Iterative Refinement

Monthly ES Chart.

Recently a monthly ES chart was posted by cnms2.
This is a follow up to his chart.

Month of May volume = 35.9 million.
( there was a holiday )

Month of June so far = 17 million.

June has had 8 trading days so far for 17 million contracts traded.
There remains 13 more trading days in June and has averaged 2,125,000 contracts per day so far.

Based on that average continuing, if it is to continue,
June would finish at 44,625,000 contracts.

As long as an IBGS does not form, that would confirm a monthly point 3 down.

Any feedback welcome if I had missed something here.
 

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Quote from TIKITRADER:

Monthly ES Chart...
Any feedback welcome if I had missed something here.
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Thanks for throwing these up Tiki. Here is what I have going on this morning for the varying fractals...

My crude anticipation for the day (maintaining a neutral bias as always) :) ...

"W" day

first leg tests 28-35.
second leg moves up to 45 area and dwells there through mid-day
third leg back to 38-40
forth leg BO of tape and move to 50-55 area
 

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Quote from Spydertrader:

Just a reminder for those who may have wondered why their Volume bars look so small ... :D

Today we 'rollover' to the September Contract.

- Spydertrader
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Thanks for the reminder. Mirus and NT gave a nice little reminder this morning when I fired up the platform (that was nice of them :) )

P.S. Looks like I had my chart upside down this morning when I did my pre-market analysis (at least the first 2 legs) :D

Well thats ok I suppose... this morning I managed to shoot a decent round (according to plan - 4/contract/day is par at my stage - I managed to beat it by 1/2 stroke a played the round in under and hour) :)

I really like golf. As an amatuer, sometimes you sink those 20 footers. Sometimes you mis-read the green and, as my freinds like to say, "get everything right but aim and distance" :)

Sometimes you have the long ball working, or the irons, or the short game. Sometimes you have it all come together and shoot some low rounds. Either way, you play each hole to the best of your ability and move on to the next hole (shot by shot).

How do you improve your game? You find a great swing coach. You practice hard. You focus on drills. You improve, you have setbacks, and you improve somemore. Some might call this Iterative Refinement :D

B.T.W. - Thanks Coach and have a great day everyone!
 
Quote from romanus:
The market 'fanned' out on the way up, so it had to do the same on the way down.
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If I understand what you're meaning (not sure I do), you're essentially saying that price/volume action is symmetrical (i.e. if we have a lateral movement going up we need one going down)? That is not my experience, limited as it is, at all.
 
Quote from tobbe:

If I understand what you're meaning (not sure I do), you're essentially saying that price/volume action is symmetrical (i.e. if we have a lateral movement going up we need one going down)? That is not my experience, limited as it is, at all.
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Be careful here - you are extrapolating a different meaning from what was said.

The statement was a reference to fanning the channels, and not that all market behavior is symmetrical.

-Au
 
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