Gerry, Here is another thought for you. Get off the idea that the basis of your views is absolutley correct. Your foundation and vantage point , for all practical purposes is trite and out of date.
15min, 30min, 60min charts this is the point that I struggle the most with... we have broken the RTL but is this a new downward channel or adjust the pt3 on existing TL?
Good conclusion As a person eases into trading, he has to stand aside when risk increases. On the otherhand he focuses on low and zero risk trades. these occur when the market pace is high and the volatility is high also. At lowest risk pace dominates volatility, then as risk increases they are a pair. As the market becomes more and more lateral, only volatility is there to make money. Finally in a lateral market the volatility, fails to sustain money making. This is the CCC that ocurs midday. It is a high risk time because of the BO potential when thye trading resumes. you can see the immenant role of volume in all of the above. On your charts you show three volume lines which divide volume operating zones. You can easily notice the correspondence of these zones and price pace and volatility which determine relative risk. For edge traders, they can rank their risk in an additional manner by making not of all of the above for each of their edges. there is a direct correspondance. SCT, by using proper monitoring setups and sweeps, get the pertinent data set on the table routinely to have it there for comparison during analysis against known truths. This is a strategic risk minimization strategy. By this I mean you are trading in an assortment of risk levels and at the same time you are focused (on the look out for) the considerations that are important at the time. Being able to front run the ever changing market is a strategic way to not only handle risk but to capitalize on the potential of making money that it also represents. Gerry is a classic case of a person that only see the fears that veteran methodologies present. SCT deals with both sides of the coin. SCT reversals occur BEFORE and on the OPPOSITE side of the market where stops are set. Veteran methodologies rely on protective stops JUST BECAUSE THIS TRADITION IS NOT CAPABLE OF HAVING A METHODOLOGY FOR MONITORING, ANALYSIS, DECISION MAKING AND TIMELY ACTIONS. It is very difficult for a person to understand how two approaches can both work that are so far apart in principle and concept. From outside the market, edge traders look for entires. SCT is in the market looking to "continue" or "reverse". After entry, edge people place Stops and targets to meet calculated odds and then they wait for one or the other or simply not reaching either as time passes. SCT is doing a continuing four part routine: monitoring, analysis, deciding to :hold" or "reverse", and taking timely action with preset platform potential trades. Edge traders are taken to the sidelines when their predetermined goals or stops are met. SCT front runs the market at all times. So the yield is two equity curves. Their difference is a matter of continual discussion. One is more than the other as determined by everyone who can make the determination. One group cannot read the prints of the other group apparently. During the trading day, each group uses different techniques at a given time. For SCT reversals represent exits, then entries for edge traders. For SCT, monitoring, analysis, decion making and action, are represented by protective stops and targets (to get the R/R to work) in dege strategies. For SCT we are in the market looking for continuing money velocity and correspondingly edge traders are out of the market looking for entries of high probability. Both SCT and edge traders are in the market simultanoeusly for some of the market trading day. These are the lower risk parts of the day when price continues to move in trends. Both SCT and edge traders are out of the market when there is highest risk and no price movement relatively speaking. BO's are entered by SCT usually by brackets. Edge traders use BO, fades, retrace and other related entries at this period. SCT continues in the market following the inital entry and deploys a "hold' and "reverse" strategy as long as the market has pace and volatility. Edgers exit according to targets and protective stops.
txuk... I envy your charts you son of gun... What a work of art. Looking at your charts iinstills such calamity (sp???)... I've replicated LURKER's tool to distribute to the team. As usual it's excel and only requires DDE interface. I intend to PM folks once I work out it's concurrency with channels. Thx Grob for your posts. I definitely do not want to influence any aspect of the thread. I am hoping that others realize that I am just like any other person on this team, I am running the drills, working hard, and encounter many of the same objectives to work out. I am continued to be encouraged by our efforts. Thru bar 50... Kind Regards MAK!...
I glance at those charts occasionally but I trade off the 5 min. fractal and theres been no doubt which way its going for several bars now.
txuk This was an easy short on 5 min. chart. Test of top. wrb red bar. Bases for 3 bars. Volume totally drys up. Pt 3 forms on increasing volume and starts down.