A few FTP's from earlier in the day - also in the Dominant Traverse. - Spydertrader <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1741922>
Do you use Price (and Formations) for these Forex Trades or have you added another component to replace Volume? - Spydertrader
I'm trying to find Jack's quote re FBP's and FTP's and will post it when I do. In the meantime, in both instances, the tape was breached laterally. lj
Forget finding someone's quote (Jack's, Mine, Mak's or anybody else's) for a moment. What does the market tell you? 1. Are those Pennants? 2. Are they in a Dominant Traverse? If one answer's 'yes' to the above questions, then a problem exists which requires a solution. One then need only to determine the correct problem in order to locate the correct solution. Since The Market has provided evidence supporting the the assertion that Pennants do form in Dominant Traverses, and The Market is always right, we must then look for other possible sources of error. In other words, if I told you the color of the sky above your home was 'Barney Purple' would you not look out the window - just to make sure? While The Market might not be your home, it is your office (or at least it is your goal to make it so). As such, go look at your office, and then decide how to describe the color of the sky. - Spydertrader
very fun afternoon session! <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=1742119">
Here's the post from 1-04-08 p.4 (where else): As we all know there is the MODE of the market and largely the MODE is Continue where we hold and make money continually. A major logging activity is looking at the price come to the R or S and what follows after that. These times, from the hitting R or S and until the next price move is made, is a time to have a well designed STOCHASTIC WORKING FOR YOU. We see it is in a non dominate (sic) traverse, the only place where pennant patterns ever occur. I interpreted his statement to mean FBP or FTP (a sym penannt is an inside bar and will not breach the tape) and that may be premature or (gasp!) incorrect. Whilst composing this post I read your followup post and would say this about that. First and most importantly (heh, heh) the answer to this question: In other words, if I told you the color of the sky above your home was 'Barney Purple' would you not look out the window - just to make sure? would be, "Yes, I would not look out the window to check for a Barney sky". I see very clearly (and have since your first post) that you are talking about pennant formations in a dominant traverse of a channel. There is no argument whatsoever about this fact. What I have to reconcile this fact with is the above statement from JH and the only way I can do this is to get down to the tape level. There is as yet no necessary contradiction between what either of you are saying, IMO. You cannot be wrong because you are presenting what the market said, i.e., raw data, for a channnel. I may be wrong if I misinterpreted what Jack said or if he misspoke and I, not knowing this, believed what he said. I do not want our exchange of ideas to escalate to a "Bundle-bomb" by my appearing to be intransigent with respect to seeing your idea, because in fact I do see precisely what you are saying. So I will ferme ma bouche concerning this point until Jack returns from his sojourn in the Southern seas and then ask him what he meant (or didn't mean) by the above quote. Parasitically yours, lj As an aside, IMO, the B-team has been vanquished and what task remains is to get the smart$ to say "uncle", whether they want to or not - whether they know it or not. It's not so trivial.
This is one more sample. I trade GBP/USD or EUR/USD to choose the better currency pair i am looking at EUR/GBP to see which one is stronger or weaker. If i have up tape like in this sample i callibrate RTL and LTL from 1hr time frame to 15 min or 5 min to find entry point .
Today I made my first trade in a Hershey stock. To test the waters I decided to start out small. I bought 1000 EMKR @ 12.94.