My take on Spyders drill. WMCN: Sequences are not yet complete after P3, so a down tape and an up tape is to be anticipated before SoC.
drill first 2 bars APPEAR to be dom red, bar 3 change to long and pt1. bar 5 pt2, bar 7 nice entry(bar 1 support), unconfirmed pt3 final bar completes seq but FBO's lateral, if it is a lateral? the lack of pace in the final tape and vol of that tape along with the fact the seq. completed on a lower high, would make me think this is a non dom traverse and I would be expecting a sign of change. WMCN: another bar SOC? this is my first attempt usng Paint. didnt labe OB's or traverse points. so it is NOT thoroughly annotated
... good point tikitrader; I just think that the faster fractal retrace is complete EDIT: think also in terms of bars' mode ...
I found the results of this drill quite interesting due to the wide variety of 'interpretations' exhibited by the diverse array of annotations posted. To be honest, I stacked the deck against everyone from the beginning. I removed the time of day from the snippet, as well as, failed to include the previous day's information. In other words, information which a trader always has available to them, I removed from the equation. Why did I do that? Simple. To show once again how the market always points out the areas to the trader where additional focus and effort is required. Note how (nearly) everyone made assumptions or presumptions (or flat out guesses) with respect to dominance / non-dominance, lateral / no lateral and sequence complete or not, rather than, waiting for the market to provide the answers. If nothing else, the results of this drill should indicate to everyone whether or not (and how much) effort and focus need be applied to complete the Monitoring portion of the M-A-D-A Process. Note also thorough, complete and correct annotations provide the answers with resepct to what must come next, whereas sloppy, haphazard and incomplete annotation fosters an environment where guessing, inventing and predicting thrive. Understand, there are no losers here. For those who totally missed the boat, at worst, this exercise has shown you the wisdom of spending some time thoroughly, completely and accurately annotating charts. In other words, it isn't me posting that, "You have missed a critical component of monitoring." It is the market telling you. Ignore the market's advice at your own peril. For those whose annotations came closer to the market's signals, focus on the why your brain told you to annotate the way you did. Make sure the 'why' matches what the market said, and not, what you have decided it has said. Some of the posted snippets arrived at the correct answer, but for the incorrect reason. While it may not have mattered in this specific example, such is not always the case. For those with an interest, the snippet represents the market open on 9-23-2008. I have provided a snip of that day (See Attached) complete with information just before and just after the drill portion. Please Note how the market eliminates any ambiguity (which may have existed in the minds of some) with respect to the 'spike' bar on the very next bar. Comments? Questions? Concerns? - Spydertrader <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2179448>
I've missed a critical component of Monitoring and not sure how to fix it. Any advise from anyone would be helpfull. TIA Mike