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It is a tape indeed. Marked thin black on the attached, this tape is created using two bars: 1250 [close of] and 1255 [close of]. This tape grows into a traverse from pt1 to pt2 of future channel with slope and width similar to those of previous up channel. The start of the sequence is an...

Sorry, this is embarrassing. I am going to start drawing trend lines manually. Obviously, since there is no channel, the price does not BO on increased volume and there is no sequence. Instead we have pt2 to pt3 traverse. Thank you, Spydertrader. I appreciate your patience.

The sequences is the area where I find myself still wandering off the reservation quite often. Today after an FTT on 1340 ES bar [close of] is an example. I am trying to figure out the logic behind determining when the sequence fails. After an FTT price broke out of the down channel on...

:) Actually it was BO of the pennant 1110. I don't have the pennant on any of my 2 data providers.

:) I suspect the why was meant to elicit the analysis

Obviously my YM chart looks a bit different due to data provider

YM bars: 1050 [close of] price moved in dominant direction on increased volume = continuation 1054 [close of] price moved in dominant direction on increased volume = continuation 1100 [close of] price moved in dominant direction on increased volume = continuation ( the fact that it also moved...

Sorry, I totally missed the differences in applying the logic of lateral movement in describing how price moved vs. determining continuation/change bar to bar. In our case the data set is sufficient : 1100 - price moved in dominant direction on decreased volume = change 1105 - IBGS = change...

On my chart 11:00 through 11:10 [close of] bars all close within the previous bar range, indicating lateral movement = continuation. I am missing something fundamental:confused:

YM: 10:50 - increasing red = continuation 10:54 - increasing red = continuation 11:00 - SYM FBO = continuation (because of FBO direction) 11:04 - IBGS = change 11:10 - lateral movement = continuation Hold short

While the charts tell me that pt2 to pt3 on increased non dominant volume is possible, this is not what we expect from the sequence of dominos after an FTT. And WMCN is anything but increased non dominant volume. Is this accurately describes the meaning of this response...

In my humble opinion the answer to the wholes issue of why pt3 never came after 1545 [close of] bar and whether or not increasing black volume eliminates the possibility of pt3 down, lies with YM. 1546 [close of] exits down channel on increasing black volume after an FTT. Therefore YM dominant...

"Three ways exist for Price to move from Point Two to Point Three" - was not, I think. It was given as a quiz however.

Sorry, I missed that chubby tape. :)

I don't follow. 1540 [close of] is a VE of the down channel?

YM: 1326 [close of] is up on increasing volume = the trend is up 1328 [close of] as you noted is IBGS, so the trend changed obviously, it is down now. 1330 [close of] forms SYM, continuation of the downtrend that started with IBGS That is why 1332 [close of] goes down on increased red. And...

Got it. Thank you very much.

Spydertrader, if you'd be so kind. Following the bi9foot question as to what goes on inside formations: a. For a beginner all decisions take place at the end of bar. b. No decisions are made while price is inside formation "For a beginner, as long as Price resides inside a formation you...

If price is moving from pt2 to pt3 we expect anything but the increased black Edit: I posted before I saw Spydertrader's answer to dkm:)

:D Let's pretend I am back in May of '07, when the formations have not been discovered yet:D , and the admirable quality of their BO's (which mean not much unless followed by more increasing volume on the next bar for a trend to change) is still not in our tool set. And I thought this red bar...