Spydertrader's Jack Hershey Futures Trading Journal

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Quote from The Swordsman:

How are you seeing this bounce component? After 13:10, I see the 13:00 bar as the FTT and have 13:35 as pt 3. Gaussian-wise this makes sense to me. But prior to that, I dont see enough evidence that the mkt wont continue heading lower after the 13:00 bar.
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The movement of the Price Bar itself tells you - no different than Time and Sales can tell you. In time, one begins to 'see' - in the movement of the ES Price Bar what the finer tools have to be telling you. This isn't something someone can point out to you, and you say, "Oh! There it is!" Your mind begins to recognize the sequences as they unfold attaching its recognition to a given outcome. How do I know it works like this? People have posted on this subject before in this very Journal.

For example, ever notice how a Price Bar reacts when Price runs into a solid DOM wall? You can 'see' these things without ever using the finer tools. This is what Jack tried to convey all along with the use of indicators and other tools. Get people's eyes on a chart, and in time, hope the Beginning Trader can learn to 'see' the sequences.

- Spydertrader
 
So you basically just watched the last minute ish of the 13:00 bar and saw a spike in volume (to the upside) that led you to believe that this would be a pt3 up? Given that we have, visually, our first two points, this makes good sense. Thanks RT

Quote from RoughTrader:

Yes, you are correct, my bar annotated "3" is an ftt for the trend to the downside. An ftt can be a point 1 OR a point 3 for a new channel, depending on how the channel reversal unfolds.

The key item here is the volume. It (PRV) is clearly picking up compared to the end-of-bar volume of the previous bar. Additionally, our point 1 and *tentative* point 3 show an up-sloping 1-2-3 formation in the process of confirmation.

I am not using any intrabar analysis tools to make the decisions (other than PRV).

RT
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Quote from The Swordsman:
...my only concern with this is that SIM acct vrs live trading acct (at least through my broker) are considerably different speeds on the DOM. I would imagine this might be an issue for some others as well. Getting used to buying/selling pt 3 on the SIM might give a bit of false hope if the trader finds the real mkt speeds are faster and more treacherous...
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My impression of the SIM since it is using the same data feed as my chart -- it would be faster on fills, since it will assume a market trade is filled in xx seconds & the broker may not yet.

Did I mis-understand your stmt?
 
For me, when I was on the SIM, I found getting in at the "best prices" based on Pt 3s and FTTs as being much easier. When I went live, I noticed that the speed of the live market was greater and hence, more difficult to place orders in time. It wasnt so much the fills, but rather making a decision to get in/out or not at all was significantly more difficult. Again, I do not know if all brokers do it this way but mine, who is a big futures trading broker, told me that their SIM was mainly to get used to functionality rather than to emulate the real mkt environment. If I were you, or anyone else who has been on the SIM for awhile, I would suggest spending some time watching the market from your live acct and see if indeed it is the same as the SIM or if its different and faster like mine was.

Quote from LostTrader:

My impression of the SIM since it is using the same data feed as my chart -- it would be faster on fills, since it will assume a market trade is filled in xx seconds & the broker may not yet.

Did I mis-understand your stmt?
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Quote from LostTrader:

My impression of the SIM since it is using the same data feed as my chart -- it would be faster on fills, since it will assume a market trade is filled in xx seconds & the broker may not yet.

Did I mis-understand your stmt?
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to avoid sidetracking from the syllabus, I have started a sim discussion at the software thread:
http://www.elitetrader.com/vb/showthread.php?s=&postid=1712177#post1712177

I would be happy to help you out over there.
 
Quote from Tums:

That's why I have my signals programed in audio alerts. ;-)


BTW, excellent step by step success road map.
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At what settings do you have those audio alerts configured?
 
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