To finish up the feedback ... Much better, but now your trend lines became sloppy - creating a risk of missing something important. Did you find the missing (future) case from your first attempt? Nicely done. Always a good thing to think 'outside the box' as you put it, but on this attempt you neglected to thoroughly annotate your chart. Very close. Locate the reasons why you 'just' missed the bullseye, and you'll know where you need to review. Add the 'missing tape' and do things look different? Gaussians. Gaussians. Gaussians. Extend your 'tapes' so you can 'see' the signals from the market. Volume leads Price. Make sure you listen to it. Close. Right church. Wrong pew. Draw the tapes to know. - Spydertrader
I personally have found this to be very helpful: http://www.elitetrader.com/vb/showthread.php?s=&postid=1985404#post1985404
The drill has highlighted the need for me to differentiate when an OB resets the sequence and when it does not.
But does it ever? IMO it's the type of Volume on which the bar develops (whether OB or not is debatable) which tells one what to expect.
Couldn't find the drill. This is how I let bar by bar happen in my mind. A lot of WMCN's in minature. At end I am in my red mind on tape trading because I have more than 5 or 6 ticks in the picture. I so imagine tic charts and DOM and T&S @50 plus. There were three smart money good moves on S/S and the smart money was shut down for last 12 to 14 minutes. Fun.