Spydertrader's Jack Hershey Futures Trading Journal
- Thread starter Spydertrader
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Quote from nkhoi:
I will take easy one.
Not really so easy. Take a look again. The second red bar is an inside bar. I was told that you ignore volume on inside bars and wait for the b/o. By the time the b/o occurrs, you have a blk bar on increasing volume. And we're at bar to bar at this point, so you can't just ignore that black bar on increasing volume, can you?
This is what I meant, some time back, about contradictions. It was a poorly chosen word. It comes down to this...
How does a trader know when to pay attention to a single data element and when not to?
Sometimes we're supposed to look at the big picture, sometimes just a single data element is supposed to be sufficient. But for me, it's guess work determing what is and is not sufficient. For a given context, you can't change how you analyze, yet the only way I can debrief my way out of "error" is to change my analysis. That's not going to work.
Many point threes are not identified until after they happen. BUT you enter the ones that have increasing volume . I hope you dont think you can identify and trade every point 3.
p.s. You MUST take into account the pace of the market. A point three in the middle of a range has nowhere near the potential of a point three off a new high or low.
LMAOROLF!!!!!!!!!!!!!!!!!!
Yes, call me super duper idiot. I take things literally. For all this time, I thought that was the forest level rules. As I saw no discussion on filtering out various types of point 3's.
Bear, not sure if I follow you on the other idea. You mean a pt3 down near the upper portion of the day's range? If so, that makes sense to me. Is there anyway you use to filter out all the pt3's that occurr like this on a trend day up (for example) counter to the main trend of the day?
I just sort of answered my own question: Spyder mentioned how you can tell in 3 bars whether a day is going to be a WorM (range bound) or trend. I have literally spent 20 or 30 hours considering this. I've studied the chart on the day he said that.
THe best I can say is it looks like first 3 bars of day have some overlap. Other than that, my other ideas have already been proffered by Ticki and SPy said "nope".
1. You were also told about what to do during times of significantly low volume (DU, VDU), but you chose to ignore that advice. The point at which nkhoi outlined your 'contradiction' the volume levels are so low, even Mak explained why we avoid trading these levels, but you ignored that advice as well, and instead, chose to see a 'contradiction' on the chart.
2. You first circled Point Three occurs at what time of a carryover channel? I provided advice and instruction with respect to volume after 4:00 PM. You've ignored that as well and decided another contradiction exists.
3. With respect to 'formations' and volume, I also provided detailed instruction on what happens when price closes within the formation. You ignored that advice as well, and again, see only contradiction.
4. 11:25 to 11:30 shows increasing volume even with the intrabar gaussian shift which occurred at 11:25. Again, I have posted detailed advice on how one needs to view these intra-bar changes in sentiment, but you still see this as contradictions.
5. The green 'forest level' channel encompasses the entire day - which includes a Volume pace drop off into the lunch hour. Numerous posts from all sorts of individuals across every Futures discussion thread discuses the noon hour volume pace change, yet you see another 'contradiction.
6. Next time someone advises 'taking a break' you should do exactly that. Logging on to read ET while on sabbatical, doesn't exactly sound like 'taking a break and not thinking about this stuff.'
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1610357>
- Spydertrader
Bob, I find point 3s are easy to locate once the high of the day or low of the day has been made. Take for example HOD, the price will retrace on decreasing red and then go back up with decreasing black for 2-3 bars. It's at this point I start looking for point 3 and drawing trendlines. Sometimes, price tanks steeply giving no opportunity for P3. I am no expert but working to locate as many P3s as I can find. I think I am going to call myself P3 hunter!
I may be out of line here. I see no way to not use a "setup mentality" when starting out. I started trading strictly point threes and only those that passed my "filters". Now I am occasionally entering off ftt's and rtl crosses. I think this is normal progression towards sct. I see no possible way to trade every turn in the beginning. If you are not going to trade every turn by reversing then you must use stops and filters of some sort.
Thank you very much for your reply. I am sorry you seem to have a hard time believing me. I was completely away from my computer for 6 3/4 days. If you saw me online, it's because my wife was doing some research on the thread that I asked her for so that my mind could be really clear. I did do what you suggested.
Your answer tells me a big part of my difficulty. I become focused on one or two aspects of the situation, when in fact I need to be focused on ALL the required aspects. And therein lies the problem, my mind doesn't hold all that stuff in it's consciousness at once.
Do you not see that I'm not purposely ignoring those items that you point out. They are no where in my consciousness at the point I need them to be. The way that people get around this dillema is through demonstration, side by side experience, which is not an option here; so I can only do the best I can. I would glady pay to sit next to somebody and watch them do it, just like everything else I've learned in my life.
If you really think that I lied to you about my break, then I'd sincerely like to know. I think it would be pointless to continue communicating if that were the case.
EDIT: and she does a ton of stuff for this group with no credit, the recent PDF's, the channels video, and more.
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