Spydertrader's Jack Hershey Futures Trading Journal

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Here is a simplified chart of today's ES. I find that next to channels and gaussians, the 20 SMA is THE most valuable indicator. It serves as a wonderful guide. Nearly always, the 20 SMA will be contained within the forest level channels on a 5-minute chart. I find the 20 SMA (along with tape slopes) very helpful to project where point 3's may fall.
 

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Here's my ES... The YM was almost a perfect W day.
The big OB at 9:45 didn't bother me as I was still looking for the forest boundaries -- it just confirmed the CO\ [carry-over down] from yesterday.

The 11:20 & 11:25 bars formed a couple of FBO/s [in the current UP channel]. The fact that both bounced off the 20MA support simply indicated a continued long to me. The one rising red volume was just too small a delta for me to believe that it affected the forest level, tho the YM had me in doubt until it also was held by its 20MA support.

The Chop in the afternoon after my blue channel broke was too much for me and I stayed out. Note: I only use ES & YM.
 

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Quote from WGTrader:

Here is a simplified chart of today's ES. I find that next to channels and gaussians, the 20 SMA is THE most valuable indicator. It serves as a wonderful guide. Nearly always, the 20 SMA will be contained within the forest level channels on a 5-minute chart. I find the 20 SMA (along with tape slopes) very helpful to project where point 3's may fall.
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I agree with you 100%. Every day I am surprised how this (simple) simple moving average shows the big picture. Then we have all the other tools for finetuning and timing.

regards,
Ivo
 
Quote from ivob:

Every day I am surprised how this (simple) simple moving average shows the big picture...
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The 20 SMA is also one of my primary tools for identifying FTT's. When price has been in a channel and has gone through 2 or 3 retraces, and a couple of VE's or more and it is well above (or below) the 20 SMA, you KNOW that a FTT is coming up!
 
Quote from ljyoung:

...I'm still learning, .... and, like Jack, do not believe in sim...
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I have a lot of experience with 'simming' vs the real thing :D

The very FIRST time I landed the B-777, I did so with a plane full of people and at one of the world's busiest and demanding airports (London Heathrow). If it wasn't for an excellent sim experience, that landing wouldn't be possible without very expensive flight time in the real plane.

Simulators provide benefit provided the proper mindset is used during training and the limitations are known.

I can attest to what Spydertrader has so eloquently and thoughtfully stated above. There is a completely different skill set required to trade once the method is internalized.
 
Quote from ivob:

+2.5 points trading very conservative. (late entry, early exit).
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Quote from Spydertrader:
Do that every day, and you'll bank a million dollars by the end of 2008.
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I hope that will still be a significant amount in euros by that time :-)

At least we don't have capital gain tax here so that will compensate lol.

regards,
Ivo
 
Quote from Avi 8:

Simulators provide benefit provided the proper mindset is used during training and the limitations are known.
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Everyone should keep this in mind.

It's essential that you configure the simulator with the initial deposit and contract size that you plan on trading with once you get to do the real thing. Pick a number of contracts to trade with and don't deviate from that. Be honest and don't try to mask losses by switching to ten times the usual size.

What a trader can learn well on a simulator is to remain on the proper resolution level. This will prevent a tendency to go too deep down the rabbit hole once it comes to live trading. It will counter the psychological need to be on a hair trigger and will allow a trader to lean back and stay in for the trend.
 
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