Spydertrader's Jack Hershey Futures Trading Journal

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Quote from FerdinandAlx:

+47.5 points today :cool:
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FerdinandAlx. . . You got game?



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awesome trading !
 
Nice! :)

When price retraces 3, 4, 5 points, as it did today, it's unlikely not to get change signals even on slower fractals. To hold against them, or to slow down and monitor from a slower fractal could be rewarding, but it's also risky. I'm trying to stay in a comfortable place where I take all the signals of change I'd normally take, even if this sometimes eats into my profits.

I'm happier when I know that I've traded correctly, based on my analysis, than when I make lucky trades. I'm confident that in long run trading correctly is more rewarding, both financially and psychologically.
Quote from callmate:

I caught the last trade down form 1477 down to 1462, with 2 contracts.:D
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I am learning to stay longer in my trades but risk management is my biggest problem. :(
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After your recent spectacular trading results, any advice toward you seems comical ... :) So I'll just venture an opinion: be consistent, don't vary your criteria and risk exposure based on feelings, just execute your routine over and over again.
Quote from FerdinandAlx:

It's smart to be aggressive, especially when you enter on point 3's. If you exit then and there you'd probably pocket 3-6 points without significant risk.

I decided to be stubborn and sit through the retrace. I entered early on the preceding FTT on the 10:05 bar so I had some margin of safety available to me. Still, I saw my position oscillate between 11 points profit, .5 point loss and 7 points profit again. In hindsight it would have been better to exit when the channel broke and re-enter on the new point 3, but I'm still working on <span style="background-color: #FFFF00">a way to adequately determine when to sit out a retrace and when to be aggressive and exit</span>. Perhaps someone could shed some light on this?
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See Spydertrader's post and attached .pdf.

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1674075>
Quote from FerdinandAlx:

... Decreasing volume is often mentioned as a signal for change. I concider this to be valid only if it occurs when price fails to traverse the channel (FTT) or when it occurs when price is moving in the dominant direction. ...
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Quote from FerdinandAlx:

It's smart to be aggressive, especially when you enter on point 3's. If you exit then and there you'd probably pocket 3-6 points without significant risk.

I decided to be stubborn and sit through the retrace. I entered early on the preceding FTT on the 10:05 bar so I had some margin of safety available to me. Still, I saw my position oscillate between 11 points profit, .5 point loss and 7 points profit again. In hindsight it would have been better to exit when the channel broke and re-enter on the new point 3, but I'm still working on a way to adequately determine when to sit out a retrace and when to be aggressive and exit. Perhaps someone could shed some light on this?
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Gaussian can tell you...
 
Quote from cnms2:

When price retraces 3, 4, 5 points, as it did today, it's unlikely not to get change signals even on slower fractals. To hold against them, or to slow down and monitor from a slower fractal could be rewarding, but it's also risky. I'm confident that in long run trading correctly is more rewarding, both financially and psychologically. [/B]
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cnms2

I cheated a bit once I locked some profits for my last trade I let it run, firstly to make up for the earlier loss, then once that was achieved I pulled my stoploss up. I kept an eye on the previous bar as well as the gaussians, the volume was at extreme. I was simply stopped out at 1462, as I wasn't quick enough to adjust my target.

Usually when trading, I take few ticks and get out leaving the rest on the table. Sim trading is different for me, I can sit out retraces, and such like. I am working on my mindset, hopefully as my account grows my confidence in my trading decisions will also improve.:)
 
We all try to work out something that fits our personalities and goals ... Lately several on this board seem to have achieved consistent profitability. It's also true that the ES has been cooperating with the trend followers ... :)

I think that continuing to share our opinions and to ask questions on this board will be very helpful. It's too bad that Jack left ET, that Spydertrader has unforeseen family commitments that forced him to reduce his participation, that others experienced in trading these methods like makosgu got fed up with ET and only rarely comment anymore.

Anyway, overall I'm optimistic about my journey, and about others' too ... :)
Quote from callmate:

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cnms2

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Usually when trading, I take few ticks and get out leaving the rest on the table. Sim trading is different for me, I can sit out retraces, and such like. I am working on my mindset, hopefully as my account grows my confidence in my trading decisions will also improve.:)
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Quote from FerdinandAlx:

FTT's tend to occur when price has run it's course and fails to traverse the channel. Before the FTT occurs you see increasing volume and price traveling in the dominant direction. The volume on the FTT bar is about the same as the volume on the previous bar, perhaps it's usualy a little bit lower. When compared to the the volume on the rest of the bars in the channel it's actually "higher volume" and it stands out quite a bit. A retrace then always follows on lower volume.

If you see what appears to be an FTT occuring on low volume, say 30-40% of the previous bar you're probably dealing with a flaw.

I should have been clearer on this, sorry for the misunderstanding.
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Exactly my understanding. When you say you always enter on increasing volume, then, you mean two different things: "previously increasing volume" when it's an FTT, and "current/future increasing volume" when it's a Point 3.
 
Quote from FerdinandAlx:

+47.5 points today :cool:

The day started badly for me. I lost 4.5 points in my first two trades. The day got progressively better and I noticed I made relatively few mistakes. My biggest loser was -3.5 and the biggest winner was +17.

Below you'll find my chart for the day, which includes my trades as little arrows:
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Nice Trading! FWIW, I got 8 opportunistic points treating the opening 25 minutes as an HVS, but I'd much rather have shown your consistency through the rest of the day.
 
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