I fully agree with you Spyder that if one understands WTF is going on then indeed, Any market, Any time frame - provided sufficient liquidity exists. The point I was making is that because the ES 5 min trader does not use any of the finer tools then when we have volatility like we have had the past couple of weeks, 20-30 point rides on a couple of bars or 50-100 point point rides on a traverse hold, can definitely activate the old cremasteric reflex (for male traders only, I might add). I understand as well that part of the method that is used to teach the trader how to effectively use the JH/STM to make money, eliminates the activation. I do appreciate that by my posting this I am saying that I'm not yet ready to trade markets such as these. That's my problem and I will shortly remedy that deficiency and get in. lj
What I'm saying is that for me, the level of clarity that I require is not yet fulfilled. This state is something of my own creation that I live with and would not for a femtosecond inflict on anyone else. We all find our level of comfort with the material present in the multiple threads and tens of thousands of posts having to do with the Hershey method. You need to find your own. Don't give up as it is entirely worth the effort to understand this method. I can think of no better way than using "pool extraction" to redistribute the wealth. lj
The problem with change signals is more knowing when to apply them. The difference in laterals (movement vs retrace vs traverse) has been the toughest hurdle, at least for me - because if you have that wrong you also have your sequences wrong. Here's a series of charts. The first one has a lateral that is not a traverse or a retrace.
Spyder, I was so busy typing out my confused responses to your comments that I got confused and didn't download the chart which you thought might be confusing. What's confusing today may be less confusing tomorrow, so if you're in the mood to facilitate my becoming less confused could you possibly repost the possibly confusing chart which was removed. Confusingly yours, lj
Here is Spyder's chart where what appears to be a few traverses aren't. Then a long lateral traverse.
I agree with you you ezzy both with respect to the application of the signals and to the critical role that laterals have. lj
The is the chart for 10-22-08 with more apparent traverses that aren't in the morning. The afternoon confusion is around the laterals and determining the sequences in those areas. How you read that determines "what" sequence completion you're looking for - if the lateral BO (2nd circled) lateral completed a sequence or if you need another 1,2,3 down.
I must admit that I did not study your earlier chart, but was planning to this evening. It would be helpful however, to see your chart with the D and N bars annotated as this is an area I need to work on. BTW, thanks for all your recent charts. They are very helpful.
I guess ... you wanted to point to the olive up move as the morning Leg#1 you annotated, not the blue traverse ... In the afternoon the two laterals are the two dominant movements of the non-dominant traverse of the down purple channel ...