Spydertrader's Jack Hershey Futures Trading Journal

[ivob]

Quote from Spydertrader:

In case anyone has an interest, here is Today's STR-SQU Video in Windows Media Player format.

- Spydertrader

Hello, a question.

You mentioned on washed trades you take a max of 1-2 tick loss (occasionally 3). Does this also mean that that's the maximum heat you would take or are there moments when you're down more and price goes back to your 2-3 ticks and you get out?

For example on downtrend and you are short, if there is no FTT but price does break RTL. So there is just a normal non-dom traverse. You mentioned somewhere in the beginning of this thread the procedure is to reverse on point 3 up after this BO (I am not talking beginners here, beginners exit on RTL break of course). However, this may imply you could be down more than 2-3 ticks or am I wrong.

thanks,
Ivo

 

[ramora]

Quote from Spydertrader:
In case anyone has an interest,
- Spydertrader

Thanks for the movie and your sharing of information.

In looking at the move the bars are not the 'extreme' values of each bar as I sometimes see the bar spike up to +4 or -3 before closing at a much less extreme value.

What are the highs and lows of each bar if not the extreme?

Thanks again

 

[ivob]

Another example of this morning where the break of the second tape formed the up signal. First break was a fade, second a go. Of course same time you check other instruments (YM, PRV, str/sq).

BTW the pt3 was also (in my drawing) an FTT on the lateral.

regard,
Ivo

 

[Spydertrader]

Quote from Razor:

Does anyone whom posts their charts end
of day ever post their PL or their entry and exit points ? I enjoy looking at the charts and comparing to them what I have tried to draw in during the day but I would like to see how the pros actually make money on these charts / method.

As you no doubt read during the beginning of this Journal, I advise spending a great deal of time observing the market.

As others have advised, you need to focus on learning the methods at this point in time. Concerning yourself over the profitability of others, or focusing on entry and exit points, provides a recipe for your own failure. I've watched (through your posts) as you have repeatedly attempted to place the cart far in front of the horse. The systematic process laid out before you requires a great deal of individual effort to learn. The reason for such effort stems from the fact you are learning an entirely different way of looking at the market and trading. Again, I encourage you to take the time necessary to insure your own success, and review, practice (and review again if necessary) the key points discussed in the many pages contained within this Journal.

I am confident other traders will agree with the advice I have given you here.

- Spydertrader

 

[Spydertrader]

Quote from ivob:

Yesterday you mentioned "odd and even harmonics" which happen near or at a trendline. What do you mean by this?

Even Harmonics = Lateral (CCC, HVS, etc.) = Continuation
Odd Harmonics = Spikes (STR / SQU picks these up for you) = Change

- Spydertrader

 

[Spydertrader]

Quote from version77:

It looks so complicated that it boggles my poor mind...

It isn't complicated. The difficult part requires the individual to 'forget what they think they know' during the learning process. Once the trader understands channels and gaussians, the rest of the dominos begin to fall into place.

- Spydertrader

 

[dougcs]

Quote from Spydertrader:

04-05-2007 ES Chart

- Spydertrader

Thanks for posting it.

RE: noon FTT

I believe we both had an FTT at today's noon (eastern time, 11am Texas Time) bar.

I did not see any S/S signal in either my data or yours for this. Was there some indication from the S/S that I missed? I did see from the YM PV that this was a likely FTT but this was at the 1102 TT (12:02 ET) bar.

Any comments are welcome.

Thanks,
Doug

 

[Spydertrader]

Quote from ivob:

You mentioned on washed trades you take a max of 1-2 tick loss (occasionally 3). Does this also mean that that's the maximum heat you would take or are there moments when you're down more and price goes back to your 2-3 ticks and you get out?

No. I do not 'take heat' in the sense most people use the term. When I say I 'take a loss' I mean to say that price has moved a certain distance before I realise I misread the market. Sometimes, I exit with a small profit. Other times, I reverse with a break even (wash) trade. Occasionally, I reverse and take a loss because I wasn't paying close enough attention, or the market moved too fast, or I was just plain too stupid to react quicker. The resulting reversal then provided me the 'loss' for that particular trade.

Quote from ivob:

For example on downtrend and you are short, if there is no FTT but price does break RTL. So there is just a normal non-dom traverse. You mentioned somewhere in the beginning of this thread the procedure is to reverse on point 3 up after this BO (I am not talking beginners here, beginners exit on RTL break of course). However, this may imply you could be down more than 2-3 ticks or am I wrong.

I don't make error's based on P & L. When I make an error, I have failed to read the market correctly for whatever reason. In such a case, I immediately recognize my error and immediately take action to fix the incorrect action I previously made. The distance price has moved before I take corrective action results from a factor of time. The faster I recognize my error, the more likely I end up with a small profit or wash trade. The longer it takes for me to recognize my error, the greater the opportunity for me to experience a loss. Those that have seen me trade live often note how quickly I reverse position once I recognize me error. I do not play the game of thinking, hoping or believing "it will come back." I take immediate action.

I hope the above post provides the clarification you were looking for.

- Spydertrader

 

[Spydertrader]

Quote from dougcs:

Hope you did not deplete the Tequila inventory.

I left behind just enough Tequila for a return trip later in the year.

- Spydertrader

 

[Spydertrader]

Quote from ramora:

What are the highs and lows of each bar if not the extreme?

The bars represent where the STR / SQU fell at the close of the bar. The Qcharts Histogram does not display the 'extreme' values once time passes. For this reason, I have never posted a 'chart' of STR / SQU, but felt some might find some value in a video (where one could see the extremes recorded in real time).

- Spydertrader