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Thanks for the comments and chart txuk. I don't have a way to identify hips/ditches/stalls yet, so I've added that to my list of research items. I can't believe I just pulled a Spoonerism on ET. LOL

Just a couple of comments from my perspective on this. A FTT can only occur after a channel has developed. A channel can only occur after a point three has been identified. A channel has a pt 1, a pt 2, and at the most two pt 3s. The channel may be widened to accomodate a large volume bar...

FTT means "Failure To Traverse." It is an indication that a trend has ended and a new one has begun. FTT sequence: A channel has formed (i.e. pts 1,2,3 are defined) Price has visited the RTL, and is in the process of traversing to the LTL (i.e. R2L traverse) FTT occurs when: Price does...

Sorry guys I'm still not seeing what you mean :( If I pull out so I can see a couple of days back, I do see that we are in a ST long trend. However, within the context of the channel I drew, the two arrows point to bars where, as I understand it, FTT's have occurred. I understand a FTT...

I was going over the charts today and drawing in the channels and came across this. I've seen this before, and to be honest, it drives me nuts. It's a FTT that did not become a point 1. Is it a FTT? Is it a FFTT? Is it something else? Right now I have it classified as a "What The Frell?"...

Hi Stalker - Thanks for the suggestions. When I first started looking at PRV, I tried to get a 30 second chart up with Ensign. No go - the lowest granularity based on time is 1 minute. My intention is to build a PRV tool (as txuk as suggested.) I'm a software engineer, so I can leverage...

Hi Dan, Sure thing, see the attached sheet. The colored dots you see are the volume that showed up at the given times. I use several colors so that I don't have to print out a sheet for each bar. I don't remember what time this was done at, so I don't have a reference for you to compare to -...

Interesting that you brought that up - many times I was running my PRV sheet and wondering "What are they doing?!" My sheets look like my 2 year olds "drawings." I just couldn't get a good feel for the volume moves - it was really staccato. It seemed like there were lots of intrabar bursts of...

As an explanatory note - When I feel I have a point one, I use Ensigns parallel line tool to draw the trend line, and this comes up as the baby-blue channel. I make the tentative channel width based on the point 1 bar ends. On the second bar, I modify the trend line slope to match. When I...

Midday to EOD. One thing I am trying to overcome is redrawing channels to fit after the fact. Usually I would do that in order to "clean it up" so these are pretty messy. Anthony

Chart up to midday-ish

Here is some further excellent feedback I received from Icarus in a pm. At his encouragement, I'm posting it here.

"Pardon my friend; he's a little slow" Llyod Christmas, Dumb and Dumber I'll preface this post with the statement that I was very stupid today. I should not have taken one trade until I had at least come up with an exit sequence. Why? I guess I thought I could continue doing what I had been...

I originally thought it was just his humor. The more I think about it though, he is also saying that he pulls the trigger ("hair trigger") when the market says to go. Could be wrong. Been known to happen before :)

Thanks much! On first pass I think I see a lot of predicting that I did. Another issue to address. On a side note, my comment about "wanting to be a hairy trader" was a bit of Hershey Humor. See...

I have struggled for what seems like an eternity to get something, anything, that works (for me) consistently. Many times I have questioned whether I should be pursuing a path as a trader or not. Your comments here have encouraged me immensely - thank you! I had a bit of difficulty with this...

Chart.

I took 2 trades today. I didn't get up until 9:45, so I missed the opening and hence didn't take any AM trades. I had originally intended to just follow the market and practice the drills, but I couldn't resist the PM breakout trade. S1 @ 14:31 1294.75 exit @ 15:31 1294.5 +.25 Entered on...

I can't speak for Jack, but I honestly don't think he would have suggested you do the PRV drills with the expectation that you know those things. I took a 30 second timer, printed out a stack of the sheets I posted, and went to town. Start at the bottom row. Every 30 seconds, record on...

But not this time, and not in this thread. Your question really is better addressed in Spyder's journal, or by starting a new thread.