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Iterative Refinement
- Thread starter Spydertrader
- Start date
Quote from LittleMac:
Got into JRJC also but got out around 2:30 after what looked like an FTT on the 30 and BO of the neon green channel. I expect this thing to keep going up though and might have pulled out prematurely. Feel like the Daily is showing a move up after a point 3 established itself on 1/31
That's about what i did too. +5%.
Don't worry about what coulda been, focus on that you made a profit. If you're wrong, it could provide a good oppurtunity to get back in on a pullback.
As it turns out, this was the right thing to do, judging by this mornings plunge, LOL....
Quote from Haroki:
Yeah, tough for me too. Kinda like yesterday.
The 1020-30 area has me wondering. YM made a lower low but ES made a higher low. This always keeps me guessing = wait for some synchronization.
The 10:30 bar created a higher high of 63.75, which prevented me from entering short on a PT. 3 channel. I now realize that it was also an ftt in my up channel. However, I did not see it in real time. It looks like the YM may retrace to the LTL, but I couldn't find an entry point.
Quote from ehorn:
Not sure if this helps but here is my chart (ES) for the day so far...
That was amazing. I used your channel which you pointed out, and combined it with an FTT in the up channel. I just covered my position way too early in an attempt to take profit. I know I have to work on this aspect of my trading. Knowing what comes next would have keept me short.
The question that I have is: in that short channel how would you handle the different FTT's. If you were out on the first FTT then when would you have been able to get back into the trade?
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Quote from The Flaw:
That was amazing. I used your channel which you pointed out, and combined it with an FTT in the up channel. I just covered my position way too early in an attempt to take profit. I know I have to work on this aspect of my trading. Knowing what comes next would have keept me short.
The question that I have is: in that short channel how would you handle the different FTT's. If you were out on the first FTT then when would you have been able to get back into the trade?
Flaw, I'll take a stab. Maybe one of the advanced folks can confirm or help out with the answer if my response is lacking or incorrect. If you took the first FTT you marked on your chart, then there are two places I see where you could've gotten back into the trade to the downside.
First, there's the 10:30 EST bar. Visually you can see on that bar that price is advancing in an up channel on increasing volume. Because of this, some would see that bar as black. However, the fact that price FTT's on that bar and closes much lower than it opened suggests that there was an intrabar gaussian shift and, therefore, an opportunity to get short.
The second place to get back short comes a little later, the 10:45 bar. On that bar you see price breaking the up channel's RTL on increasing PRV as price advances down. It's a bit easier to see that there's increasing red on the gaussian.
If you ever reverse long on an FTT in a down channel, you know what should follow with price and volume to confirm holding to the long side. If you see price challenging your entry on increasing red then you know the channel is not doing what must come next to hold long and you can either exit or reverse. By the time you saw what was playing out on the 10:45 bar you could've gotten out with a wash or a slight profit and then continued making money as price pushed further down. Hope that helps.