One wonders if a situation such as we had today, where the 5 min ES fractal generated a rather flat-looking, as yet not quite complete, up channel, might be analagous to the situation noted above for a traverse, heuristically-speaking. I don't know if such is so but if it is, one might anticipate a further 'trending-down' of the next down channel. If one looks at the traverse situation, the slope of the next dom traverse is similar to the first dom traverse, at least for a while. It does eventually peter out http://www.phrases.org.uk/meanings/281700.html. lj
I guess this is the one. http://www.elitetrader.com/vb/showthread.php?s=&postid=1077712&highlight=Crows+Nest#post1077712 PS: Sorry if I'm mistaken (or pom poms)
One of the real problems I have is how to correctly deal with a situation like we had this AM where price opened at 817.00, some 14.50 points down from the RTH close yesterday at 831.50. My PFC analysis indicated that we had not yet completed the 1,2,3 sequence for the up traverse which began yesterday with the OB at 14:25 PM. Spyder has indicated that a 'vertical translation' of the morning price action can help the trader figure whereTF they are but the problem I have always had with this is deciding where one should 'position' the first bar of the AM in relation to the last bar of the PM. So I find myself fumbling around trying to decide if the PFC was correct or incorrect and not trading till I'm satisfied that today I know that I know whereTF I am. Another tack is to do what Mr. Black does and simply start trading tapes while waiting for the 'apparent mess' to sort itself out to my satisfaction. Does anyone else suffer from a similar affliction and have another way to deal with it? TIA lj