This sounds great - did I miss the inter-office mail delivery though? (ie. did it get posted in another thread and I missed it?) Thanks Jack -Au
the final fuchsia (pink?) down traverse of the day has ended failing to BO the thick olive up channel that has been in effect since late morning. It was a non-dom traverse of that thick olive up channel. While channels do overlap I don't think one can have a down channel completed ( by virtue of creating a dominant and non-dom traverses) before the up channel has actually ended. The points 1 and 2 could be inside the previous channel but, I think, as the price goes back into the channel after pt3 it has to BO an old channel before starting to form another one in an opposite direction. In other words if what you annotated is a 'channel' then it looks like the final pink traverse of the day would be a dominant traverse of of this 'channel', and since it looks like the pink traverse actually ended what you annotated as a 'channel' without BO the boundaries of the olive up CHANNEL, this scenario does not seem logical to me.
The pt3 is right where the red vol picks up near the right side of the snip. I guess it would be an FT3 as incr vol, pt3 and ftt all on same bar. Obviously a traverse is expected to be created and that doesnt happen. This is all hypothetical of course as this is probably not a valid sequence.
Got it. Thanks to all contributions. The answer really lied in front of my tired and lazy eyes. There will be a lot of paper flying around in my room this weekend with lines on it resembling proper and thorough annotations.
Thank you for the words of encouragement! What has transpired at the end of the day looks strikingly similar to the mid-day part of 06-04 to what you referred as not confirmed traverse in this picture. Is this another case of 'What Wasn't That'? EDIT: the second half of the day can be found here.
I was referring to pt3 up since the fuchsia down traverse (your dashed) has ended and another up traverse has began.
Which would explain that which I was working so hard not to understand on this chart as well as this one, with a very powerful hint given here.