Kindly illuminate what signal for change exists on the bars in question. A Failure to Traverse represents a signal for change at a specific point in time. In other words, while Price fails to reach the LTL, this isn't the only requirement for an FTT. It also needs a signal for change. Otherwise, you'd see every bar which fails to reach the LTL as a FTT. Clearly, you don't 'see' the market this way. Something must tell you that a specific bar is forming an FTT. On the ES 5 minute Traverse Level, no signal exists. The signal does come from The YM, and on that fractal, one does have a signal for change. - Spydertrader
Yes, and thanks to ALL who contributed tonight! I hope those who are experiencing frustration take the time to walk through tonight's exercise. John
If Price headed south out of this enormous lateral and formed another down Traverse then you'd have a down channel. You'd have the original traverse, a Lateral Traverse, then a down traverse. As the Lateral is forming, we only know what we have. We cannot speculate as to what might happen. - Spydertrader
And a BIG down day if that baby began to cascade and completed its sequence I was actually likin my chops until I saw pace peter out.
I know I have repeated this several times, but I want to make sure everyone understands the differentiation with respect to this fractal (and time frame) currently under discussion and other fractals (and time frames) not currently under discussion. Tonight we are talking about only the 5 minute ES on the Traverse level. Nothing else. - Spydertrader
Ok... So the proper action points for the traverse level today were to enter short at pt3 around 10:10 and exit on close? This seems to be a higher 'more coarse' resolution that I had anticipated. For a strange reason, I find it easier to spot signals of change on lower fractals much easier than the current one being discussed. I know logically there are going to be more of them, but I just find it difficult to hold through that lateral today.
I did not say this. Walk through the day. What you will find is what the market provided today for this fractal. Learn on one fractal, then apply what you have learned onto all others. Also, a signal to head short developed on bar One (for those who feel no real problem with entering before sync). - Spydertrader
Jander, My take away from this evening is that if you cannot immediatley (in real time) identify where you are with respect to each fractal being monitored than you can easily find yourself on the wrong side (especially as you dip down into the lower and lower fractals). It is imperitave that the trader know at all times where he resides within each fractal to effectively and efficiently trade them. Say... Which drill helps a trader with this??? M Have a great night everyone and thanks for the great study tonight!