Iterative Refinement

Quote from jack hershey:

LOL

I did it.

The number 5 has a little mistake in it. I worked off the left side instead of, correctly, ALWAYS working off the right side.

I do a review with people I mentor and it starts with this illustration. recently I learned to post pics in the text so I will go through the review here and the "logic" of what the first ilustration means.

If you bear with me I will also note why I think it is so important to but the upcoming review in each of our minds.

I'll keep the parts relatively brief and they will be in text that is edited a couple of time before posting.
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This sounds great - did I miss the inter-office mail delivery though? (ie. did it get posted in another thread and I missed it?)

Thanks Jack

-Au
 
Quote from Jander:

I noticed that 'retrace of a retrace' typically has an FTT on the first dominant move after the traverse is in place (meaning an FTT prior to VE/flaw). I noticed Spyder didnt have this channel in place but I thought maybe he just deleted it later. More likely that it is incorrect, but I cant figure out why? Not alot of incr. blk to confirm p3 but it's close
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the final fuchsia (pink?) down traverse of the day has ended failing to BO the thick olive up channel that has been in effect since late morning. It was a non-dom traverse of that thick olive up channel. While channels do overlap I don't think one can have a down channel completed ( by virtue of creating a dominant and non-dom traverses) before the up channel has actually ended. The points 1 and 2 could be inside the previous channel but, I think, as the price goes back into the channel after pt3 it has to BO an old channel before starting to form another one in an opposite direction. In other words if what you annotated is a 'channel' then it looks like the final pink traverse of the day would be a dominant traverse of of this 'channel', and since it looks like the pink traverse actually ended what you annotated as a 'channel' without BO the boundaries of the olive up CHANNEL, this scenario does not seem logical to me.
 

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Quote from romanus:

If this is a lateral movement from pt2 to p3 then where's pt3?
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The pt3 is right where the red vol picks up near the right side of the snip. I guess it would be an FT3 as incr vol, pt3 and ftt all on same bar. Obviously a traverse is expected to be created and that doesnt happen. This is all hypothetical of course as this is probably not a valid sequence.
 
Quote from Tums:

Can you give a definition of the following:

1. Tape
2. Traverse
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Got it. :D Thanks to all contributions. The answer really lied in front of my tired and lazy eyes. :) There will be a lot of paper flying around in my room this weekend with lines on it resembling proper and thorough annotations.:p
 
Quote from Spydertrader:

Don't toss out your thinking just yet.

Note the dashed blue up traverse from 15:45 to 16:00.

I had it in place before the close of the 16:00 Bar, and felt mighty confident - right up until the 16:05 pulled an If1. As a result, I need to review that section in an effort to make sure I annotated everything properly. I encourage you to do the same before heading off in another direction.
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Thank you for the words of encouragement!
What has transpired at the end of the day looks strikingly similar to the mid-day part of 06-04 to what you referred as not confirmed traverse in this picture.
Is this another case of 'What Wasn't That'?

EDIT: the second half of the day can be found here.
 
Quote from Jander:

The pt3 is right where the red vol picks up near the right side of the snip. I guess it would be an FT3 as incr vol, pt3 and ftt all on same bar. Obviously a traverse is expected to be created and that doesnt happen. This is all hypothetical of course as this is probably not a valid sequence.
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I was referring to pt3 up since the fuchsia down traverse (your dashed) has ended and another up traverse has began.
 
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