Spydertrader's Jack Hershey Futures Trading Journal

[TIKITRADER]

DAILY ES chart December 20 -07

 

[nkhoi]

Quote from ang_99:

Yes, I saw that and am glad you brought that up because this is why I'm confused.

I was under the assumption that our new B2B basically cancels out the previous R2R.

In other words, yes a R2R tells us we have
change (down) BUT our new B2B tells me to forget about the previous R2R because we have change again (up).

So why would we be 'anticipating' a pt3 down channel?

From 14:35 to close we had gaus changes
4X btw.

hindsight speaking the new B2B didn't 'cancel' out previous R2R, did it? so try to juggle more than one scenarios and pick the one that make most sense. Don't worry your selection process will improve eventually.

 

[Tums]

Quote from cnms2:

A suggestion: try to understand what each rule means, and why it is so.

Learning without thought is labor lost; thought without learning is perilous.
- Confucius

Life is ten percent what happens to you and ninety percent how you respond to it.
- Lou Holtz


Take a "bad day" as an intense case study day. ;-)

 

[ehorn]

Quote from ang_99:

Yes, I saw that and am glad you brought that up because this is why I'm confused.

I was under the assumption that our new B2B basically cancels out the previous R2R.

In other words, yes a R2R tells us we have
change (down) BUT our new B2B tells me to forget about the previous R2R because we have change again (up).

So why would we be 'anticipating' a pt3 down channel?

From 14:35 to close we had gaus changes
4X btw.

Hello ang_99,

I have attached annotations of how I saw that leg of the day. Volume leads price - so in order to drive the price up to previous levels (i.e. those 3 green bars prior to exhaustion) I was looking for demand at least as great as the previous run up. (i.e. >= 3-5K more on that 5M bar or high demand on the next bar(s) ) but the 2 proceeding bars were relatively weak volume) which I labeled as B \ in the B2B /\ and it sure looked like a PT3 down at the time. The confirmation was when supply kicked in and increasing red V along with it.

 

[cnms2]

Is there anybody here trying SCT?

 

[ang_99]

Quote from ehorn:

Hello ang_99,

I have attached annotations of how I saw that leg of the day. Volume leads price - so in order to drive the price up to previous levels (i.e. those 3 green bars prior to exhaustion) I was looking for demand at least as great as the previous run up. (i.e. >= 3-5K more on that 5M bar or high demand on the next bar(s) ) but the 2 proceeding bars were relatively weak volume) which I labeled as B \ in the B2B /\ and it sure looked like a PT3 down at the time. The confirmation was when supply kicked in and increasing red V along with it.

Interesting, thanks all.

 

[cnms2]

So simple ...

Quote from cd23:

...
Watch from the open on 5 minute bars.
Look for the end of bar 3.
Enter when bar 4 breaks out of bar 3 with 10 contracts.
Exit when the market moves 2 ticks in your favor.
Quit for the day and deposit all profits in a savings account for 40 years.
...

 

[gooch87]

Here is my work for the day, off to work.
+3.25

 

[LostTrader]

I did one sim trade this morning, when I saw a p3 on YM & ES.
Again exited after a full retrace bar, progress forward had stopped, the next bar tried up & failed, so I exited @ +3.

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1722531>

Volume seems too low for me to continue. Happy Friday!
and Merry Christmas!

 

[LostTrader]

Quote from ang_99:
I was under the assumption that our new B2B basically cancels out the previous R2R.

In other words, yes a R2R tells us we have
change (down) BUT our new B2B tells me to forget about the previous R2R because we have change again (up).

You do not have any Volume Rays on your chart. How do you know when you are in Dry up?

The B2B low might be Dry up -- so compare the Black Volume rise to the prior bar (red Vol rise) and it is not rising. This (in my mind) casts doubt on the B2B at the Forest level