ES Edit: I realized when checking my image that I forgot to truncate the light pink CO channel which was broken this morning.
Spyder, Could you please explain what you mean by the above statement. Since channels are made of traverses, I would expect that the FTT of a traverse is also the FTT of the channel. That is, the more coarse one's resolution the longer one would wait for the change signal. In the example discussed, staying on the tree level (traverse), one would have stayed longer in the trade than one that is trading the forest level (channel). Are you saying that if the channel is wide, then one that took the pt 3 trade should switch to the traverse level to stay in the trade as long as possible? I have always thought that jumping fractals to a faster level was what we should not do, didn't think jumping up to a higher level would cause a problem. Thanks
ES M8 Daily Chart June 4 2008 Daily ES bar made an inside bar today forming a SYM. Pennant. Volume was slightly lower today closing at 98% of the volume from yesterday. Daily bar range today = 17.5 points Close of daily bar = 38% of the day range. Also range today was 72% of the previous day range .
ES chart. Comments welcome and appreciated. Good discussion today. Thanks! p.s. Please excuse lack of pt2 and pt3 annotations on the aqua down channel. Look at anything long enough and you can find plenty errors.
We did not yet have a down traverse. As a result, we cannot have an FTT of a traverse which does not yet exist. We can know we will need a down traverse becuase our channel (or orginal traverse) widened significantly. As such we need to have a traverse to take us back across to the RTL. This would form a non-dominant traverse. Since non-dominant traverses form after dominant traverses, and our last traverse was a non dominant one, what must form before the next non-dominant traverse? Note todays two major channels - up in the morning and down in the afternoon. Note the traverses which form within them. Up - down - up (in the morning), and down - up - down (in the afternoon). The final 'up' traverse in the morning never confirmed (telling us to expect change) which ended the channel right there. The FTT of the last down traverse in the afternoon started the Point Three 'up' channel which moved Price at end of day. In other words, Romanus could know well in advance how the market needed to unfold, and as a result, he posted the sequences before they appeared on the chart. - Spydertrader