Midday to EOD. One thing I am trying to overcome is redrawing channels to fit after the fact. Usually I would do that in order to "clean it up" so these are pretty messy. Anthony
As an explanatory note - When I feel I have a point one, I use Ensigns parallel line tool to draw the trend line, and this comes up as the baby-blue channel. I make the tentative channel width based on the point 1 bar ends. On the second bar, I modify the trend line slope to match. When I get a large move on volume, I widen the channel out as I consider it my point 2. The skill I am still working on is identifying (in time) point 3, and so far I'm basing that on volume drying up, and price retracement halting. Once I have point 3, I set the channel in place, and change its color (red, down; green up; blue lateral) and it's thickness (big move, thick; smaller move, thin). If I draw a preliminary channel (TL) and it doesn't materialize, a lot of times I will just delete it off the chart. I have yet to get a good feel for drawing the pennants and CCC.
I don´t know if it´s just me, but I thought today was a very difficult day in general. Maybe not for some one more experienced, but for me it felt like a lot of moves were pretty random. I didn´t take any trades, this 20ema thing feels like a punishment Easyrider, what have I done to deserve this strategy? loosing I guess... What I intended to say was that it may not have been you who were doing a lot of mistakes Aweissen. Maybe the only mistake was not sitting on your hands for most of the day? There were probably some good trades today, but at least I couldn´t separate them from the bad ones irl.
Interesting that you brought that up - many times I was running my PRV sheet and wondering "What are they doing?!" My sheets look like my 2 year olds "drawings." I just couldn't get a good feel for the volume moves - it was really staccato. It seemed like there were lots of intrabar bursts of volume that I incorrectly took for a move. Perhaps I have a crappy connection today, and I was getting late packets. You are right Stalker - I should have sat on my hands today. Very interesting - I just went over a bunch of my sheets again, and I notice that many are showing volume at medium & slow paces and not the faster paces (12k or more.)
I understand completely why you had trouble cause there were a lot of times it seemed like it was gonna take of with increasing volume, but then it died after 30 seconds or so.
aweiss i'm wondering how you are handling the multi-tasking of trading and doing the PRV drill sheet. also just for interests sake, i'd be interested in seeing one of your filled in sheets. (a reproduction on the computer is fine if you can't scan it). the reason i ask is that i've always had trouble understanding prv on a conscious level. i think i do understand it at times on a unconscious level, when i find myself saying things like 'this price bar isn't going anywhere in my favor, the volume has died off'...(and we're mid-bar).
Hi Dan, Sure thing, see the attached sheet. The colored dots you see are the volume that showed up at the given times. I use several colors so that I don't have to print out a sheet for each bar. I don't remember what time this was done at, so I don't have a reference for you to compare to - sorry. Often I don't mark the volume in the exact position it should be, but guesstimate. At this stage of the game, I am only interested in fast paced markets, so anything 10k and below I just note - except DU volume. I have a little timer program that beeps every 30 seconds. It's not terribly accurate, as I need to resynchronize it every so often, but it does the job for now. As you can see, the bar where I was using green started off in DU land (well below 250 volume), at the 30s mark. Then it jumped up to 1200 by 1 minute, and at 1.5 minutes, it was at roughly 1800. It's pretty easy to mark off when I am not in a trade. Things get a bit more tense when you throw in the pucker factor of having a trade on. I have caught myself not updating the sheet - so I need to improve my monitoring skills when I am in a trade, for certain. Oh - I do this a bit differently than suggested by Jack because, again, I'm focusing on fast markets only. As I get better with this, I'll adopt more of what he posted earlier. That and I need to get some colored pens so my kids can get their markers back. HTH Anthony
Aweissen, one thing you might wanna try when you don´t have time to draw the prv sheet is having a 30 second chart showing only volume up. In the beginning it made me hyper, but now I really like it. I found out that you shouldn´t try to replace counting prv with a timer, but just cast a glance on it from time to time to see if volume is developing in a smooth way or irregularly. I have it as a little indicator in the corner of my screen. I use a timer called ice or something that you can synch with your computer, it´s at woodies site. I recently found out that there is an integrated timer at www.ftrader.de. I didn´t get it to work, but it´s supposed to work with sierracharts. Maybe with other programs too? I´m not good at computers so I don´t know but you might wanna check it out, otherwise the woodie timer works fine.