Spydertrader's Jack Hershey Futures Trading Journal

[Spydertrader]

Quote from FilterTip:

A few points though that I disagree with here

You have an incomplete understanding of what does and does not constitute an FTT and a Point Three Channel. As a result, your analysis has you arriving at incorrect conclusions. To fix this situation, you need to review bundlemaker's video. If by the end of the video, you still require additional clarity, you'll need to do one of the following ...

1. Review Pr0crast's summary documents in their entirety.
2. Review the entire thread from page one.

After each attempt (first the video, then the summary docs, finally the entire thread) at review, read again my comments to you. If you still see things as you describe, you'll need to move onto the next step of review. You've missed a number key points along the way, or you have interpreted things incorrectly as you processed them through your own mental filters. The aforementioned reviews should provide you the clarity you need.

- Spydertrader

 

[Spydertrader]

Quote from bucherwin:

I would go short at #1, FTT, reverse at #2, FBO and exit at #3, FTT; then wait for the next bar after Hitch bar,which broke down the channel, for confirmation to go short.

At the Forest level Resolution, we do not take action until we either 'see' a Point Three formation ('entry') or 'see' Price cross the right side trend line ('exit') - what we call the RTL. I have market the RTL in the attached chart snippet. Taking action upon viewing an FTT occurs at the Tree Level Resolution (See previous resolution level descriptions)

Channels often 'overlap,' and in the example to which you refer, we have an opposite Point Three Channel (red lines with circled FTT's) develop within our Point Three uptrend (blue lines). At first glance, it would appear that we have a conflict in our guidelines since we haven't yet viewed an 'exit' in our uptrend, but already have an 'entry' for our downtrend.

Quote from bucherwin:

Was that FTT, on top of #3 that you talked about, can go short when the price break the RTL???

When such an event unfolds as described above, one has two choices. 1. Wait until Price breaks the blue channel to enter or 2. Reverse course at the second FTT (which is also a Point Three) if it occurs within the previous (blue) channel.

Quote from bucherwin:

When you/others mention about LTR, RTL,LTL,RTL,are they refer to the changes of trend lines/channels or the Price Bars???

We have two different contexts to understand with the use of these abbreviations - location and direction

Location:

LTL = Left Trend Line
RTL = Right Trend Line

Direction:

RTL = Right to Left (direction of Price between the Channel lines)
LTR = Left to Right (direction of Price between the Channel Lines)

In the attached chart snippet, I have marked the RTL (right trend line) with a Pink Arrow, and I have marked the direction price is moving LTR (Left To Right) with a Blue Arrow.

- Spydertrader

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1383038>

 

[Optionpro007]

Hi Guys,

Just wanted to let your know I have read this journal, and the 100 pages of J2, all the links and pdfs in it's entirety and have been able to catch up at least to the present theme.

WOW !!!

Jack, Spyder, Mak and all of you involved, thank you so very much for all of your time, effort and unconditional good intentions you have shown to so many people whom you have never met.

I think it is an honor and feel very lucky to be able to be part of this class as it develops live.

Hope my questions and participation help everyone in the process of assimilating the information being put forward. I think Spydertrader has done an incredible job of teaching us this very complex subject. A standing ovation from my part....

I had dreamt about being able to be in the market at all times when I started trading, but had considered it an impossibility....and now I am here looking at what I considered impossible unfold before my very own eyes...

How lucky "we" are indeed.....

Thanks!

 

[jack hershey]

optionpro7,

Thanks, for doing the work.

It will be so helpful to others when you pass it forward.

Spyder is making 2007 a great year for which we are all very thankful. Having him on point is a dream come true for so many others.

 

[FilterTip]

Quote from Spydertrader:

You have an incomplete understanding of what does and does not constitute an FTT and a Point Three Channel. As a result, your analysis has you arriving at incorrect conclusions. To fix this situation, you need to review bundlemaker's video. If by the end of the video, you still require additional clarity, you'll need to do one of the following ...

1. Review Pr0crast's summary documents in their entirety.
2. Review the entire thread from page one.

After each attempt (first the video, then the summary docs, finally the entire thread) at review, read again my comments to you. If you still see things as you describe, you'll need to move onto the next step of review. You've missed a number key points along the way, or you have interpreted things incorrectly as you processed them through your own mental filters. The aforementioned reviews should provide you the clarity you need.

- Spydertrader

spydertrader.

thx for all you effort on this.

I shall do as you say and start again.

As a final request on this I would be grateful if you could let me know if the pink up channel ( which replaced the "incorrect" light green channel) is correct or not. It would help me understand the errors I have made, as I don't see how the down blue channel is created as it has not broken the pink channel, which is why I am not seeing the blue 1.2.3 channel.

grateful for your assistance and appologies for taking up your time with what are becoming elimentary errors, even though channels for the rest of that day were drawn correctly in real time.
It's confusing when sometimes I get it and other times I don't.
FilterTip

 

[nkhoi]

Quote from optionpro007:

Hi Guys,

Just wanted to let your know I have read this journal, and the 100 pages of J2, all the links and pdfs in it's entirety and have been able to catch up at least to the present theme.

WOW !!!
.....
Thanks!

well come to daily AHA thread, let see, you had been on site since 05 and have just read J2 now, so it is either we didn't make enough noise or detractors didn't make enough noise or both my goal is every ET'er should be exposed to Jack at least one. At the least learning to think outside of CW is importance imho.

 

[Spydertrader]

Quote from FilterTip:

I shall do as you say and start again.

Start with the video. It may be all you need.

Quote from FilterTip:

as I don't see how the down blue channel is created as it has not broken the pink channel, which is why I am not seeing the blue 1.2.3 channel.

Price formed the Blue Down Channel before breaking your Pink Channel. Price isn't required to Break an uptrend before forming a downtrend. Channels overlap. See my post to bucherwin.

Quote from FilterTip:

grateful for your assistance and apologies for taking up your time with what are becoming elementary errors, even though channels for the rest of that day were drawn correctly in real time.

No need for an apology. As nkhoi pointed out to you, Missing certain channels prevents you from 'seeing' the big picture. Bundlemaker's video should provide you a method for catching all the channels. Also, review the FTT Posts:

Post One

Post Two

Post Three

before reviewing the video, to understand the definition of an FTT.

Look a little closer at the RTL on your pink channel. It looks like you drew your Point Three Trend Line about a tic off the actual Point Three. How far does that one tic make your trend line off when price breaks through it later on in the day?

- Spydertrader

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1383102>

 

[bi9foot]

Quote from FilterTip:



As a final request on this I would be grateful if you could let me know if the pink up channel ( which replaced the "incorrect" light green channel) is correct or not. It would help me understand the errors I have made, as I don't see how the down blue channel is created as it has not broken the pink channel, which is why I am not seeing the blue 1.2.3 channel.

Yes the pink channel you have drawn is valid. The RTL is not exactly on the pt 3 as you have drawn it though.

 

[ivob]

Quote from optionpro007:

Hi Guys,

Just wanted to let your know I have read this journal, and the 100 pages of J2, all the links and pdfs in it's entirety and have been able to catch up at least to the present theme.

WOW !!!

Jack, Spyder, Mak and all of you involved, thank you so very much for all of your time, effort and unconditional good intentions you have shown to so many people whom you have never met.

I think it is an honor and feel very lucky to be able to be part of this class as it develops live.

Hope my questions and participation help everyone in the process of assimilating the information being put forward. I think Spydertrader has done an incredible job of teaching us this very complex subject. A standing ovation from my part....

I had dreamt about being able to be in the market at all times when I started trading, but had considered it an impossibility....and now I am here looking at what I considered impossible unfold before my very own eyes...

How lucky "we" are indeed.....

Thanks!

On this milestone page 300 I want to say I agree completely with this. I feel privileged to be able to follow this invaluable journey.

I'm starting to see more and more things every day based on real data that I process into information and not based on fear, greed, hope and desire and such. Things are falling in place. I feel it is our duty to give this our utmost attention and to try our best we possibly can. It's a lesson for life and anyone who takes the time and puts the effort can follow it and learn it. Amazing.

It is not my dream to be always in the market but some modest successes would be nice to start with and then grow. The ultimate dream would be to be able to pass this information forward as Jack and Spydertrader are doing, in my own way and in my own country, making me grow even more. And after all that means I would know a hell of a lot about how markets operate, wouldn't it?

regards,
Ivo

 

[Optionpro007]

Quote from nkhoi:

well come to daily AHA thread, let see, you had been on site since 05 and have just read J2 now, so it is either we didn't make enough noise or detractors didn't make enough noise or both my goal is every ET'er should be exposed to Jack at least one. At the least learning to think outside of CW is importance imho.

Agree.

I got started trading options on stocks and then futures so....

Even though I saw the previous 2 journals headings during 2005 and 2006 and even ventured sometimes to look at what was happening, I didn't see how drawing all those lines could be applied to what I had been doing (long term trading).

To be frank, I thought all those lines were drawn by a machine or program because they looked so perfect. I mean, who would have the time to be there all day drawing lines I thought?

"They must be nuts" I am sure crossed my mind at the time =)

It wasn't until I read the word "futures" in the title of this thread that I started to study and follow the system.

To the untrained eye, the channels that we draw would make anybody think this is all voodoo...