Spydertrader's Jack Hershey Futures Trading Journal

Spydertrader/Pointone,

Are you speaking of intra-bar Harmonics? If not, could someone explain or point me in the right direction.

Thanks.

 

No, harmonics that show up in channel traverses which Jack attributes to differences in the underlying accumulation/distribution volume frequency:

Harmonics

In summary: stair-step vs. sawtooth.

 

I am curious if you take your trades at different points or just at FTT ... OR is that question entirely not-relevant. Could I ask you on average per day how many Successful/un-successful trades you make.

I have been following your equities thread and then this futures thread - from a long time, on-and-off. I am very convinced about SCT more so than PVT. I work day job so i dont know how to do SCT. Could please let us know what tools you use for charting (and any automation if you do). thanks!

 

Thanks, Stepan7! That JH discussion made a hellofalot of sense w.r.t. the current DOM discussion.

 

The first steps of this Journey begin with monitoring the market. Successful trading comes as a consequence of 'seeing' the market unfold, and realizing, what must come next. I recommend beginner level traders start with FTT entry (or Point Three entry) only after significant time spent observing, monitoring and annotating the market. Failure to head this advice has cost many individuals significant money, time and has retarded their development process.

Far more successful trades than unsuccessful ones, but how I trade should not be the goal, or even the concern. The only goal need be to 'see' the market in an effort to differentiate between continuation and change.

Find a way you can record the trading day, and then at non-working hours, re-play the day. In this fashion,you can spend the time needed in front of your charts, but also, not have the learning process affect your day job.

Hope that helps.

- Spydertrader

 

Over the last few days I’ve pondered what’s transpired, and embraced the thoughts of Mak and Bearbelly in particular. The idea that one needs, nay must, produce some “rent money” is utmost in my mind. I would like to describe what I’ve done and where I’m at. I’m looking for criticism of any sort.

I’ve been at this for 8 months. For those of you who have been around these full 8 months you best have some sense of my knowledge of the material. Several days ago, I employed an assistant (my wife who is pretty knowledgable about all of the method herself) to work with me doing two exercises.

The first exercise was the end of bar, change/continuation exercise. I did the actual analysis, she questioned me on why I did what I did, looking for answers to many unanswered questions and trying instill maximum discipline and consistency.We did many days of static chart. I would scroll back blind, and just go through the day not knowing what the day looked like. The results we obtained boiled down to this: more than half the days provided astounding profit (more than the days’ range) but there were days mixed in that crushed us into huge losses. Ok, fine. This is not the way to trade, but rather a way to learn.

So, excersise 2. We traded forest level. Enter on pt3. Exit on RTL. Used only bar closes. At the end of many days, we were down hugely. During the process I noticed that (not unlike the patterns I have sometimes exhibitied in this thread) that I just got more and more lost/confused. As I integrated the latest stuff on laterals, that got me even more lost, in that it seemed to cause more questions than it answered. I told my wife the suggestion given to me was to try and take a different view point, see things from a new perspective. That baffled her as much as it has baffled me, because neither of us were able to come up with how to do that. Really, I don’t know what that means, brain operationally speaking.

Worst of all, I found myself missing important points on the chart. For example, ftt’s, and entire pt3 channels, etc etc. This after 8 months of solid, full time effort. And, I’ve already found what to me is a major contradiction between what Spyder said in his last conversation with me and what he posted in the last couple days.

The question must be begged: if I’m still missing seeing this in even on static charts (uncovering a bar at a time) until many bars later, doesn’t this suggest that my whole approach to “seeing the market” is way off base. And the person sitting next to me feels about the same. There is an overwhelming amount of stuff to keep track of and monitor, yet it is FACT, SCIENTIFIC FACT that the brain can only hole 7(+-2) chunks at one time (of course chunks can be differing sizes themselves) so the people who exhibit success HAVE to be approaching this differently.

Can anyone see a path over, through, or around this situation. Please don’t suggest more screen time. I appreciate the need for it to learn the finer tools. Hell, I still can’t use the YM because (even at the action points) 9 out of 10 times it doesn’t fit with what I thought I was being told to look for. It has nothing to do with screen time, because I am aware of the very same patterns of failure cropping up. It’s as though I’m in a loop of seeing some sign of success, then putting that sign of success to the test, and the test says, “no way, no $$$ here.”

 

Firstly I want to apologise to you for the sarcastic tone of my post a couple of days ago - it was inappropriate and unhelpful.

I don't have all the answers by any means. However, what I do know is that the method implicitly requires you to get in at the right end of the bar. This makes all the difference in the world.

I'll leave further comments to others.

 

I suggest you post a chart you did your point 3 exercise on (and failed), covering the right side beyond the bar you thought it is a point 3 entry, and narrate your reason to enter. It should be from an area where the pace is moderate (volume wise).

 

Ok, answer one question - on the ES only, do you 'see' continuation and change? No other tools - forget them. Forget the 'rent money' and 'testing' for now. These only hinder the training.

If you aren't 'seeing' it on the YM I'm not sure you're 'seeing' it on our coarsest tool - the ES, which would invalidate your test. So don't 'test'. You either believe channels work or they don't. If they don't then nothing else you do regarding this method matters.

Once one believes channels work and 'seeing' continuation and change on the ES, then one can work on the next skill set - trade execution. Do not confuse trade execution with 'seeing' on the ES, these are completely separate skills.

That's enough for now and I await your answer.

-Mike

 

This is September, after 8 months of full time study, I don't see how you can miss a point 3.

I can see we are late in identifying a FTT here and there. I do that all the time. But there is no excuse for missing a point 3. Obviously you are not in tune with the gaussians.

If you really want to do this, I think you MUST go back to square one -- forget about all the finer tools. Just focus on drawing the channels and gaussians. Label all the pt1,2,3s and FTT in real time. And then compare to Spyder's at the end of the day to see what you have missed.

AND... POST YOUR CHART here DAILY

Posting your chart has a psychological effect: It will make you learn better.


Spyder has stated many time, even if we do not progress beyond the 1st month's lesson, we can still trade the forest level with very rewarding result. Therefore don't worry if you don't get everything now. Get to the 1st step first. You can't let a pt 3 blow by you, and expect to catch up with finer tools.



These are just my humble 2 cents.



p.s. As I have suggested to you in our PMs, taking a break can freshen your mind and give you new perspective on things.