yes, if I start P1 from the prev day I will have a steeper channel and the last down traverse will fall out of the channel sooner. But if you slide today chart down vertically to align it with the prev chart then you will have a flatter channel. At 10am I abandon the P1 from prev day and pick a new P1. It's a day by day consideration.
Beginner Level Traders focus on trading in the dominant direction of the trend. As such, You might want to avoid trading between Points Two and Points Three. See Attached. - Spydertrader <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2371325>
Neoxx, why does your first lateral (ending on 15:00 on you chart) does already ends at that time? The next bar does close back inside? -- thanks, innersky
My understanding isn't sufficiently comprehensive to answer this question accurately, but I believe Spydertrader has addressed this point many times in the past.
Little Quiz for you Traders..... What was the Signal of Change On Point 3 .....????? Hint....Huge Lead from YM (4 min)....
it will be relatively less, but you don't have any chance to make profit either. control your loss and listen harder.