I was completely out of sync today. Probably too little sleep or something. I haven't added the 'bar coloring' inidicators just yet, I'll do that after the weekend when I've had time to go through the scripts to see what they actually do . Spyder thanks for posting during the day.
Often it appears as if a channel may be created by using the previous days pit trading data. However, I have not had much success with using carry over channels and points of action based on previous days. Is there anything specific which should be looked at to help determine if the previous days data should be used?
Well, Today was an interesting day. Not in a good way, but not terrible either. Most of my purchases from yesterday stopped out or were down. Still ended up positive or even on most of them (JASO, SOLF, NCTY, and TSL). I wish I had been able to pull the trigger and sell earlier, but I am not good enough at reading charts yet on the fly, so I'll still have to settle for reasonable stops. However, there is something I noticed: how important M and A are. The trades which faired well today were ones whose daily charts I had studied for longer. VIP - I posted a few days ago that I saw a long term pennant coming to resolution. It had a failed BO last, but reached DU yesterday. It did not quite reach FRV, but I felt confident in the formation and where the stock was going to go. It is up 8.2% so far for me. GRRF - This stock is going up a tight channel right now. It is up 5% so far, but tomorrow will be an interesting day, with some tight stops involved. It is at the top of the small channel its in right now, it has just broken out of the larger channel. It was also slightly lower on volume today. WCG - I had not examined this stock until it reached DU today. This had two results. First it forced me to wait on the stock, which allowed it to retreat to a more favorable entry point. I studied the daily chart and there is a pretty obvious channel it is going up. It was in the middle of going up the channel, so this could be a good entry point. The volume went B2B today, it broke through the trendline, and the volume and price went crazy at the end of the day. Thanks all! JF
http://elitetrader.com/vb/showthread.php?s=&postid=1904350&highlight=wtf#post1904350 Anything can happen anywhere in the World. In our MADA, only 2 things can happen -- Continuation or Change.
Review the discussion on Carryover Channels in last year's Futures Journal and review the CFBW Document. - Spydertrader