Spydertrader's Jack Hershey Futures Trading Journal

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Quote from vjr:

Should we just be focusing on the inside market of the wall or should be be also looking at the depth of the wall in our analysis?
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You'll want to locate the wall first wherever it resides across the entire market Depth (Note the Price with the most contracts on both the Bid Side and the Ask Side). While you monitor, note the changes which take place as Price moves to the wall placing the wall at the inside market. Does the wall grow in size? Does it shrink? Does size Transition from one side of the Bid / ask pair to the other? Remember, it isn't the absolute numbers which tell the tale. It's the changes which take place which provide the clues we seek.

- Spydertrader
 
Thank you Spyder for the explanaation of the HVS.

I have a question about a particular channel from fridays ES chart. I know channels can be subjective but I would still like to understand the rationale for this one. The channel in question is the red channel that has point 1 being 11:55. What made you decide to draw this one in? I've been looking at it for a few days and cant seem to understand this one (all the others make perfect sense to me). I drew in all others in realtime but would not have thought to add this one.

Thanks for all the help!!
 
Quote from The Swordsman:

What made you decide to draw this one in?
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I drew in the Red Channel at 13:55 PM. Note the attached Chart Snippet. Both Points One and Three of the Red Channel occur because of the FTT's which form on the Blue and Olive Up Channels (Traverses). The fractal nature of channels tells us to always look for channels to create even larger channels - just as tapes create traverses, and traverses create channels. Anytime one 'sees' an FTT, one should determine if that FTT created a Point One or a Point Three of a larger channel, and not just a 'point of change' of the current traverse.

- Spydertrader

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1488908>
 

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Quote from Spydertrader:

snip...because of the FTT's which form on the Blue and Olive Up Channels (Traverses).
- Spydertrader
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1488908> [/B]
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I was just about to post a question about the 11:45 bar being an FTT as per your ES chart previously posted. IMO it couldn't have been because of the nature of the 11:50 bar (there needs to be a red retrace bar after valid FTT). Therefore I would consider the 11:45 and 11:50 bars as HVS before the FTT at 11:55.

I see you changed the FTT to 11:55 in this snipit.
 
Spy,

I had a hard time finding the gaussians to justify that channel. If a channel is not backed up by gaussians, what does it represent other than S/R from those individuals who also drew the mechanical channel?

Quote from Spydertrader:

I drew in the RedAnytime one 'sees' an FTT, one should determine if that FTT created a Point One or a Point Three of a larger channel, and not just a 'point of change' of the current traverse.

- Spydertrader

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1488908>
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Quote from Pr0crast:

Spy,

I had a hard time finding the gaussians to justify that channel. If a channel is not backed up by gaussians, what does it represent other than S/R from those individuals who also drew the mechanical channel?
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See Attached.

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1488974>
 

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Your pink RTL (my orange) was broken on increasing black volume. Thus your red channel (my dotted channel) is just a fanned out version of your pink channel using a recycled PT3, which I thought was only done when the RTL breaks on DECR volume.

My updated chart (dotted lines are your chan)

<img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=1489153">

Quote from Spydertrader:

See Attached.
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I was comparing bar by bar of price and volume on Friday June 1. I am using esignal for data and charting and recently added on quotetracker for charting fed by esignal data. I realized the price bars were different from esignal charts and quotetracker charts. Remember the data on both charts is esignal. i have attached a 10 am to about 11 am of both charts. look at pt.1 of down channel then compare bar by bar. Could this be a clock sync issue. Is this what we see sometimes when our data seems off? please pm me , as to not distract the journal . BIG THANKS to ALL, this is a great journal.
 

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