Quote from Grob109:
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When doing left to right traverses you are drawing right line on the chart (5min) and doing coarse datagathering and analysis. The result is continuation. The right line is the trend line of the channel.
This is what is for sure. You are either in or sidelined. In means you are making money because the traverse rightline is tipped at an angle that makes money. you are in holding a postion opposite that of the trend channel you are traversing. Naturally you are well set up if the trend gets flushed down the drain on a right channel BO. This is a hot Deal for you and you have already caught the beginning of the next trend at it best place (point 1).
You will notice that all left to right trends in an intraday channel that occur get better and better for making money. say there are four of them. the first is alow volatility flat one. the second is a slightly reversed higher volatility one. The third is a somewhat steeper one of good volatility that seems to tape. This last one is terrific for making money.
The only other one is the kind that comes after a failure of a right to left traverse, and de facto, is the beginning of the next trend.
Sooo, you are relaxed and coming to the right trend line. In all cases where a full left to right traverse has occurred you are looking for the 2 pair on the right trend line and a profit taking event which plunges you into a right to left high velocity money making situation. this is a manditory reverse.. enjoy it.
You did not go to the 1 minute. you did PRV to see the decreasing volume to end the traverse and a flaw canned the traverse right on the right trendline of the channel. A spike occurred after the 2pair. again you decided how much profit you wanted: max, 12.50 off or 25.00 off max per contract.
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