Spydertrader's Jack Hershey Futures Trading Journal
- Thread starter Spydertrader
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No such thing exists as 'beginner's luck' with respect to this stuff. You either get it, or you don't. You get it. Nobody banks 37.5 points on luck. I don't care what the story books say. Keep up the great work.
- Spydertrader
Seriously, place me on your ignore list, and go cry someplace else.
- Spydertrader
Quote from Vista:
Darn, I was kinda hoping I wouldn't see anybody write that, but some how I felt I would.
Since December, I've done nothing with this stuff, except stare at Spyder's ES charts everyday for hours and read the journal. I own a business, so right now I can only watch price & volume live every now and then, but today I wanted to try paper trading and see what I could do staying in all day and just reversing. I didn't even look at p/l until the end of the day. Unfortunately, from other's comments today, it looks like it was just an easy day and it was just beginner's luck.
14 trades
37.5 pts
Don't let other's dictate your trading IQ/EQ. If a rookie fresh out of high school bangs out 37.5 pts in an NBA game in his first season, the player recognizes one thing. THAT HE HAS THE SKILLS TO DO IT AGAIN! It is best to ignore what others do since the majority will average out to the mean. Setting the mean as the standard is short selling yourelf, no pun intended.
MAK
You have more than enough information above to make a decisive trading decision. One slight correction, the bar in question is a BO of a FBP (not a FBO of lateral formation as you claim). Also cannot be a FBO of the pennant because the price closed outside the pennant.
Now back to the problem at hand. Assuming you are long at 1474 as you stated earlier (not sure where you came up with that criteria but Spy's 5 posts would surely have got you in earlier) and we are now at the close of the bar, Do you stay in the trade or exit based on what I have quoted from your post? You cannot have continuation and change it has to be one of the two
If you decide to exit you lose 0.5 pts. If you decided to stay what are you looking for on the next bar? Do you get what you a looking for and when would you exit?
As a side note, if you followed Spyder's instructions and got in at the break of the pennant you might have got in at 1473, RTL break is 1472.50 a loss of 0.5pts. One should have realized we had change much earlier.
You stated that you followed instructions however looking at both your trades that is probably the furthest from the truth. I was not at my desk at the time of your first trade, but I was looking to short when you made your second trade. Spyder actually answered your question and pointed out where you made your mistakes. In fact I picked up something new from his posts today.
You then followed it up by claiming the five posts from September did not have any answers. You seem to want every possibility to be explicitly stated.
Lot of folks following the thread are making money, so obviously no contradictions exist for them.
<img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=1653927">
Improved, you have, young padawan.
- Spydertrader
Found the activity in the orange box to be confusing.
The 11:20 bar BO the fanned out tape channel on dec. volume. The :25 forms a dip and the :30 a close above the red RTL on increasing volume followed by th :35 bar that negates the BO and closes way back into the red channel.
What threw me off was the increasing volume on the breach of the red RTL and to a lesser degree the decreasing volume of the :20 bar. This scenario is basically duplicated on the YM as well.
Thoughts, corrections and of course slap downs are always welcome
The 11:20 bar BO the fanned out tape channel on dec. volume. The :25 forms a dip and the :30 a close above the red RTL on increasing volume followed by th :35 bar that negates the BO and closes way back into the red channel.
What threw me off was the increasing volume on the breach of the red RTL and to a lesser degree the decreasing volume of the :20 bar. This scenario is basically duplicated on the YM as well.
Thoughts, corrections and of course slap downs are always welcome
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