Thanks a lot for your frequent equity postings and congrats on some excellent results. Watching FTBK blast out of a lateral formation this morning. Volume is good, but not sure that it is enough to sustain breaking and holding through the longterm down trendline. It appears to be too much price volatility for the volume. Have to have a short leash on this one. Whoa, it is starting to show some backing up signs and volume is slowing. Thanks again for your many helpful postings and final universes.
Spydertrader, thank you for the chart. The fourteenth bar on your chart (second royal blue FTT in the nondominant traverse) gives me a headache. How can this be an FTT if the price still has to finish its lateral movement and then proceed higher? The sequence shouldn't be complete yet? This same bar closes inside the prior bar. Why haven't you annotated any laterals here?
Probably because no Lateral Exists in that location - at least not one which we care about. - Spydertrader
Thank you, Avi 8, for confirming another of my recent Aha's. I'm reposting your quote above for emphasis. I still keep Carryover Traverses and Carryover Channels on my chart each day but I also look at each day as a new entity, Monitoring for a dominant direction early on. Once we have established either red or black as dominant, it then becomes a matter of Monitoring for the dominos to fall: P1 --> P2 --> P3 (Dom Traverse!) --> Flaw or VE --> End Effects --> P1 --> P2 --> P3 (Non-Dom Traverse!) --> Flaw or VE --> End Effects --> P1 --> P2 --> P3 --> (Dom Traverse and confirmed Dom Channel!) --> etc...always keeping in mind symmetry between legs of the Channel... It's all too beautiful.
Thank you for posting your chart Spyder. You begin your annotation for today with the 9:30 bar and do not carry over from the 410-415 bar of yesterday. My question is what criteria do you use in deciding whether or not to do the carryover? Would you still start at 9:30 if there was a split opening? As you know, the point I raised yesterday had to do with this sort of decision and as always if that point was invalid I would appreciate being corrected. lj