05-15-2007 ES Chart
- Spydertrader
- Spydertrader
Spydertrader's Jack Hershey Futures Trading Journal
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05-15-2007 YM Chart
- Spydertrader
- Spydertrader
Hi,
Today's chart...
I think "Premium" started to talk to me... he called me "Daddy" for the first time.... hopping for a full sentence next time
At 12:45 FTT (my 19:45) - Premium gets +5 and a few seconds later YM starts to reverse.... I took ES at 1506.00 (four ticks from the bar's lowest ), my best entry on a FTT until now.
Regards,
Today's chart...
I think "Premium" started to talk to me... he called me "Daddy" for the first time.... hopping for a full sentence next time
At 12:45 FTT (my 19:45) - Premium gets +5 and a few seconds later YM starts to reverse.... I took ES at 1506.00 (four ticks from the bar's lowest
), my best entry on a FTT until now.Regards,
Quote from PointOne:
No, no, no! The CO approach is to observe the tool for 2 minutes, use it for a day or less, decide it doesn't work, tweak it and report back your improvements, then get bored and start a flame war about Jack. Really Spyder have you learnt nothing from ET?
(Just feeling a little sympathetic towards mephisto over here!
Grins and chuckles! Thanks PointOne, but we all know Spyder intends the best for all of us, and I for one continually choose to shoot myself in my foot. I will intend to discuss this a bit more in my musings over yonder
Remember a good while back, when you mentioned to me the errors of my ways concerning sim trading/ scalping, not to mention all the times Spyder has cautioned the group about getting the cart before the horse. Yet I continually forge ahead, turning a deaf ear to those who have already cut the swath ahead of me.
No doubt it can be very frustrating for Spyder to watch those such as myself just stumble along, picking up bits and pieces (which, I might add have been very helpful in their own right) but failing to grab the whole enchilada. It really defies description of how much effort he has put forth to date. I, for one, do realize its time to make some changes - there, I said it, now I have to stand behind my words.
Thanks to all who have offered their insights and knowledge! I've never felt as positive about trading, even in spite of myself!
Best regards ...
Here is an example of a an FTT + stretch from yesterday followed by confirming PRV. It's a small avi file.
First we had the FTT. (I marked it on my ES chart as point 2 but this should be a point 1).
After that this FTT is confirmed by a strong stretch (two in a row, no contrary signals).
A little later we get +PRV as indicated in the movie, confirming the move up.
I think this is the "domino effect" that Spyder was talking about regarding what to expect after we experience "change"
FTT + Stretch example followed by PRV
regards,
Ivo
First we had the FTT. (I marked it on my ES chart as point 2 but this should be a point 1).
After that this FTT is confirmed by a strong stretch (two in a row, no contrary signals).
A little later we get +PRV as indicated in the movie, confirming the move up.
I think this is the "domino effect" that Spyder was talking about regarding what to expect after we experience "change"
FTT + Stretch example followed by PRV
regards,
Ivo
Hi Ivo,
yes, thank you for the movie.. it's very instructive.
I notice the increasing pace in PRV AFTER the stretch... this is what Spyder asked us to watch... pace changes in PRV and how this affects price.
This makes sense, when "smart money" enters the market PRV will increase pace...
Continue the great work
Regards,
Pedro
yes, thank you for the movie.. it's very instructive.
I notice the increasing pace in PRV AFTER the stretch... this is what Spyder asked us to watch... pace changes in PRV and how this affects price.
This makes sense, when "smart money" enters the market PRV will increase pace...
Continue the great work
Regards,
Pedro
Stretch/Squeeze is a "finer" tool than PRV. A way to get closer to the actual FTT tick. So indeed I think ideally we see +PRV after the stretch/squeeze signal. +PRV (meaning increasing volume in the direction of the new channel) is just more people following the smart money.
I was watching stretch / squeeze at that moment because I considered it an action moment. (price at RTL -> possible continuation after the change signal indicated by the FTT).
However, the forming of the FTT itself is of course also a moment to move to fine tools and to watch str/sq + PRV (on YM)
We watch str/sq just within the same bar and monitor closely for not getting contrary signals. After that we move to more coarse tools (PRV, YM, bar to bar volume, channels).
I have noticed situations where we get strong PRV, price moving up in our direction (so we make some money) and suddenly getting a squeeze value of -3 or so whereas the value that initiated the move was +4 or +5. Price then falls back just a few ticks. I must admit this has scared me out of trades I was in.
But although we should always monitor closely I do not think this is always reason to immediately reverse or exit because PRV is a more basic tool than stretch/squeeze. After the +PRV we get the (new) channel which is even more basic/coarse. We do not even monitor stretch/squeeze anymore at that moment and this is a good thing because it gives false signals all the time, especially during HVS when the YM futures are moving relatively fast in a small range and the cash is just circling around it.
So just like we should pay attention to the sequence of 1-2-3 setups we also have to pay very close attention to which tools to use and when.
Anyone please feel free to correct my remarks.
Just a comment: The +PRV is completely in the end of the video and drawn "within" the current volume bar using a PRV study that Bundlemaker gave me. Others use other tools to see this, depending on charting software and so on.
regards,
Ivo
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