While it appears that you have followed the process correctly, you can know by simply applying the same technique onto other areas (days) of the market where it appears, to you, no differences exist with resepct to context. After following the same proceedure if you wind up on the incorrect side of the market, then either A. you have a different context, or B. you have not correctly annotated the day under consideration. - Spydertrader
I suspect this information already exists within this thread. No. The area represents a channel. How does a channel form? How does, that which creates a channel, form? Every Tape has something in common with every other Tape. Every Traverse has something in common with every other Traverse. Every Channel has something in common with every other Channel. Locate the commonality. - Spydertrader
Would you possibly have an idea of how many times I need to repeat the phrase, "Create thoroughly annotated charts in order to begin to learn to see that which currently eludes your grasp." before you determine that such advice represents something which one should not continue to ignore? A ballpark number will do. - Spydertrader
Thanks, Spyder. Will perform a thorough search. Building blocks. A tape is formed from at least two bars. A traverse is formed from at least two tapes (D-ND-D) A channel is formed from at least two traverses.(D-ND-D) So if the lateral I have labeled as a retrace was relabeled as a traverse, would I then have a channel?
I learned something about longer term lateral traverses today....feeling more confident in my yellow sequence channel... Spyder, your weekend drill and yesterday's debrief drill really helped....thanks
Spyder, On your chart is that a channel that is annotated in green (pt1 935, pt3 1010)? If so that means we had completed a down channel at the EOD yesterday. Which means my debrief was wrong. Also what looks like a red channel (1200 - 1500) doesn't have points 1, 2 & 3 labeled. Is it some sort of channel? It has two dominant traverses but the non-dom traverse is overlapping with the first dom traverse Thanks
If you have a Lateral between 13:55 and 15:35, a closer look (inside) should reveal several 'faster fractal' traverses within this lateral. As such, yesterday ended with the completion of a Traverse and Channel. Yes, the red thick lines represent a channel. I apologize for any confusion resulting from my failure to add the numbers 1,2 & 3. Note Point Two of the non-dominant traverse doesn't overlap with the dominant According to the attached, Point Three falls into the 'Yellow Area' highlighted below. I assume such overlap develops when a traverse with a steep slope overlaps with one with a very shallow slope. Perhaps, this is why we see a similar phenomenon appear when the market moves from non-dominant to dominant. - Spydertrader <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2176278>
Relieved! I thought you were introducing a faster fractal channel thing Seriously though, thanks for your patience and replies.