After an FTT on 1330 [close of] price travels lower on decreased red volume as expected. 1340 [close of] goes lower on decreasing red, telling me to anticipate change. 1345 [close of] the price went higher completing the anticipated change and came back from the high to close within the previous bar range indicating lateral movement. So far no clear expression of dominant red. 1345 [close of] is also IBGS signaling change and since it closed within the previous bar range I can look at YM. 1344 [close of] YM bar is red on increasing red volume showing clear pt3 channel down. Since YM leads I can expect ES to form down channel as well. 1350 [close of] is a lateral movement closing within the previous bar range and giving permission to check on YM's progress. 1350 [close of] YM bar is black on increasing volume, however it closes within the previous bar, moving laterally and indicating continuation of whatever YM was doing before - going down in a pt3 down channel Continuation on both ES and YM so far. 1355 [close of] goes lower on increasing red volume and we have a pt3 down.
If not the bar Romanus mentioned then I think the 1410 bar. That one would've been tricky. But volume levels before, during and after that bar along with the YM, and channel steepness all provide info. If I had to choose one tool it would be YM.
ES 20080519 perceived points of change. All actions are bar close. a. L resumption of long trend after decr red b. S HH dec blk c. L rtl bo decr vol, fan rtl d. S k vol and ibgs ym e. L FBP fbo f. S FTP fbo inc blk g. L FBP fbo inc red h. S HH dec blk i. L FBP bo inc blk j. S ibgs, HH dec blk k. L lat fbo inc red m. S lat fbo inc blk n. L lat / FBP fbo p. S ibgs, pt3 q. L inc red fbo inside lat r. S ibgs, fbo FTP s. L LL dec red 16:05 exit HH dec blk
Chart for today. Feedback is appreciated . I've started to use some automatic bar coloring logic but I still do laterals etc manually.
I was short on the RTL on bar 69. Price then moved higher and stopped me out at 31.75 based on my risk of the high of bar 67. I was then flat. Are there any forest level signals leading up to bar 73 to get short on bar 72?