also to 'break' the TL it also need more substantial volume to the down side. In this case you didn't have it.
Can't stay to chat today. Look at my last chart posted you can see weight 1 greens and reds. there you see the end of each traverse in the red and green channels. I didn't mark the red/green/s FTT's The last red traverse began on an FTT of the prior green. That was what caused the red annotation. Now I am looking at the red non dom traverse. what it does is important. here I would write about two pages to do details. AS I finish this writing I am stating that an FTT occurs on the red. this means the non dom is done. It means I have point 1 of the green that follows. the non dom is a retrace. Look at text of the comparison of reversals and retraces and how thay can be told apart. there you se a lot of text that tells you a lot. on the double weight envelope of the five red and greens, you see the last green riding the double weight channel. If you were doing this in January (Forest) you would have reversed on the FTT of the red and relaxed until the next FTT came up on the the Green This is just a matter of making a lot of money by trading from FTT to FTT on each leg. It is to learn to trade the long diagonal of a parallelogram. You go from point 1 to point 1 making money. To do this you have to annotate the reds and greens. Any trader on day one of his assessment to become a trader or not can make an observation: there are red and green channels. then he can decide: I will trade red and green channels and make the most money available for each channel. I know this is too difficult and complex. Trading long diagonals is a very obvious and practical way to tkae what the market offers. At US it is called bearing down. BEAR DOWN is written on the roof of the sports building. Draw reds and greens. Long (green) and short (red) trades. They start with FTT of prior channel. Gradually you learn to got to more frequent trading. At that time you have a display that is giving you leading indicators. You can see that if you add each segment you get a total that is not small like say a long term average of one point a day on the ES. Just Do It. My nike sports contract requires me to post this punch line.
Thanks for the reply Jack; however, as I stated earlier this seems waaaayyy to complicated to me, I got totally lost in your reply I like the KISS method of trading. I will always keep my eye on these channels and FTT's etc and see if they ever begin to make sense to me. Cheers