Operating strictly using channels and FTT to FTT/FBO/BO, I saw:
FTT of the up channel on bar 9 = change
channel BO on increasing volume on bar 10, is what we expect after an FTT = continuation
it is geometrically impossible to draw a pt3 channel using bars 9 through 14, only a tape...
It makes a lot of sense to me.
But, when I am trying to fit this with "Signal, Action, Confirmation" approach, I can't find anything before the close of bar 15 (FT3, IBGS and Outside bar) that would have told me not to reverse on that bar.
This statement contains logical fallacy and generalization.
I took the liberty to remove the generalization to point you to a solution to an obvious problem you are experiencing.
So you started here:
01-06-07:
http://www.elitetrader.com/vb/showthread.php?s=&threadid=84078
It took you 7 months to get here:
08-02-07: http://www.elitetrader.com/vb/showthread.php?s=&postid=1553975#post1553975
which is not uncommon, but you were given a very good advice...
Volume precedes price:
p 87: Mastering Technical Analysis, John C. Brooks
p 56: Technical Analysis Explained : The Successful Investor's Guide to Spotting Investment Trends and Turning Points,
Martin J. Pring
p 34: Short-Term Trading in the New Stock Market, Toni Turner
p 288...
http://www.elitetrader.com/vb/showthread.php?s=&postid=1900168&highlight=dog#post1900168
Dude, you are posting the lyrics in the wrong forum.
May I suggest: http://www.countrymusicforums.net/
I see increased volume on bar 29. bar 29 also went higher ( higher than previous bar) It should be colored black. Ensign colors bars by comparing close with open.
Bar 29 has increasing black volume => pt3
That part is clear.
That part is also clear.
It makes sense to me now as I noticed difference in his approach to drawing channels but couldn't quite put my finger on it.
I will not.
Thank you, Spydertrader for your response. I appreciate you taking the time to answer.
Spydertrader, if you would be so kind when you have a moment - I am going through this post:
http://www.elitetrader.com/vb/showthread.php?s=&postid=1451061#post1451061
Seventh paragraph down, starting from the second sentence:
I looked at both snippet with pinkish arrows and the...