Nice Charts BA. I realize the 1-2-3 R-L-R. That's usually the case. I just noticed that sometimes when you have 2 points on one line before a move to what creates the opposite line, it creates a different looking channel. The channel I drew had a nice left line with FTT's above. Yours, the right line worked beautifully with FTT's below. It's just something I'm playing around with. I've seen it in the past. I'll try and post more examples when I see them. On your first chart, the 11:10 bar is the VBO? You mentioned using it as a point 1. From Jacks method I assumed that a FTT becomes point 1 of a new channel. So, for the new channel upward in the afternoon, the only VBO I see is on your second chart at 14:10. But the channel started before that at FTT 2 (from my understanding of jack's posts). I posted a chart with FTT 2 being the new point 1. How to get long here is the tough part. It's a PRV/spike thing which I'm still getting used to. If anything, the second VBO created a new steeper upward channel as the market pace increased.
...I use a five minute for trade decisions and volume monitoring, and the one minute for volume monitoring only. IMO ya gotta stick to drawing channels on only one chart, which is the five. Even though IMO the channels draw better in the i minute, the trade decisions are better in the 5. I also watch NQ premium on 2 seconds for those rare but rewarding signals, and keep a 15 minute for periodic reference, as you never know when it may give you a better view of the day. I most certainly will not post my chart for today, as it would look like no example Jack ever used, and I don't want to embarrass either one of us. IMO it had some non clear cut FTT situations, and a lot of shitty little narrow short lived channels. Very frustrating. But it was a great day just to sit there and grind on the method. Lots of practice.
Agree. Drawing channels on multiple intraday time frames creates a mess. No worries about the chart, maybe some other time.
I've attached the result of my quasi play-by-play... all I did was apply the principles I've learned from reading Jack's post (and yes I too have delved back into the bubba7 days... the Cameron days... the usenet days. I have the binder to prove it). As you can see there are several points to be had. (I even tried to inject some humor for your benefit ). In all seriousness -- it sounds to me that you are reading Jacks posts and looking for answers... remember those cracker jack toys whith the picture and a little polarized filter. This reminds me of what you are doing with Jack's posts -- DROP THE FILTER.. he doesn't have the type of answers you are looking for. Jack's method is way more discretionary than you come off as being... DBPhoenix's stuff too -- obviously they don't agree on some fundamental things... but they both share (IMO) the same philoshophy about how to go about things: build beliefs when the market is closed and think when the market it open. This is competely 90 degrees to what you come off as doing: backtest like a mofo when the market is closed and trade like a robot when it is open. Also I think your humor goes over a lot of people's head here... Personally I think it as hilarious... you are almost shakespearean with your word play (that is a really BIG almost ). It doesn't bother me - but I think you might be handicapping yourself if you really want to connect with people as a student. Hope this is interesting and/or helpful. JT
...after today, Nasdorq and BA are welcome to this damned thread. You notice that BA carefully avoided showing the entire day, which for NQ looked more like a tick chart than a nice clean textbook five minute chart. For me it was just a succession of what amounted to scalps and surprise scratches. But IB did well, I think.
...I didn't respond because I was TRADING. Remember, "A trader trades"? Great analyses, and thanks very much for the after actions. A lot to learn from today. I plan to petition Baron for a Jack forum. Give him a home, so he doesn't have to go where he isn't invited. The incentive for Baron is that I will promise to quit posting, and decommission most of my other aliases.
I don't have it drawn on that first chart.. but you have a lateral channel before the short channel. The 11:10 bar is the FTT of the lateral channel and pt 1 of the short channel... same thing for the PM long channel. laterals are really hard to get the hang of but if you don't use them wisely everything else will just not work very well. JT
...didn't see the attachment with your commentary for today. Please post it. Thanks. Your advice is duly noted and will eventually be absorbed subcutaneously. I am rubbing a printout of it all over myself as I type. And as for being a student, I was just as poor at that when I was a kid as I am now. The obnoxious are congenitally uneducable. The elderly, of which I am guilty, are even worse. I have some decent stuff of my own, I'm just trying to fill in the week day-in-day-out with a reliable trend trading method, as my system and event-driven stuff is episodic. As for my writing style, it goes over my head, too. I don't write this shit, it just pours out from whatever personality happens to be in control at the moment.