I encourge you to review my comments once again. I don't see where I spoke of a single bar as having a certain significance. You appear to be looking at a single bar, whereas I discussed the changes which occurred over several bars. I'm confident Jack has posted on the Pace of the market in the past. I just don't have those links at the ready. - Spydertrader
Thanks Tiki. For a long time I labored under the illusion that a properly annotated chart was just putting lines in the right place. This turns out to be shortsighted. Describing through annotations, what the right side of the market is the hallmark of a properly annotated chart and that effort is reviewed and reviewed and reviewed throughout the day as well as during debriefing. The goal of course is to one day wake up and have the ability to recognize easily and fully the right side of the market, accompanied by the peaceful bliss that the absence of doubt provides. Thanks again for the comment
As if you were the only one! Btw, great annotations. Looks and feels like Spydertrader's. A couple of questions if you don't mind: 1. the first lateral movement from 10:45 [close of] to 11:40 [close of] with words "Lateral Traverse" and black arrow pointing - why do you consider it a traverse? There's no down traverse that follows and we don't have a down channel. 2. The same question re: lateral movement from 11:50 [close of] to 12:25 [close of]. Thanks, guavaman.
Without a side by side comparison, looks can be deceiving . With considerable regret I admit my annotations fall considerably short of Spyder's annotative efforts . The 10:45 to 11:40 area labeled Lateral traverse is just an annotation that I failed to remove once the market proved my expectations wrong. I thought the down move was a Dominant trend when in fact it turned out to be Non Dominant. The 10:45 bar completed the sequence and close showing no traverse level signal of change. Thus the lateral that formed afterward s seemed like a Lateral Traverse that would be followed by another down traverse. Not so. The Dominant Up trend resumed with the 11:30 bar which eventually created the blue Up channel. The 11:50 bar also completed a traverse sequence but didn't have a convincing signal of change. as the bars unfolded it certainly appeared that this too would be a lateral traverse only, but it morphed into a Non Dom retrace as well. Like the previous Lateral Traverse label I failed to "clean up" my errors prior to my saving the screen shot -guava
11:20 ES [close of] Bar provides a "change in dominance" without a change in mode. In other words, the market has provided a clue, or a 'heads up' if you will, to watch for a mode change. Contrast this with the Lateral formed by the 12:05 ES [close of] bar. No such signal for a heads up, and no such change in mode. As a result when Price breaks the Lateral on increasing red, followed up by more increasing red the decreased volatility of that following (12:30 ES [close of]) Bar permits the trader to know what must come next. Back again to an example of another 'heads up' later on in the day, note the 12:45 ES [close of] Bar. Another 'change in dominance' bar, and again, no change in mode provides the clue. Start your annotations with the first bar out of the lateral. Doing so turns the 11:50 ES [close of] bar into Point Two allowing the trader to see the actual market more clearly. - Spydertrader