Iterative Refinement

Quote from Breakeven:

..Entries/exits are on the chart. Blue channel lines are trees, red/green are forest, orange/purple are carryovers, yellow are formations.

Long story short, I need some advice.
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nice first post, as somebody said too many trade, master a single setup or couple of them, save the rest of time to make note until you puke! :)
 

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Quote from gooch87:

Here is my chart for the day, off to work.
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I was definitely anticipating a point 3 of an up channel and thought we had the turn when the YM broke up from pennant in the highlighted area.

I am curious as to why you did not go long there but instead waited until the next ES bar to go long.
 

Attachments

My mistake. Somehow my chart of HMIN did not get attached so I will try once again and hope that attaching files is not as perplexing as gaussians.
 

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ES DAILY CHART FEBRUARY 14 2008

ESDAILYCHARTFEB142008.png
 
Quote from bi9foot:

I was definitely anticipating a point 3 of an up channel and thought we had the turn when the YM broke up from pennant in the highlighted area.
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A break of a Pennant on increasing Volume is just that. In and of itself this does not confirm an expectation of continuation on the next bar. We need to see more increasing volume (beyond the Pennant Break Out) in order to confirm the validity of the current trend direction. Otherwise, we can expect the trend to change. This should explain why we sometimes see a change in direction on the following bar after a Pennant Break Out.

- Spydertrader
 
Quote from Breakeven:

Long story short, I need some advice.
More...

I've received several PM's as of late indicating the recent ET Chatroom log helped push a number of people over 'the hump' with respect to 'putting the pieces together.' A review of the conversations contained within that log may help you as well.

In addition, posting a chart with highlighted areas which caused confusion might permit those who do see through the fog to provide added insight.

- Spydertrader
 
I've sent PM's to those individuals who plan on attending the NYC Expo this weekend. If anyone else plans on attending and has a desire to meet and review the materials discussed in these threads, simply send me a PM, and I'll forward on the details.

- Spydertrader
 
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