Take a look at the attachement... I really think the IT TL I have drawn in is more informative and a little bit more 'in play' then what you guys are showing. Take a look at vol at points A,B and C... you see the drying up of Accumulation as the RT side is hit and then building volume with each new traversal. At point C vol dries up and tenatively (sp?) builds up thru the TL break... then you see the harmonic wobbling along the line as vol runs at roughly the same level (mentally subtract out the open/close saucer effect). The gap up this morning (IMO) was not a break but just a departure from that TL. This corroborates Jack's corrolary to the P,V relation which says that constant volume brings about a gradual decay of the trend. JT
Draw a lateral channel for the day, it is possible to slalom it until the FOMC. That is unless volume kciks in and breaks the lateral channels for continutaion.
Hmm... maybe you can help me out with that... This is how I saw things today... the gap up was a traversal of a very short lived ST up channel... point 2 by 9:45. After that I was looking for a pt 3 to get in on the trend. Well MACD started to tank with no volume signal when prices started to go up again -- so I never found an entry. Then we had a failure to traverse that up trend. Trend over. Were you slaloming at this point already? If so what was your cue and/or your sequences for trading that stuff? I totally didn't see the FBP forming and wasn't looking for the BO at 11:30 or so -- I think slaloming I would have been in the market already and that would have helped. Thanks JT
this is prefect centering between the IT right line and support of the FBP made yesterday. I anticipate a traverse too the left side(1080) if the news is bad or the creation of a new long IT.
I have our second pt 3 for the down IT as the HVS during the greenspan. We then broke it this mornign to start our long IT for the next 6 to 8 days. I am looking for a retracement in our long IT before it traverses to the left side.