Tums, thanks for your contribution, but your arrow doesn't provide (for me?) any additional information with respect to the pace change. What exactly do you mean?.
ES 20080908 Got confused by volume on bars 15:15 and 15:20. Annotations may be incorrect. Did not see resumption of long dominant until 15:25 (eob).
I find that I sometimes include a traverses or chubby tape, that you do not include on your chart. As an example, you annotated a shallow point three traverse starting at 15:15 eob. On my attached chart snippet, I've drawn an additional steeper chubby tape, starting at 15:15. Is this chubby tape valid? if not, could you let me know why? Thanks, Phineas
How should one have viewed the market as the day began to unfold? Note the Final Bar of the day on Friday. Increasing Red Volume, but, Price closed back inside the formation - providing a signal for change. Since the sequences from Point One to Point two to point Trhee had not yet completed for the creation of this Traverse, a trader should expect the market to complete the sequences needed - before beginning a new set of sequences. - Spydertrader <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2058933>
The Day Begins The market opens, and our day begins, with a large gap upward in Price. We know that Price heads higher in the dominant direction on Increasing Black Volume. We also know (based on the Pre-Flight Check) that we need to have increasing black Volume to complete our sequences from Point One to Point Two to Point Three, and then, we need to see a signal for change. Bar one provdes just that. We see Price move higher on increasing black volume and form an IBGS by end of bar. As a result, the market has completed the sequences which it had to finich on Friday, and has alos began a new set of sequences for the day. - Spydertrader