Here it is again. I completely understand Spyder's point. Lateral formation was broken (not annotated). However, next bar (14:30) did not show more increasing red. By the way, look at the last FTT of today. It's the same thing. 15:30 break of lateral on increasing red. WMCN is more increasing red at 15:35. What happens at 15:35? It's red but not increasing so we expect the trend to change. Next bar first goes lower and then quickly goes up and the trend change materialized (FTT). regards, Ivo <IMG SRC="http://www.elitetrader.com/vb/attachment.php?s=&postid=1926855">
Am I the only one who thinks that no pt3 up channel should be drawn between 1420 and 1530 due to the fact that any pt2 of such channel should have been higher than the high of 1430 [close of] bar?
To me, it depends solely on the guassians. If I see a \/\/ on the price & volume combination, then I see a 123 channel. Consider it as being on a different resolution (level) than the lateral...
Hello, In my opinion different channels can be drawn during this period, checkout image. First a down channel and then an upchannel, all within the lateral movement. I don't know exactly what channel you are refering to. Do you mean 14:25 bar when you mention 14:20? regards, Ivo p.s. By the way: 15:25 bar tricked me because I saw failed pennant breakout and went long (I quickly corrected that mistake). However, YM gave the answer because it had broken out already on increasing red (15:24 and 15:26 bar) <IMG SRC="http://www.elitetrader.com/vb/attachment.php?s=&postid=1926925">
First, my profound apologies for leaving in middle of conversation, such are the vagaries of life To answer your question: the 11:14 YM bar showed IBV, also an outside bar with IBGS and closed outside the lateral movement of the prior 20 minutes. I feel embarassed The honest to God truth is somehow my mind seems to play tricks on me. It "seems" like so often when I observe the YM when ES is in pennant or lateral that when I follow the signal on the YM, it proves to be false (perhaps shortlived is more accurate). Anyway, thank you for your patience. If it's ok, I will just keep trying and remember to check the YM when I'm supposed to, and then, IF I seem to have gotten conflicting signals I"ll ask for your input. PS THanks R/R and others for your help.
Technically, if we start with 1430 [close of] or 1425 [if your software marks bars at open] large red bar that opened @1430.75 and dropped down 3.5 points, then we start with the tape RTL drawn through the low of 1430 [close of] bar and the low of the next bar. The LTL of such tape would be drawn through the high of 1430 [close of] and any possible pt2 would have to break the LTL of the tape, which did not happen. See attached.