Quote from Tums:
Gucci: Welcome to the journey.
I know how you feel:
_____________________________
Tums, thank you very much for the kind words. I'm not a newbie and just wanted to clear up one SEEMING contradiction.The journey has been under way for more then a year now.By the way,I've learned a lot from you...
Iterative Refinement
- Thread starter Spydertrader
- Start date
Quote from gucci:
Quote from Tums:
Gucci: Welcome to the journey.
I know how you feel:
Tums, thank you very much for the kind words. I'm not a newbie and just wanted to clear up one SEEMING contradiction.The journey has been under way for more then a year now.By the ,I've learned a lot from you...
I would encourage you to post your charts daily... (try it for a month)
Do this not for others, but for yourself. You will be surprised to see things you would otherwise missed.
Quote from romanus:
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HA! And looking more closely - neither do I. So then instead of a FBP BO on decreased red volume, it would be due to decreased (dominant) volume.
Cursed myopia....
-Au
The sequences is the area where I find myself still wandering off the reservation quite often. Today after an FTT on 1340 ES bar [close of] is an example. I am trying to figure out the logic behind determining when the sequence fails. After an FTT price broke out of the down channel on increasing black volume forming what is expected to be a pt1 to p2 movement. 1350 [close of] ES bar forms a possible retrace on increasing red (which is considered to be non dominant for the purposes of this sequence).1355 [close of] ES bar travels even lower on increasing red. When does the sequence fail, eliminating the possibility of pt3 up?
1350 when 1350 [close of] YM bar breaks RTL of YM pt3 up channel on increasing red.
Or, sometime between 1352 and 1354 when 1354 [close of] YM bar takes out the low of 1328 [close of] YM bar (FTT)
1350 when 1350 [close of] YM bar breaks RTL of YM pt3 up channel on increasing red.
Or, sometime between 1352 and 1354 when 1354 [close of] YM bar takes out the low of 1328 [close of] YM bar (FTT)
Does the 13:40 [close of] ES Bar say continuation or change? Why? What does the 13:40 [close of] YM Bar say with respect to continuation or change? Why?
Edit: I apologize. I hadn't looked at your chart yet. The answer is even easier. Point out your Point Three down channel?
- Spydertrader
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1929839>
Hold on there sport. You don't have it all put together just yet.
First. What you have is not a channel. It's a tape. However, what you do have is a tape which expands wide enough to create a tape the size of a traverse.
What does this mean?
Well, simply put: the BO of the RTL on increasing Volume makes sense, but the channel sequences you attempted to employ do not. Why? You already know the answer.
Now, note the up channel before this expanded tape. Draw your trend lines in about the same width, and opposite slope. Do so, and you should see the RTL of this 'corrected' channel pass right by the 13:45 or 13:50 [both close of] ES bars.
BTW, you do have an accelerated chanel within this expanded tape.
Again, review the bars in my first answer above in order to make sure you understand what signals the market has provided.
- Spydertrader
Chart for the afternoon. I started around 14:00
It's funny: When I know what's going on I am completely comfortable letting price go even 2,5 points against my position.
I'm not saying it's the best thing to do and I need to work on it. After all entry price could have been much better but I just knew I was a little early and got the big picture right. Action is a complete different proces.
regards,
Ivo
It's funny: When I know what's going on I am completely comfortable letting price go even 2,5 points against my position.
I'm not saying it's the best thing to do and I need to work on it. After all entry price could have been much better but I just knew I was a little early and got the big picture right. Action is a complete different proces.
regards,
Ivo