I initially went with the overnight carryover of the lateral but to me it made no sense to do so on lookback. So to answer your question the 9:55 bar confirmed the P3. I didn't carry it over so perhaps that answers your question but if it doesn't then could you explain what you mean by"... given our knowledge ... a 5M fractal?" lj
Well, I am just pointing out that there are many fractals in effect at times, and it is our job to understand the required components and how fractals are "built up" to create a 5M traverse (and subsequently a channel). We know the sequences apply on all fractals, but we need to know which fractal we are operating on in order to know where to look for the sequences completion on each fractal and to know WMCN on each of these fractals. So I believe some components are missing which are required to make this a 5M fractal traverse. So (hypothetically speaking) if this first traverse is not 5M, then what of the second and third? and if the above if considered, then (hypothetically speaking) what did the day build? Just thoughts/questions for pondering I guess. P.S. I believe the CO lateral was critical to knowing which fractal a trader found him/herself operating on this morning.
... today's 1505 was a pennant BO, broke retrace's RTL on increasing volume but closed back inside the retrace ... it was also in a lateral (as you mentioned)
I agree there are up to four fractals which may be obvious and it is the one in between the tape and the traverse that shows variabilty. There is always a tape, a traverse and a channel. I think that's safe to say. Where one can get screwed is by calling the fast fractal funny stuff, VE's (what I have called before pseudo-VE's) and then you get sucked into believing you are constructing a channel when in fact it is just, in the end, a traverse. Today, IMO, we built a channel and 15:30 was a channel FTT (and as well the FTT of the final down traverse). One of the most important things I have learned in the last little while is that if you have your channel correct, then figuring out how the next channel is going to play out becomes a lot easier. It is the previous channel's RTL which is the 'big deal' and that's why the other day I was freaking out when the boyz started screwing with it. Spyder's words of gentle consolation and R/R's sweet interpretation did a lot to calm me down. Like tonight if you look at YM (yes I know we're not supposed to - but just for fun), you can see that price is really close to it. Eventually price will break it and the question just becomes one of waiting to see how the market will do it. lj
Well that is just enough of the lashes! Thanks for pointing that one out... Man, I am a glutton for punishment!
Oh I deserved those (and more)! Especially given my recent posts... I know what I am asking from Santa this year... The ability to correctly monitor...