OB measuring The OB behaves as two bars. Theory was tough to work through I did parts of OB forming to catch on. I divide log row first Upper level and lower level. I do whole volume test procedure on upper level. I find if there is a falsafe to put it on upper level. Then I look under type of trend to see if both prior and this ee give a "c turn". Then I assign a P1 to the upper level since it is a failsafe. This means the "Next" in the lower level is a T1. On one bar (an outside one only) a p1 to T1 is an EE named PP4. This is a second turn on the OB. Thus on the chart I number the Order of the turens on one bar The upper level is turn #1 and the lower level is turn # 2. This is a trading challenge when on the five minutes. To ameliorate the challenge, use the context. On the 30 min, keep current and notice where the 30 fractal is going and what is next in channels. There are many simpler OB contexts. I chose the above one so that two turns could be noted. As you build your 3-ring of examples, you will get familiar with each combo on OB's Our trading room team is flawless these days.
As long as we are on this subject, can we look at Bar 17 of [12-16] as well? I do not know how it was assigned a PP5. More specifically, I do not know how it was assigned a P2 on the upper level. Here is what I logged: Bar 15 is BO T1, so P1 is assigned. Bar 16 has less volume than Bar 15, P1 is False and T1 is assigned. Bar 17 has less volume than Bar 16, T1 Repeat is True. Log Page 1 Attached, I will re-post Jack's chart also in order to access it easier. --- Might also be useful:
Here is the referenced Chart. -- Also, Jack, could you let us know if any work is currently missing for the learning process at this time? I am doing drills of the Volume Test Procedure of the posted charts every day, but I can also do other work if any is needed at this point in time. Thank you so much for all of the help you continue to provide.
Also there is another pair of OB situations that I cannot differentiate which occur on [12-16]. On Bar 33, an OB which tests true for T1 on the top row triggers PP3. It appears that Bar 34 [XR], although having lower volume than 33, is then assigned P1. Compare to Bar 47, it is an OB which tests true for P1 on the top row, and it triggers PP1. This time, Bar 48 [XB], having lower volume, is assigned T1. Does the special NEXT function for an OB assign P1 to the bottom row after a Non-Failsafe or A Band EE on the top row? If so, why is Bar 34 not annotated as a T1 on the chart? If not, why is Bar 48 not annotated as P1?
Seems the OBs are quite the issue these days. If I understand things correctly, most of the time an OB is an EE due to the fact that itâs a peak/trough combo (P1/T1 or P2/T2P being those that occur most often). However, if there isnât increasing volume, it would seem to me that PP4 and PP5 (or other EE) couldnât/wouldn't occur. If a P1 has been assigned and the next bar is an OB on decreasing volume, you canât have a PP4 because itâs not a P1 repeat, you canât have a PP5 because youâre not there in the OOE. Youâd have a T1/P2 which isnât an EE, right?
I think we are clear on this effect of assigning P1 to the top row when A band EE or Failsafe occurs, but for example on Bar 17 of [12-16], no failsafe or A Band EE occurs, and P1 and T1 have been assigned in the OOE already. Tt appears that the top row should test True for T1 since the volume of the OB is less than the previous T1, yet PP5 occurs which is a P2 / T2P EE for OB's.
Yeah, we are thinking the same thing about T1/P2 on that OB. We will have to wait and see how Jack explains it. On his chart a PP5 EE is annotated for that OB, and a b turn is listed as well to go with it, so he must not have gotten T1 repeat on top but we don't know why.
Okay, thank you for the discussion everyone. So in this case it was a mis-annotation on the chart I believe. I was confident in our understanding of the OB procedure, but it did not occur to me to question the annotation on the chart. OB Review [Please correct if there is anything false]: The procedure for OB on Failsafe / A Band EE on top row: P1 is assigned to top row, and T1 to bottom so PP4 occurs on bottom row. The OB has two separate EEs. We know that troughs on top of the OB do not trigger special OB EEs [PP4, PP5x]. When Non Fail-safe or A Band EEs occur on an OB, the NEXT command for the bottom row assigns P1 to the bottom of the OB. Next Bar is tested like normal.
In this case bar 17 looks like the situation that workwithus posted above. On the top you have a BO/T1 and assign a P1. On the lower part you assign a T1. Correct?