Spydertrader's Jack Hershey Futures Trading Journal

[BlowFish]

Lots of hours! probably way too many! Tens of thousands rather than thousands I would guess. Though I do get distracted looking at other methodologies now and the (actually I enjoy it, its like a hobby) and longish vacations too nowadays.

Channels and price action (with volume) at the lines is at the core. I have to be honest Jacks stuff sort of got homogenised in but now is quite a significant part. It kind of happened organically. There where lots of bits that helped crystallise and advance what I was doing. Leaving specifics aside, one of things that was of value was the rigour of how he defines things, that's one of the reasons I have often thought I maybe missing something with FTT's. The other reason for clarification is misidentifying them is one of the few areas that may lead to a wash or a small loss.

Cheers.

 

[WGTrader]

Quote from BlowFish:

Lots of hours! probably way too many! Tens of thousands rather than thousands I would guess.

Man you've been at a long time. I average maybe 5 hours per day x 20 days per month x 8 months now. That's only 800 hours. You definitely get the bull-dog determination award!

 

[Avi 8]

WGT,

Double your hours by recording the day and watching it again in the evening!

 

[WGTrader]

Quote from Avi 8:

WGT,

Double your hours by recording the day and watching it again in the evening!

Sort of like the 25 year old applying for a job. When asked why his resume says 20 years of experience, he responds "overtime."

 

[R/R]

Quote from BlowFish:

Lots of hours! probably way too many! Tens of thousands rather than thousands I would guess. ...
Cheers.

Then you need to tell us the rigorous definition of an FTT .

 

[Dantheman]

Quote from BlowFish:

At some time or other I have read every post by Jack (and the family of pseudonyms) at least twice probably more. I have read Spyders Journals once though to be honest skipped a lot of the stock stuff. There are tens of thousands of page possibly hundreds of thousands, I am loath to read them all again to find this one specific thing. As I said forgive me if I have overlooked something. I have not reviewed all the Tuscon videos in sequence (I have watched them piecemeal) I am doing that right now. What I am trying to say is this isn't just some lazy arse question I draw channels and annotate charts day in day out and have done for many years, that can be done asleep. I understand what a FTT is conceptually. I know when & how I draw them, I am not sure it is correct.

I wonder if you understand the question? Forgive me if I have not been clear. I can re-phrase it if you like. Do you know the answer? (and more to the point whether it is actually held where you have directed me). It is a very specific question. It would help me out to get a definitive answer from someone that knows. I'd certainly be very greatful. I know I could re-read all the posts along with all the noise and flames looking for an answer but really that seems a fairly inefficient and counter productive way to do it. Just to repeat this isn't out of laziness I have looked, and not found, the specific information I am searching for. (I can be pretty myopic sometimes so it may well be a failing of my perception skills). For example I have re-read every single post on ET that contains the search term FTT (2460 posts) and have either some how missed or just as likely failed to grasp this.

I think we all know what a FTT actually is its a pretty fundamental and important concept. Knowing what something is and having a rigorous definition is quite different.

Cheers.

how would having a rigorous definition of what an FTT is help you?

You know where the FTT is located right? It's not where the channel doesn't overlap.

drill down from what you know, and where you know.

don't let yourself get frustrated and more importantly OFF TRACK about a specific definition that may or may not hold meaning for you when put into print language.

put another way...
"seeing is believing."

EDIT* lol, R/R

 

[Pr0crast]

Quote from BlowFish:

Lots of hours! probably way too many! Tens of thousands rather than thousands I would guess. ...
Cheers.

Seriously... This is the kind of question that you should be able to write a dissertation on since you say you've read the entire futures journal and seen 10k+ hours of screen time! Frankly I'm kind of confused at your asking of this question.

An FTT is or it isn't. When you know it is an FTT is a factor of your experience and the tools you are using.

 

[bundlemaker]

For a method that is supposed to NOT be probability oriented, I find it amazing that we are now talking about numbers. Specifically, how many fbo's of laterals fail and how many don't.

For your viewing entertainment, the attached image shows the 4 laterals from the day so far, each one b/o's on increasing volume only to plow back aaaaallllll the way through the other side.

 

[BlowFish]

Tenacious or probably plain dumb! I have to say was easy for me to fool myself. I used to do ridiculous hours watch every tick of the live market then review and read in the evenings. I wish I had learnt at an earlier stage what the important things are. Actually I think I probably knew what was between me and success but I would avoid tackling those issues by guess what...yup putting more hours in looking at the wrong stuff. It was a kind of an excuse 'I'm working hard what more can I do'. I guess your technical skills get pretty sharp but until you can deal with the emotional stuff and sharpen your behavioural skills they are not much use!!

Speaking of overdoing it I'm done for today! Hopefully be some nice volatility after the fed tomorrow.

Cheers,

P.S. now knowing the answer to my question I can see it has been answered, though I didn't know until I new the answer if you see what I mean anyway this sums it up pretty well:-

Quote from Spydertrader:


Right now, we use 2 tools to identify the FTT - ES Price and Volume. Using only these two tools will result in (real time) misidentification. Having errors of misidentification at this point is not a bad thing. It simply means one of two things:

1. A trader has not yet learned to correctly spot an FTT, or
2. A trader needs another tool to spot the FTT faster

As we add more tools (and gain confidence in their usage) the flaws become easier to distinguish from an actual FTT.

- Spydertrader [/B]

 

[Pr0crast]

Quote from BlowFish:

I used to do ridiculous hours watch every tick of the live market then review and read in the evenings. I wish I had learnt at an earlier stage what the important things are. Actually I think I probably knew what was between me and success but I would avoid tackling those issues by guess what...yup putting more hours in looking at the wrong stuff. It was a kind of an excuse 'I'm working hard what more can I do'. I guess your technical skills get pretty sharp but until you can deal with the emotional stuff and sharpen your behavioural skills they are not much use!!

Sounds about right. Best of luck, hope to see you back here posting more.