Point Three Down Channels require increasing red Volume - not increasing black Volume. You have a chubby tape. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1917920>
Here's my chart and log from this morning. Any comments / critiques much appreciated. E.g., did I enter long too early? was I correct to hold through the chop? ... and all the things I haven't thought of ...
Ah yes, thank you, I hadn't thought to expand that tape. Looking back there's nothing at all ambiguous about what happened, I was just looking for that pt3, and when price continued up my brain was unsure of what to do for a second.
I have the same areas marked "change" as you do (though I didn't actually take the trades), but I have them all marked exactly one bar later
Question regarding the YM. Earlier I made reference to an LL on the ES that appeared as an HL on the YM. The same situation has shown up again: the 13:20 (EST, bar close) ES bar went lower than the 12:20 bar, while the YM didn't break the lows. In general, is there any significance to this? It's a moot point now as we've broken out of the lateral, but as of 1325, on the ES I'd be 'expecting' a pt3 down while on the YM I'd be looking for a pt3 up. This is similar to what happened this morning: the fact that the YM didn't break Friday afternoon's lows would have "primed" me to be looking to draw an up-channel, while the fact that ES did break the lows made me look for a down-channel. Obviously, once price makes its move you know how the channel ought to be drawn, but when I'm scanning for contextual clues I look instinctively at HH/LL. Is this just a completely irrelevant factor and a bad habit that I should ditch?
ES chart for today. I'm still not using any bar-color-enhancer, sorry about that. Nice going, Mr Black .