Spydertrader's Jack Hershey Futures Trading Journal

Thank you Spydertrader for your comments on the bar I found so confusing. My charting platform didn’t allow me upload a 2 minute YM chart from yesterday but I’ve downloaded Quotetracker and when I get it to work I’ll review the YM chart as you suggested.

Looks like it’s time for the February Journal as well as another trip to Kinko’s to print Pr0crast’s compilation!

- river

 

Both the ES and the YM volume levels at 10:20 were small relatively to the 10:05 levels.

You can see my chart: http://www.elitetrader.com/vb/attachment.php?s=&postid=1583927

 

Did the wall stick or disappear as it got to the inside pair?

 

Thanks for the YM chart cnms2!

I see the YM vol levels were small relative to the 10:05 bar and I see the decreasing green bars on the YM as Price retraces the channel. Maybe there is something to this "YM leads the ES" thing

- river

 

In the last uptrend of the day, how was it possible to see the previous FTT contain a point 1 and 2 simultaneously (on the same bar) for this uptrend?

 

Hi Mak,

I do not get to see the tape on open e cry, I do get to see the tape of ym on esignal.

All I can do is look to see if the wall is pulled quickly , or in segments.
While watching the DOM it appeared to get taken out in segments.
I could use all the help I can get while learning, If someone has a screenshot of the tape at that time, that would be great.

Mak, is there any way to see this, without the tape to confirm?

 

'Tapes' are made with 2 bars, whereas channels result from a minimum three bar formation. I don't normally draw in the tapes on my charts (in an effort to reduce the number of lines and eliminate confusion for posting). Today, I left a few 'tapes' in place. The area to which you refer began as a 'tape,' but then 'rocketed' and grew into a 'channel.'

In other words, we did not have an up tape followed by a down tape to create the channel in this example. See bundlemaker's channels video for additional explanation.

- Spydertrader

 

Hi Spyder
I had a remarkable thing happen today. I was anticipating the end of one of the many retraces during the uptrend today. I can't remember which one. I was watching the DOM without any real purpose when I saw 1000+ contracts on the sell side. After it was there for a second or two, it disappeared, only to show up on my T&S as transactions. I have it set to filter everything less than 50 contracts so the important activity dint get buried in all of the small orders that churn through. I was excited about seeing that, but not sure why at that moment. All of the sudden I understood what happened. The wall got chewed through and it was confirmed by the T&S. The whole thing happened so fast that my mind understood before I realized it. .

I can't be sure of the actual size because I didn't record my screen, but I remember the sequence. large number on the sell side and smaller number on the buy side. Then the sell side changed to a small number, and transactions showed up on my T&S then price moved higher. I think I would have had about 2 seconds to react with a market order on the long side.
This was a continuation signal to the upside I believe.

Does this make sense or am I delusional?


Here is my chart for the day.

 

Hi Spyder,

in your chart around 11:45, you marked first two short red bars as dips, and third one as FTT, why? they look the same to me. Is it something YM?

Thank you.
Eric

 

It is a great drill! Add the PRV, and the channels, and ... you got your SCT.