Iterative Refinement

Quote from gucci:

Ezzy, I apologize for the confusion. With 19:25 bar I meant the 12:20 (close of) bar on the Spyder chart. (The second green circled red bar in the mentioned LF)

Thanks, Spydertrader.
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No problem, I kinda figured that was it, just wasn't sure. - EZ
 
Quote from romanus:

Bar 8
bar 6 is not OB


Is it not? Are you sure?

Quote from Spydertrader:

we have confirmed our Point Three Down Channel!!

Bar 8
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My mistake, #6 wasn't an OB.

Are you saying that bar 8, which was confirming the bar #6 as a point three is the same situation as the 11:55 bar on 6-25-08? The 11:55 OB is the point three bar which was confirmed later. Where the other situation was the OB's first movement down confirming the point 3 two bars back.

- EZ
 
Quote from Spydertrader:

snip . . . To answer the question, then, No. The Bar did not form in a normal fashion.
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It was better than normal, it was ab-normal. :D

Thanks for the reply, I think we're on the same page. - EZ
 
Quote from Ezzy:


The bar with increasing red is an ft3 in a pink channel on the 12:20 bar. I was confused by it being an inside bar.



Regarding the FT3, that only possible one I see is the 12:00 bar FTT’ing the pink channel and point 3 of the red tape down. But we’re missing the volume for an FT3 {Quote: FT3 = Where Point Three, Increasing Volume and an FTT all converge on the exact same Price and Volume Bar.} The 11:55 doesn’t seem to fit the FT3 context as how can it FTT the pink channel if it hadn’t created the channel by forming a point 3 first? So I don’t see an FT3 here.


Ezzy, thanks for pointing that out. My mistake stemmed from the tacit erroneous assumption that for a point 3 to be validated, increasing volume has to be on the same bar as this point 3. My mind interpreted the words of Spydertrader about there being only one way for a price to move from point 3 into the channel the wrong way. AHA!!!
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Some of you may have drawn in your Tapes, Channels and Traverses in a different fashion than I. Different, in and of itself, doesn't imply incorrect. However, should a difference exist, a reason for the difference must also exist.

- Spydertrader
 
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