Thanks, that helps a lot. I have 3 follow up questions: 1. Was the actual point of the FTT the start (the open to high movement) of the next bar? 2. Do you mean a traverse of the carry over short which started on Wednesday? 3. Do you consider, even if you don't annotate explicitly, "ASAP 2 bar tapes" taken from the high/low of bar 1 through bar 2's open? The other points in your post are well noted. Many thanks for your guidance. It may look like I've taken a step backwards but I feel a P3 coming on.
Jack teaches nothing new. All of this has been taught before in different modalities. Price, volume, formations....goes as far back as Gann and Livermore. Many of you are overthinking this process, like last year, and the year before that. 1. Where is price going? 2. Does volume support that direction? That's it. Best Regards Oddi
Back when I was learning this method, I would lurk. Then I would appear and ask some pointed questions. The questions would be closed ended, and clear. Some people in the past have asked questions and editorialized while doing it. I do not know if you are one of these people, but if you have questions, ask them. Do not debate the answer. Apply the answer. If there seems to be a problem, determine if it is the answer, the application, or both. Best Regards Oddi
I am glad you sorted this out. Others got there, and so shall we. It's just a matter of placing a proper focus on things that really matter and avoiding energy expenditure on trivialities that don't, such as who's got success with the system and who don't, and who defends it. This is completely not sarcastic and exactly how I felt when I read this: Agreed buddy.... One day we'll get there buddy.... One day we'll get there and we'll talk about the old days when these posts were nothing but nonsense....I cant wait for that day
LittleMac http://www.elitetrader.com/vb/showthread.php?s=&postid=1079350&highlight=falsify#post1079350
---------------------------------------------------------------------- Well you are half way there I suggest you take sometime out then come back all refreshed. Concentrate on the early part of the futures journal http://www.elitetrader.com/vb/showthread.php?s=&threadid=83604 Keep it simple, Price and Volume, think in terms of the dominant and non-dominant trends. There is no magic formula which will help you to simply 'get it'.
We're in the same boat - trying to learn this. Keep in mind that this is not a college book on calculus that you can read, do some exercises and pass the test. The journals are a collection of extremely valuable insights into the inner workings of the market generously provided by a very gifted individual. The actual learning is your own responsibility. If you ask a question and the answer is "smoke these mushrooms and watch sesame street", repeat this mantra - "f*ck it", move on and file it under 'things to be discovered on my own'. Complaining is a waste of your time and energy. Arguing with anonymous posters who obviously don't give a crap about your well being is even bigger waste. If you need proof that it's possible to learn from everything that Spydertrader had already posted - look at Mr. Black or Callmate.
What this method requires is practice, practise, practise. A number of templates have been given to you to work with, the most important of which is the P/V relationship. It's your job to train yourself to apply those templates under different market conditions and circumstances. Succesful trading is based primarily on observation, experience and routine. To contrast it with Pauline Christianity: in this gospel salvation is not based on faith but on good works. Faith doesn't profit. [James 2:14]
I found this to be the hardest part of trading this method: dealing with situations where increasing volume does not translate into a trend. I learned to anticipate such market behaviour by carefully observing price action around order walls on the DOM and keeping track of horizontal support/resistance.
The FTT falls on the Bar circled where you have a large red 'Number One' on your chart. Your green up Point Three represents a Traverse and not a channel. In other words, a channel requires traverses inside it. The market did not provide any here. I do not understand this question. When someone says, "I 'see' a Point Three forming on a specific bar," they often refer to Volume moving to increasing levels over the previous bar. This represents reacting annotation. One should have the ability to anticipate the development of a Point Three long before increasing Volume appears on one's charting software. How? Well, every Traverse has a Point One, Point Two and a Point Three. An FTT forms a Point One. Without an FTT, one cannot have a Point One, and without a Point One, one cannot then have a Point Two or Point Three. Since we have previously discussed how to determine if the market has created an FTT, the rest of the sequences should fall right into place. HTH - Spydertrader