So far I have seen two situations where BO of the lateral/or formation results in additional data: 1. when in existing trend, BO, in the direction opposite to the trend, on increasing volume followed by decreasing volume bar means the existing trend did not change, 2. again in existing trend, BO, in the same direction to the trend, on increasing volume followed by decreasing volume bar means change signal. HTH
I have added some notes of how I viewed the morning after review Spyders comments and debrief. EDIT: I should note also, that where I have written "New PT3 Channel created", On my chart it was actually a CO channel and an FBO as I had it drawn this morning. (Not necessary for the morning signals though). Just wanted to clarify. <img src=http://elitetrader.com/vb/attachment.php?s=&postid=2018335>
If channel is built from traverses, don't wee need to separate all three entities (dom traverse, no-dom traverse, 2nd dom traverse) on annotations as in this red down channel: http://www.elitetrader.com/vb/attachment.php?s=&postid=1987687
Please not although it doesn't look it the Jokari change is on bar close of 10:20 just as romanus has it.
Sounds good to me... Very good EDIT: Then we need to change my note: "WMCN for BO" to something like "PT2-PT3 retrace of Final DOM traverse" <img src=http://elitetrader.com/vb/attachment.php?s=&postid=2018375>
1. Looking at your pic I can not figure out to what bar the annotation "FTT JOKARI" refers to. 2. What makes it a lateral traverse is the follwoing logic : A) one traverse has ended B) when one traverse ends another begins C) at any given moment price always resides inside some kind of traverse a) the first dom traverse has ended, as it has went through the sequence of pt's 1,2,3 and change signal b) when one traverse ends another begins c) price resides outside the trendlines which bound the first dom traverse
I am sorry, English is not my second language, it's not even the third, so take pity on me, as I am having trouble understanding the above.