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Iterative Refinement
- Thread starter Spydertrader
- Start date
Was trading very concentrated today and doing well. Started with the short at 9:45 bar, failed pennant/lateral BO on decreasing black... Couldn't be more clear. Even managed to pick up a couple of points in the midday lateral area that lasted 22(!) bars on my chart. (I took some laterals together and created one big one). Hopefully this is the beginning of the end of the problems I have with laterals.
Then after 13:55 BO bar (caught the move perfectly at 1386) I did not realise I had to zoom out (we had left the lateral area after all and had a nice BO) and I took profits too quickly because I saw change again at 14:05. In fact it was change but just a point 2.....
Then I thought 14:25 was our point three up (so we have a channel) and I saw change again at 14:45 IBGS outside bar, I'm sure I was not the only one.... I guess a short was fine here providing you'd go long again at the same bar as it closed inside the lateral (after a formation fbo). Or even the next bar that broke the lateral to the upside would be fine to catch the complete move up.
Alltogether a good day.
Have a great weekend everyone.
Regards,
Ivo
Then after 13:55 BO bar (caught the move perfectly at 1386) I did not realise I had to zoom out (we had left the lateral area after all and had a nice BO) and I took profits too quickly because I saw change again at 14:05. In fact it was change but just a point 2.....
Then I thought 14:25 was our point three up (so we have a channel) and I saw change again at 14:45 IBGS outside bar, I'm sure I was not the only one.... I guess a short was fine here providing you'd go long again at the same bar as it closed inside the lateral (after a formation fbo). Or even the next bar that broke the lateral to the upside would be fine to catch the complete move up.
Alltogether a good day.
Have a great weekend everyone.
Regards,
Ivo
Attachments
First a huge thank you to Spydertrader for his post on 18 bars of change/continuation. That was a huge help.
I'd like to take a stab at the ways price can move from pt1 to pt2, etc. Am I at least on the right track, am I thinking along the right lines?
1) pt1 - decreasing nondom volume - pt2
2) pt1 - decreasing nondom volume to RTL to increasing nondom volume - pt2 on other side of RTL (ie a *2*)
3) pt1 - lateral (I'm not clear on this part yet)
1) pt2 - lateral decreasing new dominant direction volume - pt3
2) pt2 - decreasing volume - pt3
3) pt2 - temporary increasing volume (due to prior trend) transitioning to decreasing volume. For example, the kind of situation which has been called a "retrace of a retrace".
1) pt3 into channel on increasing volume
I'd like to take a stab at the ways price can move from pt1 to pt2, etc. Am I at least on the right track, am I thinking along the right lines?
1) pt1 - decreasing nondom volume - pt2
2) pt1 - decreasing nondom volume to RTL to increasing nondom volume - pt2 on other side of RTL (ie a *2*)
3) pt1 - lateral (I'm not clear on this part yet)
1) pt2 - lateral decreasing new dominant direction volume - pt3
2) pt2 - decreasing volume - pt3
3) pt2 - temporary increasing volume (due to prior trend) transitioning to decreasing volume. For example, the kind of situation which has been called a "retrace of a retrace".
1) pt3 into channel on increasing volume