Spydertrader's Jack Hershey Futures Trading Journal
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Quote from guavaman:
Also to echo Haroki's post, the huge intra bar swings are completely unnerving and misleading to me. Especially during later in the day. The multiple intra bar swings had me reversing the reversals of the reversals and then I reversed again
Hey G-man, I know exactly what you're saying. Refer to my chart from Friday.
A perfect example for me would be the 15:20 thru 15:30 series. 15:20 comes out of a lateral and heads down again on inc red vol after a bounce off the rtl -perfect for a reentry. Inc red vol on 15:25 and a ve , confirming that the channel is correct. 15:30 opens and shite, it bounces off that ltl for 3-4 pts or so, but even with dec black vol, I'm still nervous cuz I'm such a piker that watching $200 disappear is tough for me to do.
I can see what's gonna happen, I know that I should be in a trade - short - but can't do it due to the mental blocks/focusing on p&l. That's why I only take 2-3 trades for right now and only stay in them for a few minutes. That's also why I'm wishing for some lower volatility days, cuz I believe I could hold through the time frame discussed above and gain the experience needed to "just do it", if the reversal was for 3-4 ticks rather than pts.
My 2 shorts specifically were - around 9:50 when it went down through the thick blue co channel on inc red vol, and got out as it went through the thick black co channel line, mainly cuz I saw no 'support' lines in between to hold it up. The 2nd was 14:10ish when it went through the same thick black on inc red, again cuz I saw no 'support lines there to stop the plunge.
Like my favorite philosopher Clint Eastwood says - a man's got to know his limitations....
I've been thinking about this for a couple of days and guess we need to go over the rules as I am not clear on exactly what we are and are not supposed to post about here. Not all of us have, as a primary focus, learning sct in its totality. Some of us are interested in improving our trading by using channels, volume and whatever else we can glean out of these posts so, imho, entries and exits should not be excluded entirely because, if your are not "always in" exits and entries are pretty important. If we are not to discuss these things here please let me know.
Entry and Exit fall under the category of execution commands. The market doesn't provide execution commands. The market provides signals for continuation or change. The trader then translates the signal for change into an execution command (take timely action). One must differentiate between the two. In other words, once one can understand the differences between continuation and change, one does not then need to decide between SCT or not. At first, it will seem a gradient situation (some signals appear clearer than others), but over time, all moves into focus. One does not choose to make the Journey to SCT or not. SCT is not a destination, it is a result of the learning process. To believe one can decide to cut the Journey short places unneeded mental roadblocks in one's way. What Dkm appears to be saying is, MADA already has an execution component. Looking at the market for 'Entry' and 'Exit' Signals is like asking The Pope directions to the Best Brothel in Rome. You might receive an answer, but you have no guarantee it will be an answer you like.
Again, it isn't that nobody is allowed to discuss entry and exit. I do plan to cover execution later this year. However, as pointed out above, focusing on Entry and Exit (as signals) places your mental state about a human hair's width off from where it needs to be.
I hope the above makes sense. If not, please let me know, and I can attempt to add more clarity.
- Spydertrader
Agreed and I'll add my 0.0200 ...
The DB/FTT in the orange channel took price back to the RTL and BO'd.
Another channel could have been drawn in on the next R2B. Note this R2B peak was quite a bit smaller than the previous Gaussian (PV). And the annotated DB/WTF BO'd this "imaginary" channel.
Next, the purple channel is drawn in on an increasing R2B peak. And again, price returns back to the RTL.
From this point forward, I think I would have stuck with David's red channel. But note that most of the WTF's take price back to the RTL.
My mindset (and I may be wrong) is that after a "candidate" FTT or LTL hit, one anticipates a retrace back to the RTL until future price/volume action confirms continuation or change.
All this said, it was definitely a tough time to mine FTT's in this strong downtrend. Even from a Forest trader's point of view, it would have been tough for me given the number of times price BO'd and widened the operating channel(s). Although maybe the key in this case would be that increasing black really didn't come in (B2B) to signal change, right?
FWIW,
spooz
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