Hey R/R, if you're hanging around, a question. Would the 15:35 IBGS be an example of where you don't fan an IBGS with increased volume? So basically it's like a 'tape FBO'? lj Note to innersky. An IBGS will break a lateral if: (1) it pierces one of the borders of the lateral and (2) does so on increased volume. Both conditions must be met.
lj: my 15:35 was an OB with a higher close - don't think it ever was an IBGS. I taped to it from the previous bar. With a higher high and close, I think I will always include at least some part of the bar in an up-tape. Here is what I did (highlighted):
Yes you are correct R/R that it was never an IBGS. I did not do my chart real time today and misread what was there. Double-doh! The OB will be a 're-set' bar and then you will fan out twice before getting the tape break down. It is interesting, but possibly coincidental, that if you treat the OB as an FBO on increased volume, of the tape up from the bottom 3 bars, you end up with almost exactly the same crossover point on that last black bar before the downturn. If you do this though you 'miss out' on the very nicely projected P3 up. You could also do a very nice 'tape' 1,2,3 withose first 4 black bars. The attraction of doing sequences at this level is that the risk for 'incompleat' traders such as myself is less. Thanks for replying. lj
Question about yesterday (see attached chart) at 15:05 it appears that a down traverse starts to form. We get R2R then decreasing black but then suddenly the decreasing black goes to increasing black and price goes way up. I don't see any good reason here to fan out the up traverse, so can someone tell me what I'm missing here? Debriefing does not help me this time... -- thanks innersky
maybe we have a small channel that end in a OB. http://www.sierrachart.com/userimages/upload_2/1238671207_0_UploadImage.png
You started the RTL of a downtrend at 14:20 at the same point I used. see my snippit. I may be on a lower fractal, but this is where I feel comfortable.
agreed, but when that small channel ended, I expected a traverse retrace (where the OB is pt2). Obviously this did not happen. -- innersky