Iterative Refinement
- Thread starter Spydertrader
- Start date
I agree with Gregor. We are looking for a P3.
A question for anyone who might care to comment. If there is a large gap, should the channel RTL "follow the gap", as for example happened yesterday? This would be in keeping with the definition of an uptrend line, i.e., a line drawn from the lowest low to the lowest low before the highest high without touching any bar. This is the defintion referenced by Spyder but I can't remember exactly where he said it.
lj
A question for anyone who might care to comment. If there is a large gap, should the channel RTL "follow the gap", as for example happened yesterday? This would be in keeping with the definition of an uptrend line, i.e., a line drawn from the lowest low to the lowest low before the highest high without touching any bar. This is the defintion referenced by Spyder but I can't remember exactly where he said it.
lj
Well allrighty then. If one does chase the gap, the ES channel RTL is found to cross today's chart at the bottom of the 11:20 EST bar and then everything just plops out and makes sense, for a little while, or not. Interestingly the 'adjusted' YM also crosses its chart in almost exactly the same spot [a little bit before the ES]. To reiterate and not in an iterative fashion, we have, IMO, completed the downtraverse and are looking for a P3 up (the traverse RTL on the chart awaits confirmation [or rejection] in the AM).
lj