Spydertrader's Jack Hershey Futures Trading Journal

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During debrief, one may see a tendancy to either be late or early executing an action. See what tools can help timely action. Are the tools being used correctly? At the proper time?

Any tool other than just the ES chart helps to get the timing more 'precise'. How long is it taking to distinguish between continuation and change? This will vary due to many things such as market pace, time of day, how much sleep one had the night before, etc. It will vary between individuals also. The point to all this is it is possible to be 1 point down by lunchtime AND still have been on the 'right' side of the market. It is just one is too slow yet to be profitable. There are many references to this method being mastered and traded on a 'sports memory' level. How many following this journal are at sports memory level of annotation? On both the ES and YM? Once there, when does the sports memory of the tic and dom show up? Once these are incorporated without 'thinking' then one can really start 'nailing' the trades, and working on the skill of trading.

-Mike
 
For those people who wants to make positive progress on your learning, I want to encourage you to post your charts. (daily!)

Draw the channels/gaussian/annotations in real time if you can. But if you have a job, or if you see something during debrief that you missed in real time, by all means add them to the chart afterwards.

When you post a chart, you are not posting it for anybody, you are posting it for yourself. You might not get any feedback on your charts, but you will learn by seeing your own charts from a different light.

Many of us posted charts during our beginner stage. We have learned valuable lessons that helped us going forward. If you ask, I am sure they would all encourage you to do the same.
p.s. We are still beginners... maybe intermediate beginners? ;-)

There are so much to be learned; it is very important to start with a solid foundation. Start posting your charts today!
 
My chart is bit messy.

ES2009.png
 
Video- The ES open for Sept.20 2007.

This is a video of the first hour this morning.
You can play fast forward in the bottom right or slow down at any time.

The video starts with the channel carry over from yesterday and it is a down channel.

There is a point 3 on the down channel, that was formed at EOD yesterday.

There is a tape down at that point, and I am waiting to see if 9:30 opening bar will resume tape down, and continue dominant traverse.

The 9:30 bar opens, and does continue the dominant traverse down, into a volatility expansion of down channel.
At this point, an FTT forms on the tape down with an odd square harmonic.
The rest off the video continues until about 10:26.

This is how I had seen the morning. I like to get a feel for the opening with the first couple of bars to see if it continues in yesterdays carryover channel, and take it from there with new channels for the day .

Enjoy!:cool:

video link : http://www.screencast.com/t/kIXOTsfj
 
Too often lately I am seeing price move outside a channel on decreasing volume (so I'm thinking to fan out, look for new point 3) only to see price go in the complete opposite direction. It seems like half the time we fan out when price exits a channel on decreasing volume (because a new pt 3 shows up) and the other half price just continues in the opposite direction, making fanning out impossible.

Very hard to anticipate what to do when price is acting this way.
 
Quote from New Amsterdam:

Too often lately I am seeing price move outside a channel on decreasing volume (so I'm thinking to fan out, look for new point 3) only to see price go in the complete opposite direction. It seems like half the time we fan out when price exits a channel on decreasing volume (because a new pt 3 shows up) and the other half price just continues in the opposite direction, making fanning out impossible.

Very hard to anticipate what to do when price is acting this way.
More...

Can you post an example to illustrate?
 
Im not very computer savy but I can tell you the most recent situation. Maybe I just have it wrong but it seems to happen too often to me.

Starting with a down channel, 12:25 is my pt 1, 12:30 is my pt 2 and 12:40 is my pt 3. I then have price BO of that down channel at 12:45. Clearly this channel is broken on rising up volume. This makes this bar my pt 1, 12:50 my pt 2 and then 13:00 is my pt 3. We double top but price leaves the channel on what I see as dec red vol. So now I'm thinking, ok, my channel is wrong, I need to look for point 3 up. But, sure enough, it never appears and price goes below my previous pt1, killing any chance of fanning.

I just dont see how to anticipate correctly consistently. Half the time I see a pt 3 appear and we go higher and then the other times I dont and this happens. I know this info is telling us something but I seem to miss the down moves too because I am looking for the new pt 3 up.

Quote from Tums:

Can you post an example to illustrate?
More...
 
Quote from New Amsterdam:

I just dont see how to anticipate correctly consistently. Half the time I see a pt 3 appear and we go higher and then the other times I dont and this happens.
More...

The time frame to which you refer falls inside a lateral formation. please review the five posts which discuss formations at the beginning of this month. Also, see attached chart.

- Spydertrader

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1612924>
 

Attachments

Ok I will.

But the real channel in question is the one is 12:45-13:00. Am I wrong, or does price leave this channel on dec red volume?

Quote from Spydertrader:

The time frame to which you refer falls inside a lateral formation. please review the five posts which discuss formations at the beginning of this month. Also, see attached chart.

- Spydertrader

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1612924>
More...
 
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