Hi Atari, My attempt- ES 1035 peak volume, ftt, spike bar/change/reverse long YM 1034 fbp w/decreasing volume, WMCN didnât (needed more IRV), ftt, previous bar peak volume/change/reverse long ES 1040 decreasing volume, fbp (lookout for tendency to break down)/continue/hold long YM 1040 price struggles to improve on IBV compared to previous bar, all within lat formation /change/reverse short (so reverse short on ES as well) ES 1045 sym pennant within lat formation, decreasing volume throughout the lat formation/continue/hold short YM 1044 lat formation, sym pennant decreasing volume (subsequent to another âget shortâ signal, IBGS v+)/continue/hold short
ES Daily Chart May / 21 / 2008 Daily bar made a LL and a LH on increasing volume, and increased volatility. This bar also closed near its lows and B/O of the uptrend in place. The volume today was the highest volume since back in March.
Got short UDRL today. Looking good right now. Saw a pt 1,2,3 channel on the thirty after a BO. Still holding short from 19.80. Comments welcome.
I was holding short from 1416 so I will describe my thought process as the bars unfolded. 10:35 bars closes well off it lows. YM 10:32 shows peak volume. Change however we don't have a flaw or VE to look for an FTT so hold short 10:40 bar is a inside bar view it as Left to right traverse for a steeper pt 3. The 10:36 YM bar is a Pennant FBO in decreasing volume confirming lateral movement. 10:38 YM bar is a FBO down on increasing vol (also confirming long direction supporting pt 2 -> pt 3 of down channel. 10:40 YM bar confirms a pt 3 up channel. Still haven't had a point 3 down yet (hold short) 10:45 ES bar is an inside bar confirming LTR movement (hold short). YM 10:42/10:44 bars form a pennant confirming L->R movement.
NOTE: all times begining of bar and EST (add 5 for bar closing view) SHORT position ES 10:45 - decreasing red volume (above Flaw level) => change - SYM BO on decreasing volume => wait - LF BO on decreasing volume => wait YM 10:46 - decreasing red volume => change - LF FBO => wait YM 10:48 - increasing red volume => CONTINUATION ES 10:50 - increasing red volume => CONTINUATION ES 10:55 - VE - decreasing red volume ~50% of previous bar => wait (may be flaw = change on a lower fractal) - price closes inside previous bar: LM => wait YM 10:56 - pennant on decreaing red volume => wait YM 10:58 - OB with increasing red volume => CONTINUATION ES 11:00 - bar bounces from VE LTL - IBGS on increasing red volume (on cancels other) => wait - bar closes inside LM => wait YM 11:00 - decreasing red volume => change - bar closes inside LM => wait YM 11:02 - IBGS on increasing red volume (on cancels other) => wait - bar closes inside LM => wait YM 11:04 (first minute) - price went up on decreasing black volume then headed down on increasing red volume => CONTINUATION ES 11:05 - bar bounces from VE LTL - decreasing red volume (above Flaw level) => change - bar closes inside LM => wait YM 11:06 - decreasing red volume => change - bar closes inside LM => wait YM 11:08 - decreasing red volume => change - LM FBO => CHANGE (confirms ES' CHANGE signal)
ES chart. The discussions have been really fantastic. I just need to drill the lessons into the brain. Thank you so much, everyone. While I'm not quite there yet, the fog is clearing each day and it's exciting.
My take: 10:50 - ES lat BO in DBV = Change; YM IRV = Continue; Hold Short 10:55 - ES IRV Continue; YM lat continue;, Hold Short 11:00 - ES VE on DRV, Change; YM FBO on IRV (change), but forms new p3, Continue; Hold Short 11:05 ES IBGS IRV, Change; YM IBGS IRV change; Reverse Long (we would have seen one minute of the next bar too, which may have made a difference) 11:10 ES DRV, Change; YM DRV, dec range, Change; Hold Long
Today's eurodollar trade. The 6 o clock bar was first increasing black indicating the trend had changed from down to up (in other words a point 2-->3 move was out of the picture). This could only be changed if that same bar turned into a spike bar which it did. Needless to say all this went very fast but it's easy to be fast when you're prepared. regards, Ivo p.s. took 2 washes before that just to be complete.