1535 eob down channel VE on DRV moving laterally = change, anticipating non-dominant traverse. 1540 eob and 1545 eob both increasing black (non-dominant volume). Down channel FBO, but still increasing non-dominant volume in non-dominant traverse
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1974728> (Final Blue Traverse in place for Educational Purposes)
Thank you Avi8 for your input. This time, your additions were no surprise. I consciously did not label your heliotrope channel as a pt3 as I saw it more as a tape, but did see it as a traverse. Your orange channel was even steeper than the tape I already had, so didn't annotate it as I already had something very steep to guide me. Finally, the blue channel I did not annotate as it was so very close to the CO channel. The common thread here is this: sometimes I see an opportunity to annotate a channel, but choose not to if it seems to duplicate an existing effort (or not provide new information) and I hate it when the chart gets so full of lines that it confuses me. I can honestly say that what you drew, I was aware of. That being the case, is it legitamate for me to have chosen not to draw those?
ES U8 daily Chart June 27/ 2008 I did not get to post a chart last evening so this is the data for that daily bar. June 26 daily- Daily bar made a LL and a LH on increasing volume and volatility. Low of daily bar for June 26 invalidated the FTT on June 24 of the white dominant traverse. Range = 39.25 points volume = 564,946 increase over June 25. Close of daily bar = 4% of the range. Daily data for June 27 2008: Daily ES bar made a LL and a LH on decreasing volume and volatility. This looks like change on volume and volatility, also increased volatility expansion. Lows today were 1272.75.Low of March 17 was 1273. That invalidates a larger point 3 upchannel. ES daily bar range = 19 points Volatility to previous bar = 48% Volume = 89% of previous bar Close of bar = 39% of range today
A signal for change, of course. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1975102>
The blue up channel is not a valid up channel, correct? Because their is no increasing black Volume! Gary
ESU8 Monthly chart June 28 2008 On the data I am using the point 3 monthly bar has increased volume confirming a point 3 down.
I wondered this too. Upon studying Spydertrader's older ES charts I found cases of pt3 channels drawn in where no inc vol occurred after the pt3 was annotated. I did notice that (most every time) I found this, the channel in question was a non-dom traverse of a bigger constructed channel. Also, we are all humans, and I wouldn't expect anyone to always be perfect every time with every annotation.
copy the chart into your Paint program... then draw some gaussians on it to find out... That's the best way to learn.
You've provided an excellent example of critical thinking. Through your research, you've narrowed down the choices to a set of possibilities numbering two. Either, one, I occasionally have difficulty differentiating between increasing and decreasing Volume (even with automated Gaussians on my chart), and as a result, need to apply more focus on the Monitoring portion of the M-A-D-A Process, or two, I chose to post the chart in question for a specific reason. Nicely done. - Spydertrader