what one needs to 'see' in terms of continuation or it terms of change in the future based on the current context (market pace, channel location, sentiment and resolution level). Once everything comes together on the Coarse Level, you'll see its the same process - exactly the same - at the finer resolution levels.

Price and Volume. It's really all one really needs.

- Spydertrader
 
Quote from bundlemaker:

I have created a video tutorial describing the philosophy of the Hershey method and instructions on exactly how to draw channels.
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Nice work Bob.
 
Quote from bundlemaker:

I have created a video tutorial describing the philosophy of the Hershey method and instructions on exactly how to draw channels.

Spyder has reviewed the video, so it's safe to say at worst it won't get you off track :)

It can be viewed or downloaded at

http://www.uploading.com/en/files/G63ZSGPI/Channels_For_Beginners.wmv.html
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Thank you very much Bundlemaker. It helps a lot to see and hear everything explained again in such a clear way. There were few things I missed.

Ivo
 
Quote from Ezzy:

I had just finished notating this chart to help someone else, and then saw your post - serendipity. Notice how the FTT is shown clearly on both the red and purple channels. Though it does touch the RTL on the purple, it's not necessary. At some point during that bar it should have been recognized as an FTT before it got to the RTL.

Regards, - EZ
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Okay. Do you mean in general price does not have to touch RTL or just after a volatility expansion? I just want to get this straight.

regards,
Ivo
 
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