Odd. Considering I found the post where he did define it, and then quoted it, I'd have to unequivocally disagree. Oh, and the last bit of help I'll offer - since you are unwilling to remain civil - the next time you post a question about a chart, with a chart snippet attached... ensure you get the correct date. -Au
Spyder, I revised my chart end-of-day. Is this getting closer to the way you saw things play out? As of late, the laterals are throwing me off base far too often. I am struggling with when/if to annotate 1,2,3's etc within the laterals. Also, it sometimes seems that I see too many laterals and become lost trying to annotate laterals and the traverses which cross them, etc. Any help would be appreciated. John
Here is where the Sim trade on the daily stands as of today. Entered short yesterday 1 contract at 1303.50. Still holding position today. Have a stop loss at break even now. Looking to move up the stop loss. Possibly the close of yesterday? or just leave stop loss at break even for now? If anyone would like to help in managing this position until a change signal occurs feel free to. Took this position as a learning experience on daily. See how it unfolds. My goal in the future is to have longer positions on, as I continue to trade ES intraday. The last daily Sim trade was stopped out. I will post a daily to follow up this in a few.
Do you mean 13:35 [close of] (=13:30 QT time) Spyder? My 13:40 [close of] (= 13:35 QT time) is the inside bar of a symP. This also looks like another way to kill a lateral formation (in this case it began at 13:15 [close of]). What you are saying, if I'm hearing things correctly, is that there were no change signals for a traverse trader at 12:00 [close of] and 13:45 [close of]. Is this correct? It fits if one can summarize today's activity by saying we simply (or not so simply) widened the channel from yesterday. TIA lj
Close. You'll need another Lateral just before the increasing black (which threw everyone off). I believe it is 13:30 on your chart where you want to begin this lateral. Keep in mind the differences which develop between laterals which form Retraces and those which form Traverses. In addition, you'll have laterals which do neither. Try to seperate these out in your mind (or on paper) in order to learn the signals which represent the subtle differences in context. Because you are learning the importance of Laterals, it might appear (for now) that they form everywhere, when in fact the important laterals do not. When monitoring, simply keep the mindset in place where you want to focus on learning the differences, and supress the desire to know right now. In time, these differences will appear - seemingly out of nowehre. HTH. - Spydertrader
I tried not to look at the date of the chart, here is what I had on the actual chart for that date, looks pretty much the same.
I may have had a typo. 13:45 ends the up channel. 14:30 begins a Lateral All times Eastern and [close of] ES Bars With respect to your other two questions, you should not require an answer from me, as the market provided all the necessary response needed. - Spydertrader
Great trade TIKI... I have looked into longer, swing-type trades and would really like to put them on, just as a backdrop to the intraday stuff. I have a hard time looking for WMCN for these types of trades. I think the 'gaps' created by only having RTH on the chart muck things up. However, the little activity overnight simply render the chart useless IMO. Your daily chart is fairly clear for these types of things. Thanks for posting them