Consider redoing your chart on Globex time settings. See if the sequences make more sense then. The first meaningful dominant traverse of the day began at 07:40 and ended at 10:10, IMO; and the corresponding P3 short channel formed at around 12:00. I don't understand the rationale behind leaving out the pre-market hours and going through mental contortions to handle the gaps. I'm open to explanations though (other than "Spydertrader said so"). Globex chart (hindsight) attached.
Yes, well, hmmm. Mental contortions would most assuredly be a euphemism but there is this useful carry-over thingy and there are also other ways to deal with the gap, especially the 'wrong-footed' type, which ways I am availing myself of these days. The notion of using the Globex has been discussed by several of us here prior to your mentioning it P1 (and BTW welcome back). The main objection is the low volume and one of the things I suggested was to wait until the NY crew wakes up and gets in to work which is usually between 7 and 8 AM EST. However you clearly have been doing the Globex thing and I for one would welcome what you have to say about channel legitimacy in these low volume periods. Palinuro, I believe mentioned that he uses constant volume bars to deal with this. My software setup requires parallel charts of CV and time bars (as would most I presume) and to be honest I haven't really looked into it in any depth. lj
I live in the suburbs of London, so often find driving more convenient than public transport. Apparently, my car has an 'Otto' engine, based on a four-stroke cycle and spark plug ignition. But comfortingly, I don't need to know how it works, to get from A to B. On the other hand, I do know about the inner workings of the digestive system, but can't say that the knowledge enhances my enjoyment of a delicious meal. I have no idea why the markets behave as they do. But I'm glad and grateful that we can tune into the market rhythm without having to know why they move in a particular way... just that they do. Ever since following Spyder's suggestion to physically 'remove' every opening gap, I have found clarity, consistency and continuity within the opening sequences, so my evidence is empirical. Then again, in my book, "Spydertrader said so" is also a valid reason.
Neoxx: Are you sure you haven't jumped fractals with your first black Pt2-3? I believe a properly drawn acceleration tape from the black Pt1 would not have been broken until the 11:30 EST bar (your red Pt1). Therefore any tapes drawn before that would be contained in the original tape and therefore be sub-fractal. your chart: http://www.elitetrader.com/vb/attachment.php?s=&postid=2366416 It was my understanding that we only steepen our tape to a bar with increasing volume whose close is outside the original tape's LTL. thanks
R/R, Your reasoning is sound, and I'm not certain of the accuracy of my annotation. In realtime, I wasn't sure whether that was a bonafide 5-minute level traverse, but did feel strongly that 11:30 comprised the FTT of traverse and channel, and that seemed the most cohesive representation. I can't justify my annotation, other than to say it 'felt' right.
Ok, fair enough. As I have problems identifying the proper Pt2 for the Traverse level fractal relating to Spyder's recent charts, I was curious if you waited until 13:15 EST in real time. I want to use 12:40 and can't find a reason not to.
Again, not sure if this is the correct view, but I had a faster fractal traverse from 12:15, so waited until it ended (i.e. 13:15) before designating a Traverse P2.