We will bring you up to speed. As you progress in spending time, things will become evident. We have a main thrust right now to get P and V down. The FTT is the major signal that results. As you build on the effort,you come to many places where you say that you NEED more t get better. This is not intended to frustrate you in any way it is just that as time passes you gate yourself into a better place. In the past others have come along these paths and what they had to work with was sort of primitive. Doing the manual stuff is good because it builds the mind. And at some point you feel that you need more and better tools. The tools are all over the place and they become understandable after you have digested the basic stuff. In anothr thread there is a comment with much wisdom saying over analysis is defeating. Well of course it is. Here we work on improvig effectivenss and efficiency. It relates to optimizing and not over analysis. A person can not just come into this picutre and sweep up along side a person who is in the groove and be like that person. It takes some practice(drills and days on monitoring.) The picture of price and volume is one that is unique in the word. It is value and human psychology welded together in a telegraphing signal to you. As you become accustomed to going with the flow, the data is speaking to you and it is like being part of the process. Our common objective is to trade to extract from each movement what is there and then to go into the next movement. For me I just exclaimed when I read the chart from Adanda (bi9foot)that it was the fastest read of a day that I had ever seen. what I was seeng was acolor for every 30 seconds of 6 1/2 hours of trading. Like reading lines of a novel where the colors are words to me about price movement even though it is stated in volume colors. we are able to process 10,000 units a second consciously and at the same time 20,000,000 units unconsiously. If I read 20 of these daily charts either one after another or over 20 days 30 seconds at a time, I do not care which. What I care about is the way the color goes into my mind as an abstract representation of volume leading price. On the Yukon I listen to the sound of silt to gt the curl divergence and gradient o my path down the river in glacial melt. On a B class yatch I look at telltales I threaded into sails and the quarter wave coming out under the hull on the lee side of the craft as I adjust the settings and direction. We are helping you get to "see" the market and learn how it works. As you do and it becomes and automatic seamless contiuous thing, you steer a course that is optimal. Going from Whitehorse to Dawson is not a trip to screw up by misreading the situation. there no phone or anything. Winning yatch races is the thing to do with the investment and sports opportunity. Both time well spent. as we go with the flow being in the market with 5, 10 then 20 then 50 contracts, we want to be onthe right side of the market. volume leading price and the conformance to the P.V relationhip lets us read the very near term future of price movement. Therefore, we can make money by level after level of improvement. as we reach each level of extraction and feel the comfort of contiuning success, it keeps occurring to us to do better to optimize. Our focus turns to the unfolding scene to "see" what is tere to see. It becomes a case of steering our attention and then focussing it. That is going to come into the picture in good time. Putting your attention on the volume and price is where we begin to be skilled. It does not ever get boring to us because of one thing. we continually lean into the opportunity and see that there is more to understand, more skill to apply and more experience to be gained. It is easy to get to the place where you have surplus capital and that is not the goal. capital is just another tool in the infinite scheme of things. You are working to build your character and stature by knowing how to trade well. The topic is taking out of the market what is offered. you are in the market, it is there operating and you are taking out what is offered. As you do, you have the consequences. They are priceless as the saying goes. By getting to an automatic level and being there all of the time, you are capable of making money to fulfill anything that comes up. Start to learn about P and V and how to annotate and see FTT's. You will see how mikey bars work and the ananda colors works as you monitor the markets.
Bigmoose, I replied earlier. It is a .net app not excel. I use IB & IQFeed, but I wil make it work with as many data providers as possible
When you believe you have an FTT forming in real time, only later to realize, you really didn't have an FTT forming, you have encountered what Jack calls a flaw. Hitch, Dip, Stall, HVS, CCC all represent different types of flaws - each having various characteristics. For now (at this stage of the beginner learning curve), we don't place too much emphasis on catching the differences between the types of flaws. Rather, a trader should focus on recognizing differences between an FTT and what is not an FTT in real time. Looking for a moment at your first example (10:20 AM Bar on the attached ES 5 min chart), what you believed to be an FTT, in reality, turned out to be a 'Hitch.' A Hitch represents one of many flaws which appear the same as an FTT at first, but as time passes, provide clues as to their differences. Notice the differences in the volume bars. Notice how a Hitch almost always has significantly less volume than the previous bar (the second hitch still falls within the HVS, and as such, has higher than normal volume). Notice too how the volume presents a color change (in this example, red to black) in addition to the significantly lower volume levels. As a result, a trader can quickly determine, by using PRV volume levels, if one has actually encountered an FTT, or a flaw. A review of Jack's Gaussians Information should provide you with additional information allowing you to more quickly recognize these flaws. Again, finding these flaws and understanding which type of flaw one might have, really isn't that important right now. With the addition of our toolset (2007 Futures Journal), each tool we add will provide input to aid in the determination of FTT (or flaw) formation. Second (and more importantly), the manner in which I plan to lay out the Futures Journal assumes a trader encounters these flaws on a daily basis. In fact, it is by making errors (and quickly fixing them) that a trader trains his / her brain to more quickly recognize the the flaws in the future (no pun intended). First by accident, then by design, the trader slowly begins to enter the realm of SCT. Already you have noticed these flaws, and as a result, have wondered how might you avoid them the next time you encounter one. In short, you are exactly where you should be with respect to training your brain to locate the FTT. Keep at it, and monitor volume levels in addition to price. Right now, all flaws tell the trader (Beginner Level) to hold. I hope you find the above information useful. If not, please let me know if Ic an provide additional clarification. - Spydertrader <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1308390>
is there a way to review the score and rank of stocks in bulk, I want to upload a list of them rather than type 1 at a time? thanks
Journal One has automated Excel sheets for this purpose, as well as, links to Wealth-Lab Bulk Scans. The last page of Journal One explains how to access these scans. I encourage you to either review Journal One, or continue your reading if you have yet to arrive at these links. - Spydertrader
Spydie So is it safe to "assume" that all flaws will have the same low volume characteristics and all FTT's will have the same higher volume characteristics. EXCELLENT post by the way and please keep the chart / explanations coming, as they say a pictures worth a thousand words.
I don't want to get too far out in front of myself with these flaws, but keep the following in mind: Absolute volume levels hold far less significance than do changes in volume over time. Notice the 'Hitch' in the above chart snippet. Note how low the black volume bars appear in comparison to the red volume bars (on either side). Easy to see looking back with the aid of hindsight, right? But how to "know" in advance? What I am saying is, it isn't important to know in advance. Rather, once you 'see' super low volume compared to the previous bar, your brain says, "Ooops, I made an error. This isn't an FTT, like I thought! It's a hitch!" When your brain thinks such thoughts, you immediately get yourself back on the right side of the market. Using PRV Volume levels, you can anticipate the Hitch Formation, effect change, and actually profit from your error. Now, each flaw, provides a clue (using first price and volume, and later, additional tools) alerting the trader that they don't have an FTT. Jack calls these scenarios: WWT (for What Wasn't That?) - meaning, "It wasn't an FTT, but what was it?" Some of us have termed these flaws: WTF's (I am sure I don't need to define this acronym ). Whatever you want to call them, for now, they simply mean hold. In The Futures Journal, I hope to have video (short clips), as well as, .gif files for each flaw - complete with individual price / volume characteristics. However, we are not there yet. At this point it is all about training the brain. Making errors (and then fixing those errors) really does train your brain for the input analysis in the future. We will get to the flaw analysis at the appropriate time. For now, keep on locating those FTT's - even the one's which turn out to be flaws. - Spydertrader