Spydertrader's Jack Hershey Futures Trading Journal

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Quote from Jander:

You are correct, the examples will be categorized into one of the above. However, I view these situations as continuation.
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Continuation vs Change is slightly different than Hold or Reverse. The former refers to signals provided by the market. The latter refers to actions taken (based on one's resolution level). An expert level trader might trade through a lateral (as Swordsman did), while a beginner level trader chooses to hold through a lateral.

Do I want to take this trade? Yes, because I see a change.

Can I take this trade? No, because I don't yet have the finer tools down quite yet to play at this resolution level.

Again, continuation / change = signals from the market (Market's Job)

Hold / Reverse = Pushing Buttons (Trader's Job)

- Spydertrader
 
Only two suggestions - use a real charting platform instead of IB's built in charting. It will help your charts to be cleaner and easier to read. Also, I can't figure out your right trend lines. They don't seem to be aligned with the points that they should be, i.e. they are going through bars and sometimes look arbitrary.

Quote from learning2fly:

I'm goin to sleep...

In hindsight, I missed drawing the step trendline from 1486.25 to 1480 with the corresponding gaussians to signal change as I had my own biases take the better of me (thinking yesterday's big move should reverse); the same mistake applied on my exit where I should have placed a stop on 1492.50 . I was also being too careful (i think) to wait for the MVA xover before I pulled the trigger on both ocassion...

Lesson I learned: Let the market tell you the story; as spydie said...don't let expecting lead to believing...

As usual, I appreciate any comments so I could better myself...

Good trading to you all...
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Quote from Pr0crast:

Only two suggestions - use a real charting platform instead of IB's built in charting. .. .
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Thanks Procrast....I'm so jacked up; I can't sleep! LOL

I've just downloaded Medved's platform and getting it to work with my IB feed. Yes, I find it difficult to draw lines with IB. And yes, I need to clean up my lines (for example, my last line was drawn using the 1st and 3rd bar of the "V" bottom using the bottom of the body instead of the tips and I didn't erase it as the market progressed). Thank you, I will use bars as they are definitely clearer.

Thanks again for the kind comments...
 
Quote from Spydertrader:

November - Putting it all Together Continued

Analysis

Incorrect Monitoring will lead to improper analysis as surely as the sun rising tomorrow morning. ....

Here, we must insure we have followed our correct resolution level maintaining our resolution specific rule set in an effort to avoid overtrading. Since we know from our correct analysis where we stand with respect to the ‘right’ side of the market, we can then know whether or not this specific signal for change applies to our specific resolution level. Do we trade 1,2,3’s or do we trade FTT’s, or do we trade both? Do we trade dominant traverses only (like easyrider did with rockets), or do we trade from both sides? Taking care not to make decisions based on a Single Data Element, we look for signals of change in order to take us to the next step – Taking Timely and Appropriate Action.

continued next post .....
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Spyder -so impressive. You are a gem. When is the book coming out?:) You give so much - thanks.
 
Quote from guavaman:

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Lastly, I know a lot of traders do not sit through the whole day of trading and take opportunistic breaks. I would love to hear how some of you are doing this. I have tried different approaches (i.e. taking breaks at a certain time for certain time periods; breaking for a few minutes every hour or so) but I haven't found a good set up where I can be at my best for the time I am in front of the screen. Ideally, it would be great to take a 30 to 45 min nap during the day, but I am so jacked up on caffeine (trading on west coast time does have its disadvantages) this is not really possible. Any thoughts on the subject appreciated.

-guava
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it is no different than driving long distance at night... when your body tells you to take a break, you take heed. Continue driving can prove suicidal.
 
I think I'm finally starting to get this. I was too caught up in geometry without looking at the bigger picture.

RT's A-HA! moment of today:

1) Keep steady on a fixed resolution. Looking at the big picture of the day rather than the intricate geometries of each individual bar formation helps.

2) Examine the traverses of the pt3 channels of your resolution. Don't get caught in "the retrace of the retrace", spiralling down the rabbit hole of descending fractals. Again, keeping an eye on the length of the tapes / traverses relative to the width of the pt3 channel helps keep a good frame of reference.

3) Gaussians, gaussians, gaussians! Not only do they reinforce correct annotation, taping, and channeling, they help us stay on the fixed level of resolution we've chosen since the market open in the morning.

By actually keeping yourself on a fixed resolution (in my case higher resolution) with these elements in mind, spotting FTTs becomes much clearer and one doesn't have to get caught up in flaw vs. ftt, WTF bar patterns, and other crap that'll drive you nuts.

RT
 

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