today was wonderful! one of the easier days to draw channels that I've had in a long time...
I hope everyone else had a good time.
I hope everyone else had a good time.
Spydertrader's Jack Hershey Futures Trading Journal
- Thread starter Spydertrader
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Today (Tuesday the 13th 
) was a good reminder to take a step back and look at the bigger picture too.
I find useful to slightly adjust my "change detector" sensitivity: its threshold is a little higher when I'm on a dominant traverse, and a little lower when I'm on a retrace. My debriefing showed that giving the same weight to change signals with and against the trend, made me too quick to reverse into small retraces, or too slow to reverse back into the trend which usually happens with a bang.
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1678025>
) was a good reminder to take a step back and look at the bigger picture too. I find useful to slightly adjust my "change detector" sensitivity: its threshold is a little higher when I'm on a dominant traverse, and a little lower when I'm on a retrace. My debriefing showed that giving the same weight to change signals with and against the trend, made me too quick to reverse into small retraces, or too slow to reverse back into the trend which usually happens with a bang.
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1678025>
One observation: there is an immense amount of material written by Jack, and I doubt that you've already browsed all his posts on ET at least twice. Also, my experience is that almost every time when I re-read his or Spydertrader's posts I got something more: either a few more bits or knowledge, or some reinforcement. It is also my experience that some of the biggest steps ahead I've made were during after market debriefing, looking at my charts, my notes, my signals, and my trades (as Spydertrader already advised in his posts yesterday).
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1678051>
RT raised the question, but this post is for everyone.
M.A.D.A
We all start at M.
We annotate.
Spyder posts his charts EOD.
We compare our annotation to his.
We take note of the differences. If we can't figure out the reasons, we post questions to ask for explanation.
If we ask general questions, we get general answers.
If we ask specific questions, we get specific answers.
If we ask blanket questions, we get ignored. (such is life.)
one hint to your "f-FTT": What is the resolution you are working on?
post edited 17:35
Then I encourage you to review the information a third time - because you appear to have missed many fundamental lessons - which someone who "reviewed the material at least twice" should not have missed.
Again, if your chart contains "the sum of all knowledge absorbed," then you have missed a number of fundamental concepts along the way, and a review is in order.
Seriously, review yesterday's long post, then compare your chart to mine. If you still feel you require feedback from anyone other than yourself at that point, feel free to let me know.
- Spydertrader
I'll try and see if I'm getting at your hint.
I'm focused on the tree level. I annotate both the tapes as well as the pt3 channels that the tapes make. I think what you are trying to say (please correct me if I'm wrong) is that at the tree level, these small excursions hugging the LTL should be noticed but not acted upon for reversing.
I'm going to go out on a limb (no pun intended) here and attempt to put out some knowledge which right now I only THINK is correct. Again, this knowledge could be wrong:
Let' say we want to trade seamlessly, reversing our position and only exiting at the end of the session. Let's also say we want to trade only the tree level, meaning we hold the full length of a pt. 3 channel.
In order to reverse into a new channel in the opposing direction, our rules say we must identify an FTT. In the chart I've posted for today, I was very careful to maintain one resolution, with the faint darkgray and darkred lines for tapes, and cyan and darkblue lines for the pt 3 channels. Each time we identify an FTT on the pt3 channel resolution, we need to reverse. (An FTT inside the tape is also a possibility, but that is not our criteria at this resolution. It's simply a hint at things to come).
In the section where I've labeled a sequence of FTT - FBO (green oval), we needed to reverse at each of those points, only to find a failed breakout. I'm a pretty slow draw, so action like this would churn the account.
The point here is that timing a reversal for even a higher resolution of trading can lead to whipsaws on a zoomed-in resolution.
I've always been pretty specific with my questions, often drawing example price actions with particular bar formations to get understanding. This thread is very good for throwing around ideas, and I agree it's not very useful to ask general questions.
RT
I'm focused on the tree level. I annotate both the tapes as well as the pt3 channels that the tapes make. I think what you are trying to say (please correct me if I'm wrong) is that at the tree level, these small excursions hugging the LTL should be noticed but not acted upon for reversing.
I'm going to go out on a limb (no pun intended) here and attempt to put out some knowledge which right now I only THINK is correct. Again, this knowledge could be wrong:
Let' say we want to trade seamlessly, reversing our position and only exiting at the end of the session. Let's also say we want to trade only the tree level, meaning we hold the full length of a pt. 3 channel.
In order to reverse into a new channel in the opposing direction, our rules say we must identify an FTT. In the chart I've posted for today, I was very careful to maintain one resolution, with the faint darkgray and darkred lines for tapes, and cyan and darkblue lines for the pt 3 channels. Each time we identify an FTT on the pt3 channel resolution, we need to reverse. (An FTT inside the tape is also a possibility, but that is not our criteria at this resolution. It's simply a hint at things to come).
In the section where I've labeled a sequence of FTT - FBO (green oval), we needed to reverse at each of those points, only to find a failed breakout. I'm a pretty slow draw, so action like this would churn the account.
The point here is that timing a reversal for even a higher resolution of trading can lead to whipsaws on a zoomed-in resolution.
I've always been pretty specific with my questions, often drawing example price actions with particular bar formations to get understanding. This thread is very good for throwing around ideas, and I agree it's not very useful to ask general questions.
RT
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