Spydertrader's Jack Hershey Futures Trading Journal
- Thread starter Spydertrader
- Start date
- Status
FTT, etc., works in any market, on any time frame (provided sufficient liquidity exists).
As far as I can see, you can use any resolution you wish...
For the purpose of this journal, we are focusing on 5m ES and 2m YM, so that we do not get into a rabbit hole and wasting our time analyzing things that has limited (or no) significance to the total picture.
The market is dynamic, if you drill down to the 1m bar, you will also find intrabar gaussians playing out. What do you do then? drill down to a 15sec bar?
You can go into 5x1m bars and earn a lot of valuable experiences, at the expense of what you could have learned watching the 1x5m bar at this stage of your journey.
just my thoughts.
I keep a sliver of an ES 1 min chart on the right side of my screen just to remember the recent 5 min intra-bar activity. It allows me to identify if the top or the bottom of a 5 min bar are part of a channel. Glancing at the 1 min (no annotations) allows me to finely monitor for change when coarser monitoring signals a change possibility. I'm aware this is not part of Spydertrader's or Jack's methods. Besides the YM 2 min I'm not using any of their finer tools yet.
*** basic forest stage question (Jan/March)***
Watching charts evolve I sometimes
get sucked into the finer levels of analysis.
Just to confirm that I am right in the forest technique. Entering once a point 3 is identified, exiting once the RTL is broken.
On attached chart one would have entered 4 times:
*short at 10:20 on brown #3 (c. 1437), exited BO on 10:30 (c. 1435)
*long 10:50 on green #3 10:55 exit on BO (both c. 1437)
*short 11:00 on 3 (c. 1436) of new 1,2,3 not shown originally (entered with thick black line) reversing to
*long not once new blue 3 arrived (c. 1435) because down channel is not yet broken but when downtrend is broken 11:15 (c. 1436) and holding till the end of the day?
i.e. don't follow intrachannel 1,2,3s as long as the initial 1,2,3 channel is not violated?
Thank you !
Watching charts evolve I sometimes
get sucked into the finer levels of analysis.Just to confirm that I am right in the forest technique. Entering once a point 3 is identified, exiting once the RTL is broken.
On attached chart one would have entered 4 times:
*short at 10:20 on brown #3 (c. 1437), exited BO on 10:30 (c. 1435)
*long 10:50 on green #3 10:55 exit on BO (both c. 1437)
*short 11:00 on 3 (c. 1436) of new 1,2,3 not shown originally (entered with thick black line) reversing to
*long not once new blue 3 arrived (c. 1435) because down channel is not yet broken but when downtrend is broken 11:15 (c. 1436) and holding till the end of the day?
i.e. don't follow intrachannel 1,2,3s as long as the initial 1,2,3 channel is not violated?
Thank you !
Getting this, it feels like real money in the pocket.Quote from callmate:
Quote from gooch87:
All I need is to catch a small part of one of the major trends a day.
--------------------------------------------------------------------------------
You produce beautiful charts. why dont you work on placing a trade with 1 contract at forest level? it will really boost your confidence and prove to yourself how you are seeing the market correctly.
That's what I did on Steve Tvardek's advice, few months ago. I started with 1 contract, rather to my surprise I could make 1 point on daily basis, (there were losses too, profits + more but that was due to extending my stop loss or not washing early enough or rather sitting in a loss hoping /praying). After my initial success I increased my goal to 2 points daily. Now I aim for 4-7 points each day, then close my platform down and sim trade. On the days I become greedy, I lose all I make plus more. Trust me Hershey method does work, but requires dedication and belief.
My main goal for now is to improve my trading and build my confidence and account. I would love to trade for a living but for now I plan to continue with my day job until such time I have made 5 times my annual salary. Roll on the day!!
Yesterday was 7/7 for +$162.50 gross.
Hi Callmate,
Thank you for your kind words.
Congratulations on your profitable trades. I like your idea about making a profit then sim trading. That would have saved me on several occasions. My data set includes PV relationship ES-PRV and YM -PRV Forest level 123, Pennants and TIME of DAY. I try to trade FTT to FTT. I as a general help I watch for 1st, 2nd, 3rd and 4th major trends of the day. Sometimes more trends sometimes less. The next step for me is to bring in Flaws and Stretch Squeeze. Here is a trade I did on Friday at the end of the day for a quick 7.25 points in ten minutes. Your success is inspirational.
Keep up the good work and good trading to you.
gooch87
- Status