Quote from guavaman:
As it turns out this developed into an Outside bar and has headed up since, but this scenario occurs with enough frequency that I thought I would look for some answers.
Yesterday's market showed more outside bars than we have had in a very long time. Their number totaled -
six. Eighty-one bars exist in a trading day (78 if you don't trade after 4:00 PM, 75 if you wait for 'sync').
One
may catch an advance warning of an outside bar while monitoring the YM, but for the most part, effectively trading Outside Bars requires finer level tools (STR / SQU, DOM, OTR, etc.). As a result, it appears you feel "with enough frequency" means "less than 10% of a trading day", and therefore, now feel you need to go down the rabbit hole, rather than, focus on the other 90% of the trading day which does
not produce an Outside Bar.
Have I accurately described your mindset?
If not, please feel free to clarify.
We have already briefly discussed one piece of logic from the older Hershey Methods - which when used in this
specific example should help lesson the frustration of an outside bar,
as long as the trader applies proper context to the situation.
Research IF1-IF2 logic from the older Hershey threads and
think how best to apply this logic to an environment where an outside bar forms.
I hope you find the above information useful.
Quote from Mr_Black:
This is some sweeps I found today .....
While that sheet might aid the process of learning, taping a piece of paper next to the computer in an effort to remind ourselves about the event sequences which unfold, doesn't really help out in the long run. Everyone needs to internalize the fundamentals, so that they become second nature and result in instantaneous recall - even quicker than the blink of an eye (See Sports Memory).
- Spydertrader
(not really a madman per se since I just rolled out of bed and plopped down in front of the computer), but "madman-like". 