Iterative Refinement
- Thread starter Spydertrader
- Start date
ehorn, I agree with the view in your attached chart, which shows that the whole day represents the first dominant traverse of a developing up channel. If I understood Spydertrader's following comment correctly, then the first dominant up traverse cannot end until both the accelerated orange channel RTL and the original orange channel RTL are broken.
Everyone (who monitors and / or trades the ES 5 minute Traverse Level) should know, beyond any doubt, that in no way possible could the market have provided permission to seek a change (short) between the times of 10:45 to 14:50. -Spydertrader
(The statement refers to 12/5/08 and I snipped it from this post: http://www.elitetrader.com/vb/showthread.php?s=&postid=2209162#post2209162 )
IMO, at this point in time the thick orange lines are super-channel not channel RTL's. The heirarchy you have referenced with respect to 'conditions' imposed on the traverse by the channel may apply as well to a traverse-super-channel combo but I don't know. It would be useful if it did.
FWIW, the TN and NT data sets of 12-16 both permitted the construction of a LM beginning at 9:50 and ending with the BO at 14:25. The original NT data didn't, but a refresh later in the day corrected this.
lj
So far today with a hunk of yesterday included. My read has us still looking for a P3 down for this AM's down traverse. The RTL of consequence is the up channel RTL (thick green per Spyder annotation). I don't have the 'very' thick orange super-channel RTL annotated but it would be roughly where ehorn has it. The down traverse P2 is 6.34 nanometers below the channel RTL.
Today is a great challenge for the 'certainty' thing and what would blow mine right out of the water is a breach of yesterday's RTH high.
I am still working on the Gaussians so please excuse the lack of annotation. At this point I don't find drawing tape Gaussians to be helpful but that, in the highest likelihood, reflects ignorance more than anything else.
lj
Today is a great challenge for the 'certainty' thing and what would blow mine right out of the water is a breach of yesterday's RTH high.
I am still working on the Gaussians so please excuse the lack of annotation. At this point I don't find drawing tape Gaussians to be helpful but that, in the highest likelihood, reflects ignorance more than anything else.
lj
Quote from guavaman:
Its a fickle bastid ain't it
Ain't it the truth.
Am checking out my read on the first 20 bars of this AM (since the 11:05 bar was the one that breached today's early AM RTH). If there was no sequence completion of yesterdays's second up traverse this AM, in unbelievable (ho, ho) contrast to what I had originally thought, then today makes sense.
YM still hasn't passed its RTH from yesterday as of 2:06 EST.
For whatever reasons I am loathe to fan that channel RTL and may need some sort of intensive bowel cleansing regimen to overcome this aversion.
lj
YM just did it.