You are absolutely right in your assessment. The picture I drew is a result of my confusion. I saw bar 15 incr red on PRV until 10:43:30 and before the bar was finished I moved the RTL of the tape to go through the high of unfinished bar 15 making it my pt3. But I don't think we are allowed to do that. Thank you, Atari.
I see you have a similar formation on yours. VIP is headed on course for a serious support level later this week. It went down today as expected. The questions is what will it do when it reaches the corner of the pennant. This is going to be a good exercise for me on "knowing" what a stock is going to do and beating it to the punch. I need to learn more about Gaussians, however, in order to do so. I understand the idea that increasing volume means continuing trend and decreasing means change in trend, however what the implications of that are when looking at a chart which is not simple is still beyond me. JF
1. Learn the Jokari Window. One must internalize the answers contained within, so that in the 'blink of an eye' one can know what signals the market has provided. 2. Learn the sequences of Price and Volume as Price moves from Point One to Point Two to Point Three. 3. Learn 'context' and how context 'filters' the signals provided by the market. 4. Learn "What must come next." 5. Learn where you are with respect to the 'right side of the market' at all times. 6. Apply that which you have learned onto any market on any time frame - provided sufficient liquidity exists - through the process of M-A-D-A. - Spydertrader Edit: 7. Stop using Indicators (MACD and The Stochastics). Take them off your chart. Focus on Price and Volume.
Spyder, You continue to be the best of teachers. Pointing in the direction of the answer so that I have to work it out for myself! 1) I "know" the jokari window, however I will reread Jack's stuff on that which I have found. It is one of those concepts which is incredibly simple, but has far reaching implications. 2) This sequence is something which I need to reread stuff on, most definitely. I know the basics of drawing channels, but how to identify the 1,2 and 3 points in channel by sight AND volume is something I need to understand. 3) This third statement is a bit enigmatic, but I think it will become clearer the more I do. I think you are saying that no chart exists in a vacuum. It is impacted larger fractals, company information (earnings), and market conditions. Tell me if I am way off here. 4 & 5) That's what I hope to do!! 6) *sigh* This is when I feel stupid. What IS MADA? I read it all the time here , and my head feels stuffed full of acronyms sometimes. 7) Done that! VOlume only for me! Thanks again Spyder. I just want to share a bit with you. I have five kids and a job which pays me.... almost enough to support them. Your teachings are providing me with a way to properly support my family. My investments have netted me a 50% gain since February, mostly due to your journals and the help of everyone who contributes to them. I hope to learn enough to do this full time! JF
Yes, you have mentioned a few macro conditions which influence all markets, but don't forget other (more micro, and perhaps more immediate) contexts as well - Formations (Pennants and Laterals), Tapes, Traverses and Channel Points. Monitor, Analize, Decide, Act. I have no doubt you can achieve the goals you have set for yourself. Follow the path traveled by those who made this journey before you, and avoid the mistakes they made along the way. Everything needed to trade profitiably exists within the many pages of information provided. in other words, already have you that which you need. - Spydertrader