Another possibility may be the fact that the intraday volatility (H-L) has fallen steadily over the past couple of days and in particular today it was 1/3 of Wednesdays' and 1/2 of yesterday's. This may give rise to more lateral motion (Formations, Movement, and CCC) and as well produce 'stubby' channels and/or slender channels. What remains constant is the T/T/C relationship and most particularly the 2 bar relationships. I have reviewed a multitude of JH and ST charts and what are always present in the charts are the tapes - always. Thank you Jack for your recent posts. lj
Probably because most everyone else determined the answer you received made perfect sense, and as such, your question required no further response. If you require additional information in order to make a more informed decision, I recommend obtaining said information yourself, rather than, expecting others to provide the information for you. As I already pointed out, several times within this thread, one learns far more from the annotation process than simply how to draw lines on a chart. I recommend you apply your own advice onto your current situation and "put forth the effort" to learn that which you currently seem unable to comprehend. If you feel the current amount of information available does not meet your needs, then by all means, jump right in, and create some code. Nobody has any plans to prevent you from doing so. When learning a new skill, one creates a mental "priority list" of items to complete in order to accomplish certain tasks. From my point of view, should someone find themselves in the middle of the learning process, other, more important, considerations exist, which, when determining where one needs to apply effort, take on a higher level of importance when compared to automating trend lines. It appears, you do not agree with this outlook, and I can appreciate your differing view. As a result, I encourage you to continue your quest, and look forward to reviewing your published code upon completion. - Spydertrader
Inside the tapes chart # 2 ES July 18 08 Remember every white bar is a 5 minute ES bar with an overlay on 1 minute ES bars
On my way out to my son's swim meet. I will get remainder of, inside 5 minute, and inside the tapes for July 18, posted this evening or by morning Sunday. Enjoy the charts.
Thanks, TIKITRADER. Your "Inside the Tapes" charts nicely demonstrate the fractal nature of the market. When you zoom in to the 1-minute fractal, Tapes from the 5-minute fractal appear as Traverses, and Traverses appear as Channels. Of course, the same concept should apply in the other direction as well. A dominant Channel on the 5-minute fractal, followed by a non-dominant Channel, followed by a dominant Channel, would create a "meta-Channel," for lack of a better term. I haven't spent any time looking at charts with this in mind since I'm still programming my brain to see all 3 of our main operating fractals simultaneously. And I'm not sure how much help this slower fractal would offer in regards to our MADA routine, since these meta-Channels would probably tend to span across multiple trading sessions.
Here's another day when an up Traverse early in the day wasn't followed by the formation of an up Channel. Again it seems that Volume levels gave us a nice clue as to WMCN. I drew 3 arrows in the Volume pane of Spydertrader's chart for the morning of 7-2-08. By the time we got to the end of the second black arrow, it was clear that red Volume was dominant. We also got an IBGS on DBV on that bar, which gave a clear change signal. Edit: The early up Traverse in this particular example was a Carryover Traverse with Point 3 on the final bar of the previous day.
As Spydertrader has repeatedly asserted, it's important to be able to recognize your areas of weakness so that you can focus your efforts on eliminating them. Right now I need to focus on: 1. Recognizing the dominant direction as early in the day as possible. I sometimes miss or underestimate important clues that would keep me on the right side of the market. Once I am confident of the dominant direction, holding through the retraces, Flaws, and laterals becomes a relatively relaxing experience. 2. Avoiding early reversals. I am frequently one Flaw too early. I anticipate that eliminating these 2 areas of weakness will drive me closer to seeing the market in a completely binary fashion, at least as of the close of each 5 minute ES bar. I usually spend much of my weekend study time doing video debriefs, but this weekend I plan to look at multiple static charts instead so that I may better address these weaknesses.