Thanks romanus, yes lateral is the name of the game this morning. If you look at the 20sma from the open to 12:40, it stayed between 1277 and 1274. I see what you are saying about the overall larger dominant down (barely) channel and the last dominant traverse.
Forgot to mention that I didnt trade it. It was in a journal that I was monitoring. I was just giving my thought process throughout the minute by minute or 5 minute by 5 minute progression of the stock based on PRV estimations on the 30 min chart. And I have been reading reading over and taking notes on the first 200 pages or so of the Futures journal for about a week now and I dont know if Im missing something but from the pages I was led to believe, it was about spotting FTTs. I understand through properly annotated charts but it is mentioned many times in there that with your chart anytime you think you have an FTT to take action and wait for one of the three end effects.
Thanks for your time and provided insights. I didn'd realize I was trying to find answers to the same question. One more puzzle to solve. No need to be thankful. I'm glad I could provide some "clarification" .
I recently suggested a course of action with respect to how to develop an ability to create thoroughly annotated charts. At that time, I recommended you review the advice I provided to romanus. My recommendations provided a 'recipe' for moving from where you currently find yourself (unable to correctly complete the 'M' portion of the M-A-D-A process) to a place where you have the ability to 'see' that which you have, in the past, failed to grasp. Rather than follow this 'recipe' I provided, you have, instead, chosen to invent your own. Nothing wrong with doing things your own way, but when someone points out that you have failed to follow directions, one should not retort with a description of the different set of 'ingredients' chosen. In other words, if one asks how to bake an Apple Pie, and after receiving a list of instructions, a person chooses to use Oranges, instead of Apples, one should clearly understand why the Pie doesn't taste the same as anticipated. You've chosen to do things your own way. Fine by me. You have a history of following your own path. However, when you post things as you did above, I 'see' it this way .... Start by learning to annotate a chart and following the direction previously provided (to both you and romanus). - Spydertrader
Level 1 Drills: annotating ES channels, gaussians and formations (+ lateral movement) Level 2 Drills: YM annotations leading ES annotations Level 3 Drills: Flaws and FTT's on ES Level 4 Drills: Flaws and FTT's on YM leading ES [/list=1] Does it look like a reasonable progression? It does resemble Futures Journal Syllabus.
One day, I hope you come to realize how hilarious this question is. Write the post down and save it. When you 'see' what I expect you to find, let me know if you don't laugh your ass off at your last post. - Spydertrader
Thanks Spydertrader for your evaluation, Several differences exist from comparing charts. 1. Your guassians are far more complex than mine (time, experience, and knowledge) 2. You don't show a pt3 down channel from bar 2 with a pt 2 on bar 8, and a pt 3 at bar 12, I show increasing red volume on bar 14 to confirm the channel. Was this not a valid channel? 3. You don't show a chubby tape at bar 8 with an ftt of the CT at bar 12 4. Is your bar 16 a IBGS? (lower low then higher close than open) 5. I have no FBO at bar 22 (it should be there because price broke the RTL) 6. I have no FBP at bar 25 (I need to fix my QT software to run on the exact time, today it was running 15 seconds slow which sometimes changes the open, close and the pennants) 7. You show a lateral retrace at Bar 26, 27, 28, and 29, which evolved into a lateral traverse. Which became larger downtrend channel which started on bar 25 and formed a pt 3 on bar 35. My chart reflects my attempt at a "fully annotated chart". I know I still have a long way to go. If I see it, I put it on the chart, if I don't see it, thankfully there are more experienced people like you to point me in the right direction. Thank you, sscott