See 13:14 [close of] YM bar to note a subtle difference. Then walk through the sequences of 13:18 to 13:26 (all times Eastern and [close of] YM Bar) to note what transpired to make this slightly different than yesterday. What appeared to be a dip, changed. Note the sequences which told you this. Finally, note how once again, we see a dominant followed by a non-dominant traverse creating a channel. - Spydertrader
It broke RTL on increased black volume indicating that the price is moving pt1 to pt2 /\, /\ followed by an outside bar, which created pt3 up. Yesterday 1400 [close of] YM broke RTL on decreased black, moving laterally and forming two pennants where increased black volume on 1412 [close of] SYM BO creates pt3 formation. However no more increasing black volume on 1414 [close of] indicates that the down trend has not changed. On YM: FTT, decreased non-dominant volume to RTL, increased non-dominant volume through RTL, more increased black (now dominant as price left the down channel) to pt2? It's time to review the futures journal one more time and collect the daily dose of 'AHA!'s. Thank you, Spydertrader for your help!
Let's try to show more specifics - just in case context plays a role here. (all times eastern and [close of] YM Bar) 13:18 and 13:20 form a Pennant. What do we expect on a Pennant BO? Increasing Volume followed by more increasing Volume. We do we 'see' actually develop? 13:22 shows increasing, but with a Formation FBO (not expected) providing a signal for change. 13:24 shows decreasing red - confirming our change signal from previous bar. 13:26 heads lower initially (also confirming our change signal), but oops, by close of the YM bar, we have an outside bar on increasing black. Note the IBGS on the 13:25 ES [close of] Bar. Change right? (get short!) However, another (and opposite) signal for change devloped after 13:25 (The Time, not the bar) - one which showed itself as an Outside Bar on the YM. In other words, the sequences of change started again in the opposite direction. HTH - Spydertrader
Spydertrader, I'm really lost now...What do I miss??? How many ways exist for this damn price to move from point 2 to this damn point 3?? TIA PS: Avi 8 Hi !!!
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1945432> How did we know, well in advance, how the day needed to unfold? How did Romanus know to post in advance exactly how the down channel would form? The same thing repeats over and over again, every day, in every market on every time frame - provided sufficient liquidity exists. Perhaps, everyone can now see the importance of monitoring correctly, and why I have repeatedly advised not to skip ahead. One learns much more than how to draw trend lines by monitoring. - Spydertrader
Thank you cnms2, ehorn and ivob for posting on yesterdays chart. No sir, I can't do that. It would not be a valid channel RTL, right? What took me by surprise was before that though, when price moved lower on increasing volume, as would be expected if a new dominant traverse was about to begin. I 'anticipated' the previous bar at 15:00 [close] to be an FTT of the forrest level down channel. So in my mind I was already looking to fan the blue, steeper channel down. Then price retraced, volume soared and price moved up 5 or 6 pts. I'm sure there were signs giving hints on what was about to happen using tools that I currently don't use.
? In other words looking at YM at 1325 (EXACT TIME) shows it inside SYM after attempting to break the lower boundary of SYM, therefore the ES IBGS 1325 [close of] is in apparent conflict with YM signal, and the conflict is a result of YM making pt3 ?