Ahhhh! Well then that is beautiful how price moved up to it... retraced, (how convienent as a non-dom traverse on the newly forming channel, where have I seen that before) then PT3, then BO! Immutable... Nice!! Thanks for clarifying.
14:50 eob If anybody can share their insights, I would appreciate it. It appears to me that 14:50 eob is a Lateral Movement on Increased Volume or Decreased Volatility on Increased Volume, whichever one perceives, I think it's both. As a change signal these two fall under Tape Level Changes. It appears to me that there isn't any other way to annotate that period, other than placing pt1 of the new down traverse on that bar.
During debrief, I tried to incorporate Spydertrader's above comments. As a result, my chart looks different from others posted today. (That doesn't mean mine is correct, however... )
With respect to the red channel, rest assured, it does. I fanned that first traverse before I had a chance to read his post.
Regarding Pace Lines in the Volume pane: for several months I've been doing approximately weekly adjustments to my Volume Pace Lines according to the following. I take one month's worth of 5 min ES bars and sort them by Volume, lowest to highest. I then use the following thresholds as the Pace lines: Lowest 10% = Very Dried Up 10% - 30% = Dry Up 30% - 50% = Slow 50% - 70% = Medium 70% - 90% = Fast 90%+ = Extraordinary When Spydertrader recently (about a month ago?) listed his current Pace Lines, mine were all too high by a fair bit. For example, my current threshold for Extraordinary is around 49,000 contracts. Am I miscalculating the Pace Lines? I should note that I currently use vorzo's spreadsheet for my calculations, but doing the sorting manually within Excel gives the same results. I filter out all bars after 4:00 pm EST. Thanks.
Nope. Nothing incorrect about your calculations. The values I provided originated long ago, without seasonal, or volatility, adjustment. I use automated calculations now (updated every bar), but if you revamp every month, I don't think you'll have any problems. - Spydertrader
So the wrong thing to do here would be to fan the original pt 3 of the first traverse. The correct thing to do would be if you had viewed the lateral(beginning at 10:15 close of bar) as a non-dominant retrace of a channel and a lateral traverse.. Ive been waiting to ask this one. If what i said above is correct. How do we interpret the sequences from the pace acceleration bar(10:05 close) to the completion of a third domiannt traverse and our first channel at 11:25 bar close. In other words, why no fan of the first dominant traverse and what(in terms of tapes/rules for creating a traverse) qualifies the lateral as a lateral traverse? Sort of like ehorns drill a few days ago which I think helped everyone quite a bit
Thanks for the quick reply and helpful information. I had a backline request to share my current Pace Lines, so here they are for ES. I don't currently calculate them for YM, since it is no longer on my layout. Thank you also for the hint today regarding Pace Acceleration vs. Peak Volume. I think I now know where to focus to find the answer. I updated the Pace Lines after Friday's close (8/1/08): VDU: up to 10,113 DU: 10,114 - 16,278 Slow: 16, 279 - 22,389 Medium: 22,390 - 31,187 Fast: 31,188 - 47,882 Extreme: 47,883 or greater