It's the order then that I'm not getting.. first we assign P2 to 70 and the EE PP2 on 70 ? (Long on 70) PPx = assign P1 to next measurable bar... 70 is an OB, so is top level the next measurable bar ? if so assign P1 to top level of 70 ? bottom level is T1 P1/T1 is a PP4 EE (Short on 70) P1 assigned to 71 ? ??
On b78 it's translation after the squish so advance one peak from b76.Assign first P2 on b78.This is a NO T1 situation between b76 and b78.
Think about it when you get a PPx you assign on the next measurable bar.So that bar doesn't have anything assigned to it.Now back in terms of levels instead of bars. If the upper level is PP2 then do you assign anything to it? (Note the context were talking about has no other EE's involved like a failsafe which changes things.)
Thought: even though we assigned a P2 to 70, in order to get the PP2, when it then comes to testing the upper OB level, are we in effect testing 70 in relation to a T1 (69) ? If so, P1 is killed after a T1 ? So Jack assigned P2 for upper OB ? TI is killed after P2 so he assigned P1 for lower OB ? Hence the PP5b?
This situation on an OB i have found to be rare.Having no other EE's involved like a failsafe or you don't trigger an EE until you apply both levels.Of course it's painstaking work to really look for most OB's on jack's charts because he doesn't have every bar degapped charts.So i must devote a little time to really searching for this rare OB situation.I can't really see how PP5b is assigned.I see it as the first P2 on the upper level triggers the PP2 but i'm not sure where to go next.I believe you assign the first P1 to the lower level since its like the next measurable bar but i'm not completely sure.So b70 i would have as a PP2 with the first P1 assigned on the same bar because of the OB lower level assignment.
Another way to have PP5b: If you have a bar with more than one end effect [more than one EE on top of OB for example], you look to the last bar and if it is not a failsafe, we have P1 assignment on next measurable bar [bottom of OB for example]. So P2/P1 if we have BM REV + PP1b or something on top row OB and last EE was non-failsafe.
OK just found this by jack.Just replace today's PP2 on b70 for the PP1 on that day. http://www.elitetrader.com/vb/showt...733&perpage=6&highlight=modrian&pagenumber=92
If an OB shows up in a translating situation then you just assign the next volume element in the OOE's sequence.If nothing triggers on the upper level assignment then you assign the next element to the lower level.This situation triggers a PPx EE except if the OOE's is only at first P1 or T1 when you start and the OB bar has lower volume.In this exception you get a T1/P2 two level assignment that doesn't trigger a PPx EE.Here's a couple of examples. http://screencast.com/t/8YBocysVAr http://screencast.com/t/kN8oFwA8Uv http://screencast.com/t/9Wg0elunkr
If an "OB" shows up after a wait bar we have to squish the bars and see if the "OB" bar is really an OB.Many times what looks like an "OB" at first turns out to be either another wait bar or a translating XB or XR.If the "OB" after squishing is a translating bar then technically it's not an OB and doesn't get a two level assignment.If after squishing it's a wait bar then no assignment occurs on this bar.Here's an example on 12-17-13 on b73 of an "OB" after squishing (it's a stitch down on decreasing volume) becoming a wait bar. http://screencast.com/t/lMKlPjVApy5l http://screencast.com/t/QNrNc9fO78