From earlier in this thread .... <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1999985>
Spyder, in this link/attachment http://www.elitetrader.com/vb/attachment.php?s=&postid=2210216 the blue species on the right is a channel. Correct? Your most recent color code (12-02-08) would have this entity as a thick, green line. Correct? Is it correct that at the end of the day on 12-05 (attachment), the blue species is an up traverse? Finally does the thick olive drab line at the bottom of the page, which is rigorously a 'trend line' (a line from the Lowest Low to the next Low before the Highest High which does not cross any other bar) qualify as the RTL for the up channel enclosed by the pair of olive drab lines? If it does not does the 13:00 bar qualify as the P3? lj
Quote from Spydertrader: -------------------------------------------------------------------------------- Quote from ljyoung: Is it correct that at the end of the day on 12-05 (attachment), the blue species is an up traverse? -------------------------------------------------------------------------------- Incorrect. I should have been more specific. Since it is not a channel, it is what has come to be called a 'faster fractal traverse'. Correct? I do not believe it can be a channel because we do not have a P2 by EOD and an up channel is not supported by the price conformation which developed on 12-08. -------------------------------------------------------------------------------- I'll bag flogging the other stuff. I had thought a confirmed swing low would qualify as a possible starting point for a channel RTL. Thanks for your help. lj
Attached is a diagram of some thoughts that may (or may not) shine a flicker of light on Friday 12/5. While waiting for a traverse to form I expect to see a B2B or R2R before Pt2 of the traverse arrives. When Spyder mentioned Pt1 to Pt2 and the fractal nature of the market it made me think about a B2B or R2R of a Channel. Please note this diagram has not been put under any testing, this is just a thought. If this is the right direction I have a chart of Friday I would like to post for discussion.