Personally, I'd acknowledge that my entry was most likely close to a PT2, and give the market some space to find its PT3. Imagine where the up channel would be if it had a sustainable angle. If it goes much below that or if you have increasing red vol, you know to reverse. We had neither of those two conditions occur, so all should have been calm in our world.
Spydertrader's Jack Hershey Futures Trading Journal
- Thread starter Spydertrader
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Starting from the Orange Channel (Tree Level) FTT, Note the attached chart snippet. The answer to your question resides in the location of your current resolution level. If a trader monitors Price on the 'limb or leaf' level resolution, a change signal results when price forms an FTT within the green taped channel (Red Circle). As such, one would enter short. At the 'leaf or bug' resolution level, one sees 2 signals for change within a single bar (Green Highlighted) with one long and one short (based on DOM and Tic Charts). A trader on the 'Forest level' Resolution sees a Point Three formation developing and sees continuation (Yellow Highlight). The Trader who monitors Price on the 'Tree' level Resolution does not yet 'see' an FTT forming within a channel, and as such, views the current data as continuation as well.
Knowing what resolution level one needs to monitor (based on experience, skill set, and tools) provides the trader with the correct 'focus' necessary to correctly view the market. Changing resolution levels within a formation while continuing to think one currently monitors on the same resolution level provides a recipe for confusion, loss and failure.
I hope you find the above information useful.
- Spydertrader
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1395030>
Quote from Pr0crast:
Wheeeeeee
A most auspicious picture of my <b>HOLD</B> button - which upon being pressed plays the classic: <B>Ride of the Valkirye</b> during steep declines and <b>Pacabell Cannon D</b> during Chop...
cj...
Quote from Bearbelly:
If you hold through 4 point countermoves your a braver man than I.
p.s. and a richer one too.
No your right, i got out on the breach of the steep RTL but when we go up and make a low volume non dom retrace up and a FTT of the minor up channel and a breach of the RTL of the minor up channel then I have a new point 3 of the dominant trend down and also a BO of the minor channel up so i can go short again... using both of them as good reasons...
Once we get this very very heavy down volume i think its important to be relentless on going short over and over again respectively as long as you have a true pt 3 and solid channel...
cj...
Quote from EdgeHunter:
A most auspicious picture of my <b>HOLD</B> button - which upon being pressed plays the classic: <B>Ride of the Valkirye</b> during steep declines and <b>Pacabell Cannon D</b> during Chop...
cj...
Today, my hold button was the snooze button on my alarm... Every 10 minutes I woke up for a brief moment to decide on reverse or hold, and if hold just slapped the snooze button again. So I was racking up points in my sleep
That is living the dream.- Status