Spyder, Thanks for posting your chart today (26th). I am curious as to why you did not use the ibgs at 11:15 to kill the lateral from 10:00, and also the ibgs at 13:30 to kill the lateral from 13:15. Both have increasing vol and penetrate the lateral boundary. http://www.elitetrader.com/vb/attachment.php?s=&postid=2090821 http://www.elitetrader.com/vb/attachment.php?s=&postid=2091137
Indeed. Looks like one did not have permission to seek change in mode at 1435 eob because red just became dominant one bar ago and therefore one expects a retrace/lateral/pennant/ formation before permission to seek change.
http://www.elitetrader.com/vb/attachment.php?s=&postid=2091137 After the blue up traverse ends, the market has to transition to dominant red. Which means one has to see increasing red, which is not one of the three cases. The first bar that shows it is 1430 eob. After market transitions to dominant red ( as in textbook R2R) one expects a retrace ( which may be in the form of decreasing price on decreasing volume = lateral in down trend). Ours was decreasing black, followed by red spike closing inside prev bar, followed by black spike. Once the retrace is completed one has permission to seek change, which arrives in the form of peak volume followed by IBGS on increasing red. Which part of the above do you think doesn't have to come (next).?
http://www.elitetrader.com/vb/attachment.php?s=&postid=2090821 orange down traverse - 1115 eob changes dominance to red, the next bar starts lateral retrace. Do you think it's a coincidence that 1205 eob ( the second bar of FBP) is increasing red?
Hi all, This is my first attempt at a Hershey-style chart. Just wondering if I've made any glaring errors? Thanks, Neoxx P.S. Sorry it's not todays chart... saving the last couple of days data for market replay this weekend.