Spydertrader's Jack Hershey Futures Trading Journal

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Quote from Churn2Learn:

I'm very new to Channeling so I won't comment on that aspect BUT as a trader of Equities for 2 years. You NEVER close out a position because you want to go to lunch. IF ANYTHING, see where your out is and just leave a stop. You're risking yourself to potentially miss out on a big move by doing that.
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This methods discussed throughout this thread require a trader to monitor the market for signals of continuation or change. One cannot monitor if one needs to leave the computer to go and eat lunch. In such a circumstance, a trader should sideline when unable to monitor the market. Placing a stop order in the hope that the market will continue to move in one direction over another (while away from the computer screen) risks the current profit. I do not encourage the development of such habits here.

- Spydertrader
 
Quote from optioncoach:

1. On the Gaussians, I decided to label "strong" or "weak" based on whether the volume was strengthening or weakening as it would reinforce what was happening.
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Interesting way to view them OC.

Just so I'm sure I understand you correctly - you decide a gaussian is "strong" when the volume is increasing over the previous bar, and it's "weak" when the volume is decreasing from the previous bar? Do you have any other criteria you use?

-Au
 
I appreciate the concern but that attitude has ruined many a trader.

Trading has given me a life not overtaken my life. I used to work in an office all day long and could not do anything else but work (lawyer) even though I did my best to trade throughout the day. Now I trade full-time for a living from home and absolutely love the FREEDOM I have to walk away from the computer IF I CHOOSE and go to lunch or go to the gym or go play with my son (9 months old).

Don't assume.Most days my ass is in a chair glued to a computer trading, as some of you who see me in chat can attest or see my posting record. But I am not handcuffed to this computer either which is the beauty of this life that I dreamed about.

Trading is my ticket to having a life so I have no problem walking away from a profitable morning sessions to do some things I also enjoy (I just did not leave for lunch, I did some other things lol). There is always tomorrow and more opportunities to make money.

I could have also given everything back in the PM session so it is hard to say I absolutely risked myself. You cannot put a price on happiness and always wondering about what you are missing out on or could have made can really bring you down, trust me.

:)





Quote from Churn2Learn:

optioncoach-

I'm very new to Channeling so I won't comment on that aspect BUT as a trader of Equities for 2 years. You NEVER close out a position because you want to go to lunch. IF ANYTHING, see where your out is and just leave a stop. You're risking yourself to potentially miss out on a big move by doing that.
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Here is my ES for today. Until 12:30 today, I had no problems. But after 1:30 or so, I was over trading trying to figure out what was what (the afternoon was a wash). I did manage to finished the day with 7 pts. I was a little late getting into some positions because I submitted my order as a limit order rather than a market order (not what I wanted to do). Still working on the gaussians. Anyhow, the journey continues!

Thanks to all who post their charts (in addition to Spyder). I learn a lot from studying the charts of others.
 

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Yes that is the basics but it also depends on height of volume bars. Spyder mentioned early in this thread about putting rays across the volume bars to help forecast out the PRV. I was using that as well.

I have to admit that today was pretty easy to chart the volume but in general I am looking for an uptrend in volume and then a peak and then a downtrend. As you can see from my chart it is not always a perfect mountain like this: ^ but after looking at a lot of charts you start to see the patterns.

But basically I am looking at what the current channel is doing and if it is moving lower I want to see increasing volume going with it until a peak is formed (this is the strong side) and I notice a FTT and possible breakout of that downward channel.

Then if the retracement/BO starts I would look to see if a weak side develops. After a tree channel is formed you have at least 3 smaller channels inside to look for this pattern: /strong then weak\ and then /strong. (this is clearer on my chart).





Quote from Aurum:

Interesting way to view them OC.

Just so I'm sure I understand you correctly - you decide a gaussian is "strong" when the volume is increasing over the previous bar, and it's "weak" when the volume is decreasing from the previous bar? Do you have any other criteria you use?

-Au
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I was geting chopped up this morning up till 1100 then the Chart cleaned up. My chart was real time till 1 pm and the rest was completed after the market closed. During the choppy time I kept
reversing and never really sure what was going on.
 

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Quote from 8833broc:

I was getting chopped up this morning up till 1100 then the Chart cleaned up. My chart was real time till 1 pm and the rest was completed after the market closed. During the choppy time I kept
reversing and never really sure what was going on.
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8833,

Interesting you had problems in the morning but it was clearer in the afternoon. It was just the opposite for me. Your chart looks good, but I notice you don't annotate the volume gaussians. Do you have another way (of keeping this clear in your mind)?
 
WGTrader,

Over the past several weeks I was doing the volume drill where I had about 6 different 30 minute volume daily charts and with only the volume chart I tried to figure out what the price chart looked like and where the ftt's were. I was actually getting pretty good with this. Interestly enough my actiual trading account was doing mediocre. In real time I was focusing too much on the 5 minute volume charts and basing my trading decisions more on volume than the price and channels. This last point I discovered when reviewing my trades. Recently I decided to focus more on the price and channels and saw that my trading improved.

I am not sure what to conclude from this. Several possibilities are:

1) I was overloaded with trying to put price and volume into a meaningful
picture. With more trading experience I may be able to make more sense of this. I've been mislead a few times where I said FTT based on a rising chart and falling volume only to see the price continue to slowly move up.

2) Volume on the 5 minute factal and figuring the gaussians is an art.

Some of Mak's past comments were not to worry to much about the gaussians at the forest levels and also I review Spyder's excellent annotated charts daily and sometimes I have a difficult time seeing the gaussians as he does.

Hope this helps. THe bottom line is that I am continuously learning by my mistakes and by my success.
 
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