Question for Grob/Hershey...

[txuk]

bar 62

 

[txuk]

on the 5min chart I just posted it appears we had an IT breakout but on the Daily chart it looks like we are just flirting with the line.

 

[aweissen]

Here's my attempt at a chart. Any comments (especially corrective!) are welcome.

Two questions:

1) Was the volume decrease the causal for the trend change on bar 9?

2) What happened on bar 16 to cause the down trend?

Thanks
Anthony

 

[tradingbug]

Quote from txuk:

on the 5min chart I just posted it appears we had an IT breakout but on the Daily chart it looks like we are just flirting with the line.

I also think that we may have had a ftt of the IT you drew in. It seems easier to see this possible BO on the 60 min. This mornings high might be a pt 3 for a possible short IT.

 

[Grob109]

Quote from osho67:

Hi excav8tr

I'm having problems opening your second document part ii, I tried the Word repair feature but still can't open it in Word, is it possible for you to resave and repost it?

Many Thanks

Me too. Says it has a curruption problem.

part i worked just fine and is very helpful.

Mak sorry to hear court went against you so far.

 

[excav8tr]

Quote from osho67:

Hi excav8tr

I'm having problems opening your second document part ii, I tried the Word repair feature but still can't open it in Word, is it possible for you to resave and repost it?

Many Thanks

Hope this works for all of you.

 

[easyrider]

QUOTE]Quote from aweissen:

Here's my attempt at a chart. Any comments (especially corrective!) are welcome.

Two questions:

1) Was the volume decrease the causal for the trend change on bar 9?

2) What happened on bar 16 to cause the down trend?

Thanks
Anthony [/QUOTE]

I will give you my take on it. The first instance was not a trend reversal on the 5min. It was a retrace which is normal. Five bars later you get an ftt which gives you a new channel. You then get an ftt in the new channel which is my signal to short again when the new pt. 3 appears. Some of the more experienced players may Know how to reverse at these points but Im not there yet. I am out at the first sign of trouble and then waiting to get back in on the new pt. 3. Keep in mind that Im just a student on this stuff too.

edit. I screwed up the illustration. the top ftt should read pt. 3.

 

[aweissen]

That makes a lot of sense - thanks Easy for the help.

For those using Ensign and trying this out, they have a nifty thing called Play Back. You can download the tick data for ES and YM since July 1st, and "play back" the day. I think I've got it figured out, (it's fairly simple to get going, but I found the instructions to be a bit light) and I've been practicing on the old data. PM me if you want some help setting this up.

Re: getting the various trends on the same chart, perhaps the DYO would be a way to accomplish this? I'm going to explore it, but I'm pressed for time at the moment so I don't know when I can get some results on it.

-Anthony

 

[icarus618]

Quote from txuk:

icarus, very helpful post, thanks. What is your reasoning for using the cash equivalents? Is it for convenience or do you feel it gives a better picture than the ES continuous?

Both.

 

[txuk]

Quote from osho67:

A channel consists of 3 pts, pt1, pt2 and pt3.
Do you wait for all 3 points to be established before entering a trade in that channel or can you anticipate the trade based on pt1?

osho67, I found this doc to be a useful guide to the types of trades to consider under the three broad strategies. For example, it shows pt1 to pt2 is a valid enter-hold-exit trade.