I've been studying this system full time for nearly half of a year now. My charts have been fairly consistent to what Spyder has been posting as far as annotation is concerned. Here is my current issue. I notice that at one point this morning, I could draw 3 possible FOREST level down channels confirmed by gaussians. I could also, at the SAME point in time, draw 2 up channels at a forest level as well. Regardless of whether or not I am with the trend, if I am not in the one out of 3 possible channels for the down trend (or one of 2 for the up trend in this example), I can still miss a successful trade. Why? Because one channel may signal change (with a BO), while another will have price traversing perfectly within its walls. If I readjust, then the market is going against me for 3, 4 possibly 5 points. I've seen people ask this question before, and the answer has always been "look at the gaussians". This answer does not provide me with enough information to understand how to correct my problem. How do I know which channel is the most valid forest level channel?
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Spydertrader's Jack Hershey Futures Trading Journal
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Quote from Failure2Travers:
How do I know which channel is the most valid forest level channel?
Think about this question for a moment.
If you feel you have two valid Forest Level Channels competing for dominance, then does it not make sense that another tool could assit your ability to trade between them? We do not see this phenomenon very often (equal level channels competing for dominance), but this morning provides an example where one could see such an event unfold.
Therefore, when one feels they have reached the limits the current resolution level (or tool set) provides, then one should know where one needs to apply a different tool set (or move to a different resolution level).
Having said all this, the Gaussians do show which trend has dominanted, and they have done so all morning long.
- Spydertrader
Quote from ivob:
So what if you have an FTT, you enter, and price turns around before even reaching RTL. What will you do?
Quote from makosgu:
...When I say I keep strict PV channels, I am achoring all the critical points to either a LTL or RTL. If I get a violation of my RTL, and failed to pick off the FTT, I reconcile the situation by noting CHANGE by a RTL XO. So this is a little different then some do and that is fine. As long as you have a complete sequence. For others, not reaching the RTL is a FBO which is also fine. For me, I always reach a RTL, a result of tightening my channel along the way. As a result, my FBO descriptor is that I can only get an FBO after having had a BO (ie. RTL XO). Similarly, you can only get an FTT along a R2L TRAVERSE. Either FBO definition/annotation requires that you act accordingly....
So let's say you don't do as I do, then you have the classic example a la spyder where you have an FBO. RIGHT???!!! But as I have stated before, what I do is different, however we get to the same place. Do not try and emulate MAK's thinking, think for yourself. Everyone asks great questions, but they are asking the wrong people. DEBRIEF means to ask yourself!!! Why? Because it can't ever makes sense if you can't sort it out in your mind.
MAK
Spyder,
I have similar channels, however, I am down one point for the day. How do I execute successfully?
I have similar channels, however, I am down one point for the day. How do I execute successfully?
Quote from Failure2Travers:
Spyder,
I have similar channels, however, I am down one point for the day. How do I execute successfully?
Ahhh,
This is a key question and one that is best answered by debriefs. I record each day's action, both the charts and my executions. Latter that night I review and try to see where I can improve. Debriefing is critical to success. It is done away from the emotions of the market and I can pause the action to reveiw each tool if needed. The market will show you how if you look.
See the software for futures thread for ideas for screen recorders.
-Mike
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