Sim trade on daily stopped out 1 tick above entry. This is just part of the learning on the big picture. Daily sim trade = wash.
Iterative Refinement
- Thread starter Spydertrader
- Start date
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I drew a picture for myself of some pt3 channels: a dom up pt3, non-dom down pt3, and then another dom up pt3. I drew in the non-dom retrace of the non-dom pt3 down channel (which is price moving up on decreasing black volume).
I read and reread your reply to me and it's not registering. Change occuring in the non-dom retrace of the non-dom in my drawing would be a B2B. This is increasing dominant volulme in the direction of the overall (or constructed) channel and thus suggests a new pt3 forming. If we are to take action at the earliest possible moment, it seems that one would avail themselves of this signal on the YM to which I am questioning.
I've tried to find a different perspective in terms of where price is in it's sequence, the overall trend, resolution. You said, "a beginning level trader needs to know if the time has come to seek a signal for change (or not) on the current resolution level." and from my current vantage point increasing dom volume in the direction of the big trend would be a signal for change on the beginner level resolution.
Obviously this is incorrect and as I see myself getting caught off gaurd by increasing volume that turns out to be a fake, it's a problem needing solving. Apologies again for the long post, I feel that it's important issue for me to work out. Thank you for any guidance you can offer.
Read your original post. You described the ES in a Lateral. Such an environment represents something fundamentally different than that which you now describe. Remember, you need to know what represents change on your specific resolution level (Forest, Trees, Limbs, Leaves or Bugs).
- Spydertrader
At 9:30 Im long BEXP. Increasing black and it looks like a clear point 3 on my 30 min chart(neon green channel) By 10:00 I see a sharp decrease in price with decreased red PRV showing. I saw change. The 9:30 bar at that point in time to me was the FTT of the neon green channel and the decreased red meant we were going back to the RTL for a possible BO. Anyways, thinks worked out great. I made a considerable amount.
But what I worry about is if I'm recognizing the change at the right point. I lost some profit and did not have a wash trade on the
30 long. I got in a little late like 9:45. For experienced traders, where are you in there and where are you out. Is it immediately when PRV signals decreased or when the price breaks below the original 9:30 bar which meant I would have needed a better entry. because at the time Im thinking pennant on decreased red until it breaks that 9:30 bar and my entry was towards the middle to upper half of the 9:30 price bar so I felt helpless as price went against me and I wanted to hold because it had not yet spoken up that it was not a pennant.
Comments welcome
But what I worry about is if I'm recognizing the change at the right point. I lost some profit and did not have a wash trade on the
30 long. I got in a little late like 9:45. For experienced traders, where are you in there and where are you out. Is it immediately when PRV signals decreased or when the price breaks below the original 9:30 bar which meant I would have needed a better entry. because at the time Im thinking pennant on decreased red until it breaks that 9:30 bar and my entry was towards the middle to upper half of the 9:30 price bar so I felt helpless as price went against me and I wanted to hold because it had not yet spoken up that it was not a pennant.Comments welcome
ES U8 Daily Chart July / 2 / 2008
Daily ES bar increased in volatility, and did so on decreased volume.
Today closed outside of the lateral movement, again on decreased volume.
Something different today on daily, bar closed as an Odd Square Harmonic and an FTT of the major dominant channel. Also an FTT of the white dominant traverse.
There has been a few signals of change.
News today of the employment reports for Thursday were poor, may have contributed to the move today.
Range today = 33.75 points
Volatility to previous bar = 131%
Volume to previous bar = 76%
Close of daily bar = 6% of the range today.
Daily ES bar increased in volatility, and did so on decreased volume.
Today closed outside of the lateral movement, again on decreased volume.
Something different today on daily, bar closed as an Odd Square Harmonic and an FTT of the major dominant channel. Also an FTT of the white dominant traverse.
There has been a few signals of change.
News today of the employment reports for Thursday were poor, may have contributed to the move today.
Range today = 33.75 points
Volatility to previous bar = 131%
Volume to previous bar = 76%
Close of daily bar = 6% of the range today.
See attached Daily Chart for BEXP. No way this stock should have made your list of stocks to enter long.
Price entered Lateral movement with a Down Traverse in an attempt to create a Down Channel. To do that, Price needs to create another Down Traverse.
- Spydertrader
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