Iterative Refinement
- Thread starter Spydertrader
- Start date
This may be helpful:
http://www.elitetrader.com/vb/showthread.php?s=&postid=2012091#post2012091Quote from Spydertrader:
How, then, do you differentiate between 14:05 and 11:10 and 12:20? Again, I have not indicated anything incorrect or correct about your response, but don't all these bars look the same? (This is fun being on this side of things for once - playing the role of devil's advocate.)
For the sake of clarity, I don't have the answers. It's not that I don't think about it, but more like a dog admiring a rainbow from afar: "Hmm..., there's something there, I wish I had more brains."
IMO, TIKI's chart more accurately reflects what has transpired in the area of interest - the 11:50 bar (bar 30) is not a 'naked' point 2 bar in a new LTR movement. This is so because the BO failed. So you draw a new LM beginning with bar 29.Quote from romanus:
Thank you, the picture becomes more clear now.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=113310&perpage=6&pagenumber=982
Is this correct Spyder if you're still up and if you're not it can wait till the AM.
lj
After looking it over I agree with you. This would mean the first traverse of the day is completed at 12:35 end of bar and this bar also shows decreased volatility on increased volume(tape change not labeled cause not monitoring on this fractal) leading to the fanned green traverse in romanus chart.
Also romanus has a broadened lateral at 12:20. I would keep the original lateral beginning at 11:55 and extend it to find that it breaks at 12:30 on increased volume while 12:35 provides the "naked" as you say Pt 2
I think what he is alluding to is this. Lilyoung step in and correct me if Im putting words in your mouth.
Notice my additions to romanus chart. Forgive my chopped off volume at the bottom.... that was a mistake.
The lateral movements begin as so....black lateral breaks out at black circled price bar. The following price bar(orange) fails to provide more increased black volume. No Pt 3.
Fluorescent green lateral begins and then ends with Break out at green circled bar on increased red volume and fails to provide more increased red volume outside of lateral. BUT we're looking for a confirmed Pt 3 dominant UP tape here to complete the UP traverse. I'm just showing the break of this lateral movement to show the progression.
Brown lateral begins after fluorescent green lateral and ends at Break out with brown circled price bar on increasing black volume. The next price bar(yellow) fails to provide more increased black volume meaning the brown circled price bar broke out of a lateral movement and thus does not complete our traverse(I think it was posted once as this doesnt a trend make by someone).
Finally after all this. The blue lateral begins and breaks out on increased black volume at the blue circled price bar. The next bar(pink circled bar) shows a Higher high and increased black volume so we have our pt 3 finally as opposed to just a break out of a lateral movement as in the other cases.
When lilyoung says naked bar it means I'm assuming(you'd have to verify with him) that he means a price bar remains outside of the lateral while also providing increased volume. The pink circled price bar is the only bar that does this.
So pt 1 confirmed 9:55.... point 2 confrimed 10:10.... and pt 3 confirmed at 12:35 end of bar. All one traverse.