Here's a flowchart that'll help,... Start at Reset. Along the bottom is the time axis. Permit to Measure is a state of being influence by both price cases and volume elements. It's fluctuates intrabar during now (n) until lock-in prior to eob. Then through the Hypothesis Set of the Parametric Measure, a check for repeat, rev chron is performed to assign the bar using the volume elements definitions with a logic circuit. Let's use P1. P1 is the first point of an extreme. The extreme is a starting point, a beginning of trend. It's the start of a window that creates a context independent of past up to this bar. Since it is the start of a window, it’s also at the ending of the prior window. We start by assigning the P1 where there is BO of the previous trend's RTL. Then the VTP continues until an EE occurs. What supports the effort is having a visual catalog of bar formations that consist of the various bands and failsafe EE's. You just have to sit and think through the various sheets that Jack gave out and repeat the information to yourself and form your preliminary understanding of each EE. This gets refined in practice and debriefing the day. You'll end up with two charts, the live one and the debriefed one. You’ll notice how ID’s that change cause a cascading effect. This lessens in frequency as the the more accurate EE is identified in iterative refinement. One of the standards you can use is the idea of receiving the full offer of the market. Look from this space. It will inform This works like clockwork, it's precise and provides a lot of clarity but it's only through your own thinking through the various concepts and assimilating them.
@Sprout, your last 3 messages are helping me. I post my last attempt on doing the VTP. I still have problems with my camera that makes me unable to take pics of my VTP done on a paper sheet. So I do what I can for the now, in other words label each volume point according to my comprehension of the stuff i'm on currently, on the chart. Jack's message on OB did not help me in any way, unfortunately. Putting all the pieces together on that stuff reveals itself to me as the most insane thing I've ever put myself in. On days like today, I feel madness is very close. BUT As I have no choice but accomplishing what is to be done in that stuff to get what I want, I'm still in.
I hope you guys are experiencing nice moments and profitability. Here is my most recent attempt on labeling volume bars according to the VTP.
Ok, you are successfully making the shift from annotating tapes/traverses/channels and simplifying to use a single rtl for trend segments. You also have a developed a baseline reference for turns. Some next steps: 1) use the templates in tradingview to create a library of annotations. Start with the text tool and the goal is to make a template for each of the 56 elements of rdbms. Not all at once, just as you need them. The first is for the two failsafes - a text box like you have turns currently. Start adding the failsafes when you see them. Also have a blank text box to identify turns that you see in the chart but where you do not know what the EE would be. EE’s are ends of trend segments. Three trend segments define a normative trend - Dom to non-Dom to Dom. Volume annotations are to be placed in your volume pane. The templates expand to include PP!’s, A band, C-K bands. 2) Create a tool for yourself to identify all the PP!’s as a one pager. I’ve posted what I’ve used in the past, this will continually be refined as your understanding of them grows. Put this in the appropriate tab of your RDBMS 1/2” binder. The binder that contains the ‘11 sheets’ mentioned in previous posts. This binder has the Modrian table on the front outside cover and the move reversal table on the back outside cover. You’ll make one pagers for the other subsets of the EE’s. In other words draw each EE as a pattern. Put as a set by bands in a one-pager makes ID simpler during RTH. Additionally, doing them individually on index cards will support understanding the Modrian table. 3) How you are currently annotating the turns has built a baseline reference of the market’s basic granularity. You succeeded at this. Put this on hold for now. Ultimately, the turns get associated with EE’s but first the thing to do is get comfortable in identifying all the EE’s. Having done the intermediate step that you did will make this next part easier. 3) Draw “the pattern”. Do it from memory. Draw a cycle. A cycle is composed of two failed trends. Start with the price pane. Label the points, label zones, label as much as you can where you can of what you know. Add a volume pane. Do it the other way. Start with a volume pane. If volume made these bars what must price do? Keep up the good work!
@WchPl : As you are working on this material, are you actively referencing and have you purposefully worked through every post on this thread: https://www.elitetrader.com/et/threads/sctlearning-from-scratch.282221/ Sprout has generously provided alot of material and explanations in his last posts as well, both here and elsewhere on ET. As a suggestion, I think it'll be helpful to actively work through the mentioned resources above together with your initiative here. Sometimes a revisit to something read long ago is also helpful to shed new light and stringing the concepts to work together. As I'm working through the same material, I see all the different parts has to fit together, and thought I'd mention it.