Iterative Refinement
- Thread starter Spydertrader
- Start date
Other than the over abundance of laterals (past 14:20), yes it does.
With respect to the question in the box, the earliest point where one considers an up channel is exactly the point in time you have marked on your chart - sequence complete and a signal for change.
From 13:00 (the previous day) until 11:10 on Friday, zero possibility exists for an up channel to begin.
Correct. Prior to 15:40, the market had indicated that it had not yet reached Point two.
HTH.
(All times Eastern and [close of] ES Bars.)
- Spydertrader
Do I understand this correctly...
On thursday I asked how can you have a down channel starting 12.55 (or let's say your pt 3 at around 14.05) in the absence of an up traverse. The explanation was "...non dominant move... different direction...".
Today I see PointOne's annotated chart and see that pt 3 of the down channel only appeared the day after. Which seems a little bit more logical to me but still I don't see the up traverse.
Also looking at PointOne's chart I see all the laterals that he marked. After he had pt3 of the down traverse all of those laterals seem to go into the dominant direction of that down traverse and volume seems to confirm that because from that pt3 of the traverse you have increasing red volume.
Who can help me understand this? What part of the channel creation am I missing? And how can you be sure that your FTT is the FTT of a channel and not of a traverse because the FTT of the channel maybe only appeared later that day?
On thursday I asked how can you have a down channel starting 12.55 (or let's say your pt 3 at around 14.05) in the absence of an up traverse. The explanation was "...non dominant move... different direction...".
Today I see PointOne's annotated chart and see that pt 3 of the down channel only appeared the day after. Which seems a little bit more logical to me but still I don't see the up traverse.
Also looking at PointOne's chart I see all the laterals that he marked. After he had pt3 of the down traverse all of those laterals seem to go into the dominant direction of that down traverse and volume seems to confirm that because from that pt3 of the traverse you have increasing red volume.
Who can help me understand this? What part of the channel creation am I missing? And how can you be sure that your FTT is the FTT of a channel and not of a traverse because the FTT of the channel maybe only appeared later that day?
Whoa up there big guy.
Your mind is about to head in a direction that will surely take you straight off the reservation. Stop for a moment and think. The following analogy may help you ....I've given you directions to my house, but along the way you take a wrong turn or three and find yourself lost. Driving past a pay phone, you stop and give me a call. After a few questions (allowing me to determine the exact location of the payphone), I tell you to head east 10 miles, and when you see a red barn, take a left hand turn.
Based on the new set of directions, you have determined a red barn will be exactly ten miles from your location, when no such information was provided.
Read the above a few times.
HTH.
- Spydertrader
Quote from orion:
first chart
Not bad at all. You may want to add the channel line from your Pink FTT to your Red FTT.
HTH.
- Spydertrader
OK Spyder, you told me to head east and look for a red barn but after that I told you that I don't even know what a "barn" is. So I continue to drive and look for this "barn" which should come somewhere in about 10 miles. But I don't find it (or identify it) and continue to drive around in the hope to find the way to your place anyway. While driving around I suddenly meet PointOne and he shows me his map and I notice that it very, very much looks like the map I used originally. There I can see the way to your place but also on his map I can't find this "barn" thing.
I don't know why you feel attacked (or at least my english doesn't allow me to recognize your reaction and intention). I'm only trying to understand how I can see the same thing you and some others see.
My current knowledge level tells me that I need two tapes in opposite directions in order to have a traverse. That's what I see for the down traverse which started 12.55 (November 20th). But from 13.35 to 14.00 I can only recognize something which looks like an up tape to me. And from there it goes down with another traverse. So, in order to understand what I don't know I have to ask myself some questions:
1. Is what I see as an up tape really an up tape or something else?
2. Is maybe the lateral movement that I could draw from 13.35 to approx. 14.25 my missing link?
3. Is there maybe a rule which I don't know yet which says that if you can identify two down traverses then in between there must have been an up traverse even if it doesn't look like one (=constructed with two tapes)?
4. Is PointOne's chart correctly annotated? Especially the area marked as red pt1, 2 and 3 which form a down traverse. If yes, why do others call it a "channel"? If no, then he seems to have the same problem like me.
Just understanding this specific area would help me immensely and I could move on to other areas where I have difficulties with.
Thanks.
I don't know why you feel attacked (or at least my english doesn't allow me to recognize your reaction and intention). I'm only trying to understand how I can see the same thing you and some others see.
My current knowledge level tells me that I need two tapes in opposite directions in order to have a traverse. That's what I see for the down traverse which started 12.55 (November 20th). But from 13.35 to 14.00 I can only recognize something which looks like an up tape to me. And from there it goes down with another traverse. So, in order to understand what I don't know I have to ask myself some questions:
1. Is what I see as an up tape really an up tape or something else?
2. Is maybe the lateral movement that I could draw from 13.35 to approx. 14.25 my missing link?
3. Is there maybe a rule which I don't know yet which says that if you can identify two down traverses then in between there must have been an up traverse even if it doesn't look like one (=constructed with two tapes)?
4. Is PointOne's chart correctly annotated? Especially the area marked as red pt1, 2 and 3 which form a down traverse. If yes, why do others call it a "channel"? If no, then he seems to have the same problem like me.
Just understanding this specific area would help me immensely and I could move on to other areas where I have difficulties with.
Thanks.