Quote from river:
As you recommended about a month ago, I added a 30 min ES chart to the 5 min ES and 2 min YM. I see now that my âanticipationâ at dayâs end of what to expect the next morning was rather myopic without the longer TF chart. Previous to adding the 30 min, a day like yesterday (extended lateral movement, for hours, into the close of the day) would often leave me bewildered as to what to expect. With the 30 min, the âanticipationâ picture for this morningâs open was much clearer.
Jack, would you consider composing a missive on the nuances of the 30 minute chart as you mentioned in the quotation? (You know, one of those posts that some of us would describe as detailed, thoughtful, and thought provoking and that Covel might characterize as âyour craziest stuffâ.)
-river
I will be glad to.
I guess I could also do the carryover daily for a while.
Carryover is formatted:
Sentiment: Long (30 minute)
Trend type: D (this is a specific column on the Modrian Table that will be referred to as the next turn comes up)
Prior turn: (Automatic b) b ND to D Turn itself was a BO T1
Volume sequence: P1, P1 (for a future PP1 the third P1 minimum value for acceleration is 21,644.)
Entry @ bar 1: Short.
The above five topics constitute the carry over from the close today to bar 1 of the open. As the open approaches @ 9:30 NYC time, the DOM is read. I take advantage of the most favorable price just before or right at the open. I get numerous partial fills and they ripple down through the MAT accounts. From profits yesterday I added 7 contracts collectively to the MAT accounts.
We are in the market and degapping ensues.
Review the attached 5 and 30 min charts. There you see our prep for the degapping. The degap lines (vertical pink is attached to the closes.) Before open the potential open showing on the DOM will be used to stretch or shrink the pink line. It is set according to the 30 minute sentiment (long for the sentiment "call" listed in the carryover.)
The trading room "anticipates". Bar 1 can have a lock in on price, then volume, then an EE. This means a turn could happen at look-in and it would be carved using all leading tools. The presence of a turn is handled to make money. following the profit taking lofgging and annotating are done. The trl, BM and arrow come immediately so a referential shape is present.
As the modrian table can be onsidered at any time, now this evening it can be reviewed to see that a PP1, PP4 and a BM rev are the three most likely to anticipate to yiled a "c turn", if not those, then an a turn could come up for any other EE.
the 30 min chart has loads of info as well. The last six bars provide a context; the events were.
1. Ftt on bar 54.
2. VE on bar 66.
3 Sub FTT on 72
4 Sub shortbars 72 and 78.
5 BO of rtl on last bar, long sub forms.
6. Three moves on the long sentiment so far.
7. Bar 1 (first 6 5-min bars) will gain in lower end then in upper end as time passes.
8, Initially an internal will start the day. Fanning is done on internals that straddle rtl's. Bar 72 and the last bar have formed a relative X B on the last bar.
