Iterative Refinement

Todays chart. Nice day, but the 15:05 [close] bar was a big surprise to me. I was expecting an FBO (fanned out pt3 down) when it suddenly took off. :)

EDIT: Spyder, thanks for checking our charts yesterday .
 

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Just as a reminder, Nicepair111 posted an automated culler for Equities. It's located over in the software thread. Download your copy today.

- Spydertrader
 
Quote from tobbe:

...but the 15:05 [close] bar was a big surprise to me. I was expecting an FBO (fanned out pt3 down) when it suddenly took off. :)
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Ditto! That sure looked like a retrace to me, up until that bar (67) :)
 
Draw a trendline through the highs of your 13:25 and 13:30 bars ... 15:05 was its BO.
Quote from tobbe:

Todays chart. Nice day, but the 15:05 [close] bar was a big surprise to me. I was expecting an FBO (fanned out pt3 down) when it suddenly took off. :)

EDIT: Spyder, thanks for checking our charts yesterday .
More...
 
Quote from cnms2:

Draw a trendline through the highs of your 13:25 and 13:30 bars ... 15:05 was its BO.
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The YM appeared to be setting up a PT3 fanned down channel on the bar preceeding the BO. The YM bar was showing IRV and closed below LM and below the channel.

I remember thinking to myself that the up channel seemed enemic at the time. I guess I talked myself into a downward move which never materialized. But the next bar abruptly showed what the right side was.

I think this may be another example of why Spyder preaches inter/intra bar analysis and decision at close-of bar :)

I would be curious to know if the STR/SQU gave an early signal in that area.
 

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Quote from Spydertrader:
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1944083>
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Great trade Spyder! Did'nt leave much meat on that bone :D :D :D
 
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