My chart for today. 4 trades. 22,5 points Comments welcome. BOT;1;950.50;16:48:57;20081017;GLOBEX SLD;1;944.00;17:23:34;20081017;GLOBEX BOT;1;959.00;18:50:45;20081017;GLOBEX SLD;1;978.50;19:48:40;20081017;GLOBEX SLD;1;972.00;20:14:46;20081017;GLOBEX BOT;1;969.50;21:01:34;20081017;GLOBEX SLD;1;950.75;21:20:37;20081017;GLOBEX BOT;1;943.75;21:53:36;20081017;GLOBEX
Final chart for today. Still having some problems here and there, but nothing a few thousand hours more of screen time won't fix!
Trendlines without annotated points do not represent traverses. I simply wanted to show a fractal nature of this stuff (including a portion with gaussians doing the same thing) to help those who still have yet to realize they 'jump fractals' throughout the trading day. - Spydertrader
20 points on your first day! Congrats! Re the chart, I think you should start annotating traverses consistently. Might have kept you in that short. - palinuro
Enclosed you will find my first attempt to annotate a chart. Even though I did it in hindsight that's pretty much how I also would have done it in realtime.
This is an excellent example of how one goes about the process of learning to draw channels. - Spydertrader
Aaaah... that's good to know. Thanks Spyder. I needed to get a confirmation if at least I have the very basic concept right. Because often I would read the word "channel" where people don't specify if they mean a tape, traverse or a CHANNEL (=made of tapes and traverses). Even reading some of Jack's posts I could find him say: "...draw tape 1.... draw tape 2... and you have your channel..."!? Now that I have this sorted out things become a little bit trickier. As a beginner I seem to first have to find a channel. Then within this channel I have to find the FTT and then place an order in the direction of the new CHANNEL. Or should it be: "...enter ASAP during the day (=second bar)...on the right side of the market" or "...wait for the sync and enter in the direction of the channel (=1st traverse)...". Not really important for me right now. First I need to be able to identify the FTT. The "correct" FTT for THAT channel. For example in the chart that I annotated the last two bars break the dominant traverse and will soon break my first channel. So the last bar in that traverse could be a FTT. But a) why didn't I recognize this while annotating? and b) even if I would have had recognized it I hope that I would have looked at some of the rules which I think say "A BO of a channel must occur on increasing volume". Or any other rule which could be important. What this all means is that I now need to build the mental connections between price, voulme and the channels. I need to filter out all those things which are only important for a beginner. Thanks.