I have pointed out all peak volumes in today's chart. Can anyone shed some light on why the first and the third one failed? Thanks.
If this is not a change signal, what is the signal around the 11:20ish area? I dont see peak volume, nor a pennant FBO, and it appears we just ruled out jokari Perhaps there is not a change signal, since the traverse ended up being fanned? On the other hand, it seems that what follows could be a new lateral traverse, or possibly a shallow down traverse. Would 12:50 be the first change signal of the day? That would make sense, yet there have also been times that a change signal does present itself, yet a fan comes anyway... Just thinking aloud, would welcome any opinions though EDIT : For clarification, treeline has just uncovered that jokari change cannot be present if closing back inside previous bars (lateral). Does increasing volume negate this requirement, as in the annotations here
I fanned the Traverse with a huge Lateral Point 2-3 Retrace (Point 2 at 11:20 and Point 3 at 12:30). My FTT comes at 12:50 due to Peak Volume. Some or all of this may be incorrect. I'll study TIKI's chart to try to differentiate it from today's examples.
My line of thinking had to do with the fact that I have a hard time seeing the move from 9:55-12:50 as one big traverse. Perhaps it is on a zoomed out fractal... I avoid using the word 'must' as my hold on the 'rules' surrounding the sequences is murky. I am simply trying to learn by asking questions. When you say things like 'Make sure you are annotating correctly' without posting your chart, I am kind of at a loss at what to do. Unfortunately I dont have the wherewithall to figure out which of the multiple scenarios that seem to fit to me are 'correct'. I dont think I had ever truly realized that the 'M' portion of the routine is by far the most difficult, for me atleast. I have been putting myself through remedial monitoring class over and over again. The journey is progressing of course, just not as fast a pace as I'd like. Im not trying to rush things either, just want to get a firm grip on the basics before digging in further...
Good. Because it isn't "one big traverse" from 9:55 to 12:50. A trader should see three Traverses (two dominant and one lateral) with but one signal to head short - 12:50. - Spydertrader
Ok great... That clears up a mindblock I was having. A channel can be created (as the one today 9:55-12:50) without ever having a traverse change signal. I extrapolate from this that a traverse level change signal (3 previously discussed) = upcoming traverse in opposite direction, not a lateral. This does bring about another issue though, as you kept getting us to think about what 'ends' a traverse. I thought it was a traverse level change signal, however it appears this answer will need to be corrected.
Jander, I had the same misunderstanding as you did regarding Traverse-level change signals. But of course it makes perfect sense that the beginning of a Lateral Traverse wouldn't give a change signal. I reannotated my chart to reflect the existence of a Lateral Traverse. Spydertrader, is the following an accurate view of the morning? 1. No Traverse level change signal at 1115 or 1120 EST 2. Lateral Traverse from 1120-1140 3. 1145 bar BO LF on IRV 4. Lack of more IRV on 1150 bar effectively ends Lateral Traverse 5. 1155 OB on IBV signals the beginning of the second up Traverse of the day