Spydertrader's Jack Hershey Futures Trading Journal
- Thread starter Spydertrader
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What a nifty journal! I make the dancer turn either direction by looking at her through my peripheral vision while imagining she's spinning the opposite way. Once she's spinning the other way, I look back directly at her and she keeps going that way. Trying this by looking at her directly doesn't work for me.
Thought I'd try posting a chart for fun. Any comments would be appreciated.
Thought I'd try posting a chart for fun. Any comments would be appreciated.
Spyder I noticed you labeled Formation FBO's in today's chart. Wouldn't you consider the 10:25 bar as a formation FBO as well?
The reason I am posting this snip is due to the trip up I had while waiting for the pt 3 to form today. I have a couple of these every day and I am really trying to figure out where my thought process is going wrong.
Here is my thought process over the several minutes. I had a tape down from the 10:15 bar. We have a sym pennant near the RTL I am anticipating a BO or the RTL or bounce. At the 10:25 bar, price breaks down thinking BO and possible pt 3, I go short (prv at 10:26 indicates 30K (slightly above prev bar). We have a FBO, I go flat as price returns into the formation. Continue monitoring 10:28 YM is a FTP and YM heads up. Now I am thinking we have our RTL bounce and go long, price comes back into the formation and I am flat again. At this point, I stopped trading to see if I did something wrong.
So a couple of questions, is that over trading to try and get the pt 3 entry. Did I miss something that would have made me hold off until the eventual real pt3 formed.
Would also like to hear from others that were waiting for that pt3 to compare your thought process as well.
The reason I am posting this snip is due to the trip up I had while waiting for the pt 3 to form today. I have a couple of these every day and I am really trying to figure out where my thought process is going wrong.
Here is my thought process over the several minutes. I had a tape down from the 10:15 bar. We have a sym pennant near the RTL I am anticipating a BO or the RTL or bounce. At the 10:25 bar, price breaks down thinking BO and possible pt 3, I go short (prv at 10:26 indicates 30K (slightly above prev bar). We have a FBO, I go flat as price returns into the formation. Continue monitoring 10:28 YM is a FTP and YM heads up. Now I am thinking we have our RTL bounce and go long, price comes back into the formation and I am flat again. At this point, I stopped trading to see if I did something wrong.
So a couple of questions, is that over trading to try and get the pt 3 entry. Did I miss something that would have made me hold off until the eventual real pt3 formed.
Would also like to hear from others that were waiting for that pt3 to compare your thought process as well.
hey bi9foot...
I can definitely relate to your trouble during this section. However, I dont think you will find the answer to your question. In my opinion you did nothing wrong, except get caught up trading at a steep channel RTL, which is always sticky. This is similiar to a question I asked a while ago, "How do you know if the ftt will bo or not?". After a while I realized this is the wrong question to be asking.
This is precisely the reason I posted my thoughts a couple days back about entering on pt 3s. Sometimes it works, sometimes you get what you got today. I have found that entering much earlier in the sequence is actually more conservative imo, than entering on the "safe" RTL. Depending on how quickly one recognizes the FTT at 10:15, entering short on that bar is extremely safe, the trade never really had a chance to go against you.
One last idea, since reversing near the LTL of a strong trend is best left to those who feel comfortable doing so, is drawing in the shallower channels (see attachment). This lets you hang on a little longer inside the channel, since it seems like crazy stuff happens near steep RTLs...
Nice work on that second trade!
The reason I try to go for pt 3's is because I am not good at catching the FTT's, often times it feels like standing in front of a moving train
.Regrading the first trade, I have considered a scenario of waiting for the tape retrace to form the pt 3. However given the volatility we've had I was not sure we were going to have that kind of retrace.
On a side note, I have attached the YM prior to my second trade. Again we had a formation and we had a FBO of the formation over the next two bars. For some reason I did not take action on the apparent BO of the 11:12 & 11:14 bars.
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