Question for Grob/Hershey...
- Thread starter makosgu
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Grob or Mak, would you mind providing your thoughts around the first major reversal of the day.
I believe bar 33 would be classed as a FTT, which became pt1 of the next channel.
Volume dropped of dramatically after 33 and remained low until 41 when it had a short spike pushing price to the downside. I annotated 41 as pt3 in the new chanel.
In SCT, assuming you are not trading traverses, would you look to reverse near 33, or continue until you are clearly out of the current channel and into the next, say from 42 on?
What clues did you have that price would break the RTL and not begin a new traverse?
Leg one started the day as a W and I felt it was "about time" for a new leg, but the volume didn't appear strong enough to force a new channel.
I believe bar 33 would be classed as a FTT, which became pt1 of the next channel.
Volume dropped of dramatically after 33 and remained low until 41 when it had a short spike pushing price to the downside. I annotated 41 as pt3 in the new chanel.
In SCT, assuming you are not trading traverses, would you look to reverse near 33, or continue until you are clearly out of the current channel and into the next, say from 42 on?
What clues did you have that price would break the RTL and not begin a new traverse?
Leg one started the day as a W and I felt it was "about time" for a new leg, but the volume didn't appear strong enough to force a new channel.
Quote from BA_Trader:
Also - as an aside... if you were feeling "Whoa" so were the majority of other market participants.... their footprints are all over your volume display
LOL... YEP! I was tooling around with another post when I suddenly noticed the T&S RUN (hence the immediate wash and reverse). The "Whoa" was how prolonged the run was and hyper bars. Volume all the way.
Still a 5M tape.
Thru bar 66...
MAK!
Here is a new program I have been playing with.
It computes the DJIA live using the last trade as reported by IB.
On an uptick of a component stock,its box turns green and a downtick turns magenta. Its a quick and dirty look at STR/SQU
The first trade shows a down move to the synthetic channel and thereupon GREEN lights up. Position is long from there.
It computes the DJIA live using the last trade as reported by IB.
On an uptick of a component stock,its box turns green and a downtick turns magenta. Its a quick and dirty look at STR/SQU
The first trade shows a down move to the synthetic channel and thereupon GREEN lights up. Position is long from there.
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