In my humble opinion the answer to the wholes issue of why pt3 never came after 1545 [close of] bar and whether or not increasing black volume eliminates the possibility of pt3 down, lies with YM. 1546 [close of] exits down channel on increasing black volume after an FTT. Therefore YM dominant direction is black now, and since ES follows YM we expect the retrace to become reversal just like it did on YM.
Hopefully, everyone found yesterday's discussion helpful. I have another observation some might find useful .... Which do you feel represents a better use of one's time? Debating the answer with gucci, or looking to the charts to see if the market agrees with the answer? Note well, my recommendation for locating the answer, and the fact, that even after repeating the advice provided, the same question appeared - once again. - Spydertrader
While the charts tell me that pt2 to pt3 on increased non dominant volume is possible, this is not what we expect from the sequence of dominos after an FTT. And WMCN is anything but increased non dominant volume. Is this accurately describes the meaning of this response? http://www.elitetrader.com/vb/showthread.php?s=&postid=1928537#post1928537
Before anyone decides to post the question .... When looking at the ES 5 minute chart today, we see the following ... (All times Eastern and close of bar) 10:50 - Change 10:55 - Continuation 11:00 - Change 11:05 - Change 11:10 - Change At the times listed above, what did the YM say? Therefore, what action was required? - Spydertrader P.S. Also, why does the ES provide the signals listed?
YM: 10:50 - increasing red = continuation 10:54 - increasing red = continuation 11:00 - SYM FBO = continuation (because of FBO direction) 11:04 - IBGS = change 11:10 - lateral movement = continuation Hold short
10:50 ES change but YM IRV so HOLD short 10:55 ES continu so that is sufficient 11:00 ES change (LM) but YM in LF/IRV so not sufficient, Hold short 11:05 ES change (LM) but YM also in LM so not sufficient, Hold short 11:10 ES change(LM) but YM also in LM so not sufficient, HOld short
On my chart 11:00 through 11:10 [close of] bars all close within the previous bar range, indicating lateral movement = continuation. I am missing something fundamental