Iterative Refinement
- Thread starter Spydertrader
- Start date
1. the up channel that started this morning was built from two pt3 channels (dominant and non-dominant)
2. pt3 down channel was created with pt3 being IRV 1405 eob and I was expecting it to be dominant traverse of the new down channel.
3. therefore I looked at the lateral movement that followed 1425 eob IRV as a non dominant traverse in what I expected to be a big down channel.
4. 1440 eob BO RTL on decr volume therefore I think that I am in a down trend expecting to fan out less steeper channel
5. thinking I am in a down trend I expect that if 1455 eob does not show more increasing black volume it would mean the down trend did not changed
6. price heading higher on increasing black volume on 1500 eob tells me that I was wrong about being in downtrend earlier and the up trend we had since morning has not changed, otherwise I would have seen IBV on 1455 eob
I am not sure what you mean as I am learning more and more about sequences, but I still can not define what a sequence is beyond pt1,pt2,pt3 etc.
My view of the day (ES) attached.
Take a look at the B.O's again and observe the P/V behavior of the bars next to each of the B.O bars and then what happened next - (bar 19-20), (bar 54-55), (bar 63-64). In each of these cases, If WMCN is a fanning, then what kind of behavior would we expect (WMCN)... and what actually developed.Quote from romanus:
Utterly Confused
All the channels had their RTL BO on decreased volume. The only channel that makes sense is the the one that The Flaw drew. The entire day should have been, 'mechanically' speaking, one long hold.