Jack made a lot of references to a 'critical path', namely PVT then SCT.
There can only be so many reasons for this, none of which I believe are an inherent quality in the type of instrument being traded.
PVT uses just the P-V relationship. No adjuncts.
It is based on EOB information. The daily/30 min bar is not glared at intently as it forms.
There is no urgency. The trader really does have all the time in the world.
There is (ideally) no emotional investment.
There is a repeating cycle of positive reinforcement.
Having elected to remain at the beginner level for a year, I've decided to go one better, and spend 2009 replicating the positive qualities of a PVT foundation.
Eschewing rigid rules to develop a deeper and more flexible understanding.
Remaining on primarily EOB data until my two learning priorities have been addressed; clarity of MODE for every bar, and granite certainty in WMCN at all times. To this end, I've set a sound alert to trigger when there are thirty seconds left in the bar. More than enough time for annotation and MADA.
Eliminate urgency. Eliminate emotional investment. Build coherence and trust.
With the added advantage that there are suddenly over five hours of downtime a day!
Once the two procedural goals have been achieved, then can I return to intrabar monitoring.