wmcn drill 1-4: Hold (Short); YM in Lateral Movement; ES' wmcn remains pretty much the same as before this ES bar.
Both ES and SPY: incr Black volume: REVERSE LONG (reverse point: 1340-45, on BO of down tape's RTL on incr PRV)
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1865429>
wmcn drill 1-3: Action: HOLD (SHORT)
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1864253>
ES: incr Red volume: HOLd (SHORT) SPY: FBP with decr (Black) volume: WAIT (SHORT)
wmcn drill 1-2: Action: HOLD (SHORT) EDIT: I expected more participation in Tikitrader's drill. :confused: There's no shame in being wrong, and...
Mens sana in corpore sano (a healthy mind in a healthy body) :)
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1861997>
wmcn drill 1-1: SHORT, CONTINUE (YM: Incr Red PRV w/ 51 sec remaining)
The "one 5 min bar a day" proposal was meant to offer a possibility to have time to discuss each 5 minute bar without having the "benefit" of...
Nobody knows "what will come next" ... :) Spydertrader mentioned the paradigm: signal, action, confirmation (look for "what must come next")....
I'm up for it, but don't forget that there are some major differences between price and volume action on the 5 minute and on the daily charts....
Considering that you tried to trade the least steep retrace of the day, your reasult is actually not bad. Now, was this your only trade because...
Sorry for wasting my time ...
My understanding is that: - you have to establish a context, - decide on the right side of the market, - position your self accordingly, - and...
Solution
Recover the price from the volume bars:
It sounds intriguing ... "Change. Price broke pennant on decreasing volume." :confused:
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1855697>
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