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This is a point that occurred to me only recently so I sought clarification, and the answer is: So my understanding now is that if price reaches the left trend line and does not break through it i.e. it begins a left to right retracement, then it should been considered as an FBO and an exit...

Here are my notes for today, produced from monitoring just the 5 min ES chart. Hopefully this might show up some flaws in my thinking (no pun intended) 09:44 dominant long, magenta tape 09:51 turn? 09:53 low prv, range contraction 09:56 vol accel, new high 10:00 FTT? 10:03 red bar...

If my understanding is correct, an FTT usually exhibits peaking volume i.e. the volume of the FTT bar is usually greater than that of the bars on either side of the FTT. Within the constraints of the present tool set (i.e. ES Chart: Price, Volume, Channels and the FTT) am I right to presume that...

Spyder, Do you recommend that a beginner consider a bounce off the left trend line as an FBO and therefore a reason to exit? (i.e. the end of a dominant traverse) or is one expected to hold through each non-dominant traverse?

and ym

my es chart for today

Just for clarification, an FTT can be a higher high or a lower low without price reaching the left hand side of the channel. Examples attached.

That seems reasonable. I just didn't spot it at the time :)

Could you post your chart please?

ym 2min

es 5 min

es 5 min

ym 2 min Misidentified FTT at 10:58, otherwise good day so far

The 3 trades that I referred to are as follows: 14:20 Short 1422.25 14:23 reversed to Long at 1422.75 -0.5 14:29 exit at 1422.50 -0.25 14:30 short 1422.25 14:40 exit at 1422.25 wash 14:56 long 1421 14:57 reversed 1420.25 -0.75 15:01 exit 1421.50 -1.25 scan of log attached

5min ES On 3 occasions this afternoon I identified an FTT then had second thoughts about the validity of the decision. I reversed on 2 of them and on both occasions ended up with two small losses. Net result -1.25 for the day. The subjectivity of FTT identification prior to seeing B2B or R2R...

2min ym

I would expect it to be considerably earlier than that. We had a B2B on the 2min ym at 15:06 :) David

Spydertrader, how did you identify the low of the 15:00 bar on Friday as a new pt 1 (for green channel)? Thanks

For the sake of clarity and consistency I have tried this approach myself but it resulted in frequent small losses due to late entry. Have you found this simple technique to be profitable?

Although today's FOMC minutes resulted in some dramatic price action, I have seen similar frequent small losses on a regular basis. The prinicple of the FTT is solid enough but the practicalities of its use in real time are an entirely different matter. The problem lies with (a) identifying the...