This was intentional, based on the volume visual. Equal is not acceleration. OTOH, visually, the second P1 MIGHT be T1. I did not verify volumes. So, thinking a step or two ahead in the game, the third P1, MIGHT be a P2. Rather have a peak than an EE until confirmed. To make sure we are on the same page, FS (in my corner of the cave), means FailSafe. In JH vernacular FS means either BMRV or BOT1. In annotation, FS (of either type) is a P1. FS in either/any form is meant as a safety valve and is applicable to ANY bar. I find this usage to be dichotomus and I do my best to adhere to the criteria of each type, and therefore my usage is generally minimal. That said, BMRV needs only penetration to be triggered. That is my understanding and use. BOT1 has RTL, sequence elements, and closing price to be triggered. Again, my understanding and use. The bars that would have been reversals for me, in real time, 7:50, would have gotten me out of the short. Interestingly, the 8:10 bar was a Wait... Im not sure how I would have dealt with that bar in real time. PRV and knowing the bigger containers, not the isolation of the current day would have been used. HTH Thanks for the questions. Something else regarding BMRV... the 3 tick rule. Volatility allowing, I use this with BMRV penetration. I use the (nearest) money value of 3 ES ticks as to the instrument being traded, not necessarily 3 ticks.
Wow , so much to read, reread, think and test that I can't post today Tomorrow I'll post some results and observations. Best day to all of you !
If you look at Jack’s charts, the close makes a difference on the bar you are using as a BM,rev. Otherwise the distinction gets collapsed and the close would make no difference. When you place the overlay of IF1/IF2 APA, there are moments when the IF1 flags up and when the flag comes down intrabar. This has an effect of whether a IF2 comes into being or not distinct from when it presents and then is no longer valid. Zooming into the faster timescale will plot this differentiation out horizontally.
Thanks for the input Sprout. I employed IF1/2 some time ago. It is not anything I care to use. The "fishing expedition" that I often refer to regarding FS (BOT1 in particular due to subjective RTL placement and/or fanning) is dwarfed in comparison to the outright "overtrading" environment presented with IF1/2. I'll add, while I do not mind staring at the screen bar by bar, PRV is enough "as-seen-in-real-time-only" for me.
This does not make sense to me. BM is to recognize a pt1 of a supposed container. That supposed container is negated (or possibly completed) the moment pt1 (the BM) is violated. Using the close versus only the penetration does not work unless the container is complete with pt1, pt2 and pt3. Topic of FS is always open to review.
Containers require pt1-pt2-pt3. BM has uses before that and RTL. False containers may be erased, FS should not. RDBMS signals faster than gaussians on a given fractal. Trading fractal doesn't have to be FF.
Regarding using bar close for BM violation... https://www.elitetrader.com/et/threads/channels.258500/page-12#post-3737233
Not sure I understand your drawings..etc concerning Mr Chocolates methodology but will say the drawings look right pretty..well done..and i see alot of thought and work went into this. Congrats!
You know when FS activates they behave the same way as PP! and a Band EE's, so bm and P1 assign. from then on. Next bar could become BM, Rev though. Other EE's may reverse sentiment and reset OOE on either n or n+1, though may also have FS activated on next bar after that. This is just the way markets operate at times, so distinct from tracking containers as well. EE's signal ending of OOE, so no more progression within that context. As you see we use this failsafe modus for one reason only. the principle for making money is to be on the correct side of the market. If you cease to be on the correct side of the market you cannot make money during the time you commit this error.