Iterative Refinement

I am not certain as to the correctness (or value) of my thinking but I have attached some notes. I am still working on that certainty thing.

P.S. I notice some of your price bars are colored differently than the corresponding volume bars. Do you know why is this?

 

On your attached chart, one can see a channel. One can also see a Traverse form at the EOD. The market forms a channel in very specific ways. Given what is known, one should have the ability to annotate the unknowns. Work backwards if need be.

- Spydertrader

 

Thanks dude!

so basically i have to draw the next channel with point 1 being the previous channel's FTT after there is a BO. correct?

 

My take on the big picture from yesterday.

- palinuro

 

Give a man a fish .....

- Spydertrader

 

Thanks Spyder, Is this thinking closer to the mark?

 

if your right, then what do you think of this?

 

That's almost the 'fudged' lateral I had intraday - I had pt3 of the up traverse the previous day, and started the lateral on the bar 4 OB, just moving the upper line out a bit later in the day.

At this point it again seems the most accurate representation to me. On the 15 minute it draws itself.

- palinuro

 

I agree and was drafting this just before your post

 

Yes I do. It has to do with the software package i have.