Spydertrader's Jack Hershey Futures Trading Journal

Status
Not open for further replies.
nice Spy... your scale is 5 pts on a friday in the middle of summer :D

the 10:00 - 10:30 area was a bit tricky for me. I think I was looking at a lateral with a 3 bar dip at the end. What are you thinking during this period? After your pt 2 in the small green channel, did you keep fanning your RTL for an eventual pt 3? Bar after bar in that sequence kept having the same low, which kind of threw me a little bit. Hard to ensure gaussians are syncing with that channel as well with all the mixed bars. I was anticipating movement to the downside after all that crap was finished though, so not really on the wrong side at all.
 
Quote from Jander:

What are you thinking during this period?
More...

A Very Nice Summer!

I viewed this whole area as one big lateral, and I didn't even think to draw in a Point Three Channel until much later in the Traverse. In other words, I expected to hold right through until Price resumed its downward heading viewing the whole area as one big Left to right Traverse, rather than a normal 'retrace' of a down channel. Once I noted the need for a Point Three Up Channel, I decided to wait on the break of the RTL, but fun, fun, fun, The market decided to 'walk' out of the down channel (red) on decreasing volume, so I wait some more. By time everything sorted itself out, I was watching price sit on the RTL of the Green Up channel, and it was soon back to the previous (but now 'fanned') down channel (Orange).

Again, the whole business looked Right to Left and I had to force myself to draw in the uptrend.

We had a much nicer channel later on in the day after the Square Wave Harmonic around noon.

- Spydertrader
 
Quote from ericta:

Hello,

This is my first real time attempt on channel annotation. I'm reading March posts. please advice.

and I Hope everyone had a nice run today. :)
More...
Good going!

Here's my notes:

1. FTT only from LTL
2. Best to label your Pt1, 2, 3. So that you can see exactly where you anchor your channels.
 
Quote from Spydertrader:

07-20-2007 ES Chart

- Spydertrader
More...

Hi Spyder,

did you just change you charting style focus on 3pt channel and ignoring the tapes? your March annotation is more detailed. Did I missing anything?
 
Quote from Tums:

Good going!

Here's my notes:

1. FTT only from LTL
2. Best to label your Pt1, 2, 3. So that you can see exactly where you anchor your channels.
More...

Thank you Tums,

When you say FTT from LTL, did you mean the FTT mark on the big red downward channel? Thank you for pointing it out for me.
 
Quote from ericta:

did you just change you charting style focus on 3pt channel and ignoring the tapes? your March annotation is more detailed. Did I missing anything?
More...

I'm currently posting from a laptop computer, and plan to continue to do so until mid August. My charts from my desktop (back at home) come from twin 24 inch monitors. I have to cut back somewhere. :D

- Spydertrader
 
Quote from Spydertrader:

1. Because its part of a flaw (Dip) - 10:25 AM thru 10:35 AM. The Bar may look exactly like an FTT when it starts out, but If you note "what must come next?" after an FTT, do you see what must come next after this particular bar?

2. I attempted to show the 'steepest' possible channel here. I also used another 'flaw' to form the Point Three. On accelerated channels (Steeper point three channels), flaws often create the Point Three of our channel. We have such an example here.

3. The market moved out of the 'opening' period of the day and now the market finds itself approaching the 'lunchtime' period where volume often trends lower than any other time of the day. One should expect a reduction on overall Volume when comparing the 'open' to the 'lunch' period of the day. In other words, we have changes in pace throughout the day. Certainly everyone has noticed CCC occurs more frequently around midday, rather than, in the first hour of the day. This pace change is no different.

4. Two different fractals. The 12:25 bar is an FTT as long as Price sits in the Blue Channel only. Once Price leaves the Blue Channel, the Blue Channel 'disappears' as if it never existed. On the remaining fractals, we have a Dip (since the Blue Channel never existed).

5. My charts show increasing Red during that time frame, but no matter. What specifically caused you difficulty during that time frame?

6. Again, What specifically caused you difficulty during that time frame? Did you not note the sequences of events ("Do I have a flaw or VE yet?) which unfold in most traverses? Did you fall too far down the rabbit hole and attempt to monitor using incorrect tools at an incorrect resolution level? Did you paper / sym trade when you should have been monitoring? DId you trade real money when you should have been symming?

7. Please note the Volume levels during the time frame referenced. When volume levels drop, Noise plays a much greater role, than it can at higher (greater than 10,000 cars per bar) Volume levels. Please also note the FOMC Minutes release time (Did you have another expectation of Price action leading up to the release other than flat?) Please also note the season - summer. In other words, the time of year, the approaching News item, the time of day all contributed to the low levels of volume normally experienced all summer long. Low Volume levels make for great (and difficult) training exercises for a beginner, but, as I have said before, I don't recommend a beginner trade at those low volume levels.

8. Please review 'Bracket Entry' as discussed previously in this Journal.

9. Flaws often 'look like' FTT's in real time - especially when they have high levels of Volume in relation to the previous bar. However, when "What must come next", doesn't, one then takes appropriate and timely action - immediately. This is how "first by accident, then by design" moves the beginning trader down the path to trading SCT.

10. Even Harmonics

11. See Answer Nine Above.

- Spydertrader
More...



Spyder,

Thanks as usual for taking the time to review and answer questions. The following are my responses / thinking during each issue raised.

1. I keep thinking flaws are a single bar phenomenon. The fact that the 10:30 bar had dec. black lead me to think we were in a retrace to the RTL. That was incorrect.
2. Understod.
3. Similar to the problems to #1 where I tend to think in absolute terms.
4. Agreed there are two different fractals, but is it correct to act on the 12:25 FTT and then the 12:30 FTT to reverse again?
5. Again I see where my thinking is too rigid. I see where we have overall inc. red in this period, however when I see the 10:15 bar unfold w/ more black vol. than the 10:05 bar and the 10:25 bar with more black volume than the 10:15 bar; this causes me to think a change is coming especially when I see the 10:10 bar w/ less red volume than the 10:00 bar.
6. What made the 11:20 down channel difficult for me was the not so low black vol. bar and the large black price bar at 11:30. Again I think to rigidly here, but I anticipate dec. red turning into inc. red right at the 11:30 bar. A black bar developed instead. Additionally, the 11:50 bar had inc. black at the orange RTL which again faked me out. Then finally the 12:00 bar had a large vol. bar that did eventually close near its open, but the next bar basically shot up after its open leaving one to scramble to exit.
I did try to sim trade on Monday and Tuesday; that went horribly wrong to the point I was thinking this method wouldn't actually work for me. So I backed off and went back to simply monitoring the rest of the week.
7. I didn't give any of these facts a second of consideration. No bueno.
8. I am familiar with the bracket method, but I just thot to reserve it for FOMC days, plus I am sure I wud screw it up :)
9. I agree. One wud have to be light on his feet to correct an incorrect FTT call there.

Thanks again Spyder for all your efforts.
 
Status
Not open for further replies.
Back
Top