Spydertrader's Jack Hershey Futures Trading Journal
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If you read the 4th page of this thread you will see that there is a syllabus listed. This thread is the class. We are all students together.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=83604&perpage=6&pagenumber=4
"In order to be taught you must listen; in order to learn you must practice."
Hi,
I'm quite new to this thread. So far I have read through the previous thread (that ended last year) and I am now somewhere in January in the current thread (this one). I have also read Jack's document v2.2. Great that so much is documented
At the moment I'm still trying to understand how the channels are drawn. The approach seems to be (almost) 100% mechanical and I want to master this first before I continue with the next subjects.
I have attached two examples that I have drawn and on which I would like to have comments from the experts. For simplicity I have not used a real chart. Think of the line as representing a basic tape channel.
I'm quite new to this thread. So far I have read through the previous thread (that ended last year) and I am now somewhere in January in the current thread (this one). I have also read Jack's document v2.2. Great that so much is documented
At the moment I'm still trying to understand how the channels are drawn. The approach seems to be (almost) 100% mechanical and I want to master this first before I continue with the next subjects.
I have attached two examples that I have drawn and on which I would like to have comments from the experts. For simplicity I have not used a real chart. Think of the line as representing a basic tape channel.
Hey Golden Ratio,
Take a look at the material regarding gaussians. You are trying to draw channels/FTT's irrespective of volume, when in fact they must match for the resolution you are observing. It may be a little clearer once you start looking at volume and price channels together. Good luck on the Journey!
you are suffering from trying to nail down channel in shortest amount of time, relax re-read the 2.2 document especial the how to draw channel part then watch this video many times until you get what he trying to say
and in question #1, at 4) left side of channel is not broken the channel is in fact expands to a wider channel, see how you already inject your own interpreting.
Hi WGTrader,
I know that to spot an FTT you have to look at both price and volume. When I put 'FTT' in my drawing, please assume that I have come to that conclusion also based on volume, not just on the price. I left out the volume part for now just for simplicity, because I first want to make sure that I understand the channel drawing correctly.
From what I understand so far the channel drawing in itself is pretty mechanical and I thought that -apart from FTT's that become a point1- you can spot point1,2,3 based on price alone since they are the extreme points where tapechannels overlap.
you are running into the retrace of a retrace.
edit: this topic was covered a few weeks ago. http://www.elitetrader.com/vb/showthread.php?s=&postid=1507021#post1507021
Mr Gauss will show you the way. ;-)
I will have a look at the video. Thanks.
I have gone through the 2.2 document and it is a great help, but even after reading an re-reading some things are still not completely clear. So I would appreciate your comments on my drawing.
and in question #1, at 4) left side of channel is not broken the channel is in fact expands to a wider channel, see how you already inject your own interpreting.
Is the drawing wrong or you just don't like that I use the word 'broken' in the text? As you can see, I only use the annotiation 'BO' or 'FBO' on the right side of the channel, not on the left side.
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