Spydertrader's Jack Hershey Futures Trading Journal

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Quote from Avi 8:

Ivo,

On my chart I show it as a FTT also, missed the LTL by one tick it looks to me.

-Mike
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right....

now also on my chart after refreshing IB data :-(

amazing.

Ivo
 
Quote from David I:

Beginner question: Should I consider redrawing the marked downtrend line after what looks to me to be a FBO and use that FBO point as a new/adjusted point three?

- David I
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Yes, you can 'redraw' the channel using the FBO as a new pt 3.

As a side note...it appears from your chart you are only looking at price and not volume.

Volume is key. Volume leads price, as price lags. Add to your chart the volume level rays for Very Dry Up, Dry Up, etc. See the beginning of this journal for the levels for the ES and YM charts. Then start drawing the volume gaussians - this will help with drawing the channels. When you get to the point of adding the YM, remember that YM annotations always precede ES annotations.

-Mike
 
Quote from bi9foot:

I would just make a comment about seeing +PRV after an FTT. After an FTT, we start the non-dominant traverse which should be on decreasing volume, so we should expecting volume about the same as the last bar of the dominant traverse or less, not significantly higher volume.

The increasing volume after a FTT comes
1) after a BO of the RTL with the begining of the new dominant channel.
2) we have a FBO and the prev. dominant channel resumes.


So I am not sure what you mean by seeing +PRV.

If we are that the RTL, then I am expecting +PRV after the str/sq.
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Hi bi9foot,

I agree and the video confirms all of this. The increasing black volume started after RTL was broken. The stretch started right before RTL (on YM) and after the break.

+PRV is increasing volume and increasing price in direction of the new trend.

regards,
Ivo
 
I plan to spend the rest of the week traveling, and may not have an opportunity to post my charts each day.

- Spydertrader

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1469936>
 

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Quote from Spydertrader:

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Many people have asked if the 10:10 bar was an FTT.

On my chart it looks like it touched if I use thick lines, not if I use thin. On others it looks like it missed by a tick. Who is right?

Looking at the strict geometry:

p1: 9.75
p2: 13.25
p3: 10.25
gradient: 0.5/6
channel width: 13.25 - (9.75+1x0.5/6) = 3.416r

10:10 bar therefore has to reach or exceed 13.83r for a full traverse. It only reaches 13.75 and so fails to traverse. (BTW, even if it was not identified as an FTT in real time, the behaviour of the bar at or near the LTL should have led to the same conclusion.)

I monitor tapes for ftts based on this strict geometry. Looking back further than 3 bars presents cumbersome coding problems. However, you can see with this example that you only need to keep track of a few data items to know everything you need about the channel. Has anyone made progress identifying FTTs automatically?

All you need is some way of keeping track of the gradient, the last point 3 and the width. It can't be beyond the wit of the Medveds. :D

PS. Thanks to Pr0crast for the QT PRV upgrade - I've got it running side by side with Mak's excel and it seems to work as advertised.
 
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