Wow! So after two weeks of monitoring, you are at a place to 'know' where I am? I would guess most 'here' and 'lurking', are actually trying TO 'echo' Todd. I don't see that as a bad thing.
In time you will understand what I mean. I also know that nobody here in this crooked world of trading will believe my babbling until they see results. But believe me I'm working my ass of the show you results which will make you bow. does that last sentence contain arrogance? It's just that I'm so driven I lose myself now and then PS: Sorry for my judgement from last post, I shouldn't be calling names, my apologies.
After the FOMC great Point 3 down, first in the YM and then the follow through all the way down in the ES!
Those 'finer' channels are traverses, or 'trees'. We are supposed to be trading these channels, the forest level is for learning, in this and the futures journal. The traverses make up a larger 'forest level' channel used for context.
Quick on the edit, I see One question, how come 'your' annotations are EXACTLY the same as the flaw's chart? Is he trading with your real money?
Thanks for the compliment, ehorn. However, I missed both of the channels that Spydertrader pointed out. I can easily see the pink one, but the orange one confuses me. The orange channel's point 3 bar (12:55 EST) in the chart below appears to have the same high and same low as the previous bar. This is also what my data provider shows. I didn't realize that a valid channel could develop if there's never a lower low after Pt 3. Perhaps Spydertrader's data provider shows a lower low on the 12:55 bar? Or perhaps I need to revise my view of what constitutes a valid channel? Thanks for any help...
Spyder I understand on the MFLX 30 that it represents a pennant in terms of the price bars but I'm accustomed to pennants occurring with increased volume then decreased volume. Aren't the Hitch the dip and the stall all categorized relevant to how much volume there was during the period of price movement. In this case heavy volume occurred. I figured it to be one of the three or maybe its just a pennant in which case obviously continuation is the signal.