Spydertrader's Jack Hershey Futures Trading Journal

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Was anyone able to identify in REAL TIME the point 3 at 3:25pm???

Found this to be difficult and even in hindsight you would have been getting long about 2.5 points above the RTL.

I find these point 3's difficult in Real Time using only ES and PRV.

Other than "tapes" and PRV what other clues do you guys look for when using only ES and PRV to help you identify Point 3's in real time???


Thanks in advance.
 
The similarity between the afternoons of November 16 and November 27 is amazing. Both times price retraced from a large leg down after which it broke out on high volume. Price then consolidates and breaks out to the downside, then price gets fanned and rapidly moves up towards the RTL, where it stalls.

See the attached image.
 

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Quote from TraderD72:

Was anyone able to identify in REAL TIME the point 3 at 3:25pm???

Found this to be difficult and even in hindsight you would have been getting long about 2.5 points above the RTL.

I find these point 3's difficult in Real Time using only ES and PRV.

Other than "tapes" and PRV what other clues do you guys look for when using only ES and PRV to help you identify Point 3's in real time???


Thanks in advance.
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One clue to anticipate a pt3 previous to that bar was the 15:10 bar that broke throught the RTL on strong volume told me that we had "change" at that point and to look for a pt 3 to develop for our new up trend.

Although, yes it did get a bit confusing.
 
So were you ever down or you only have small profits all the time?

I ended +3 but in the end there were a few big losses (-3, -4) and then a big gain (+10 or so).

regards,
Ivo

Quote from cnms2:

Incredible day! It looks like a W (?)

+2.25 points in 10 trades/90 minutes, but I'm happy :)

EDIT: Second day of sweeping through STR/SQU and tick charts. Yesterday I couldn't make anything of them. Today they've helped me to go flat at 1431.75, before the end of the day turned. I've seen the flip-flopping between 1432.25/32.5 and the STR/SQU pulling down (stretch, I guess). Until I decided to use this information I went flat at 1431.75.
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Quote from TraderD72:

Was anyone able to identify in REAL TIME the point 3 at 3:25pm???
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That bar was just mean! Hard stuff.

One indication: at LTL there was no LTL bounce, no FTT. It does not happen very often that price breaks RTL without a signal of "change" although it did happen this morning. That bar was in fact the FTT: change.

Seems like it was a day of tapes...

I made a mistake here. I entered long after price broke RTL. Then that crazy bar came and I had to cover at a big loss. Then I re-entered later. Of course I should have waited for point 3.

regards,
Ivo
 
Quote from TraderD72:

Other than "tapes" and PRV what other clues do you guys look for when using only ES and PRV to help you identify Point 3's in real time???

Thanks in advance.
More...

Consider using YM. It will often show an FTT or RTL bounce in the channel that forms the move from point 1 to 2 in the big picture. Often it is even preceeded by a VE or flaw before "change".

On ES it can be only one or two bars but YM gives more information for good timing. If you miss the FTT you can trade the BO BTW.

regards,
Ivo
 
+2.25: -1.25 -1.5 +4 -1.5 -1.5 +2 -3.5 +3.25 -1.25 +3.5
Quote from ivob:

So were you ever down or you only have small profits all the time?

I ended +3 but in the end there were a few big losses (-3, -4) and then a big gain (+10 or so).

regards,
Ivo
More...
 
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