Iterative Refinement

Context is critical but a difference in context does not mean that a particular concept cannot apply equally well to both situations. So bottom line everyone seems to agree on what the right side of the market was at EOD and it will be very interesting to see what the market shows us on Monday.

lj

 

Here is my eod. I am anticipating non-dom price until the market says otherwise.

 

It took awhile for the non-dom volume to show up.
My work so far.

 

ES chart for morning, not sure about the down channel yet but drew it in anyway. Will see if it holds up.

 

I pretty new here and wonder if you could elaborate on what a 'non-dom volume' is. Or direct me to where in the forum I could find the answer.

thanks,

 

So far...

 

Hi mrpips,
Here is a great place to start your journey. http://www.elitetrader.com/vb/showthread.php?s=&threadid=38777

edit: (In this instance), non dom volume is when price is moving between point 2 and 3.

 

here is my work for lunch

 

So far...

n.b. opening gap accounted for

n.b. Hadn't realized US clocks went forward...

 

I have a question, perhaps a stupid one. If a channel MUST? consist of only three traverses and after the third (dominant) one the market MUST? build the next channel, that MUST? consist of three traverses as well, isn't the construction of a channel a redundant one?

Edit: What do we need the channel lines for?