Thru 951 up about 1x H_L so far. <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=842589">
Curious how you handle these situations like today. Youre short coming into the 10:45 area. You see the possible ftt but then it breaks the trendline and makes a big move quickly against you before it ever makes a pt 3. These are the ones that keep me from reversing. I find it easier to exit and wait for the new pt. 3.
Thru 1114. Still about 1X H-L <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=842655">
Thru 1425. Ahead just shy of 2x H- L for the day. <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=842869">
Grob, there is always a wealth of info in your messages, thank you for giving us your time. Iâm certain you would rather discuss the more advanced SCT topics in this thread so I appreciate you addressing the entry-level stuff too. I will take action on your chart setup suggestions. Some of the simple adjustments are in place like stretching the ES to line up with the YM time intervals... the relationship between the two is much more obvious now. I am looking into how to do some of the other suggestions in Ensign, like overlaying the channels from different fractals on the same chart. You repeated some of the same points you made just a few weeks ago when you gave us the charting basics using the golf metaphor... I plead guilty to reading the channel annotation basics and moving on to other topics... there is so much to learn and Iâm always anxious to move forward. Point taken that charting software setup and proper annotation are the bare minimum starting points... obviously we cannot be effective in SCT until we get these right. You wrote of the benefits of the SCT approach to trading. The value of SCT is crystal clear to me. If we can identify the price channel and take a position in the direction of the channel, then our job is to hold steady until it is time to reverse. The potential of what is available for extraction by those that master this is plain to see. At this point I look at SCT as the study of reversals and of all the tools/information we have available to identify the optimal time to reverse. I believe this to be a very difficult and time-intensive study to take on, but well worth the effort. Even if I never master the ability to slalom the traverses, I feel studying SCT will give me a solid foundation to understanding trading and the interrelationships in the market (P, V, etc)... this will benefit me no matter what path to trading profitably I eventually take. Iâm also attracted to the disciplined approach that SCT brings to the trading day... pre-flight, sweeps, TDs, debriefs. I havenât begun to use these tools yet but I recognize that I need the structure that will come from using them. Regarding WWT, I'm not quite certain what we are looking for. When you speak of data sequences, I am picturing a scenario where price is traversing and then reverses mid-channel... I think of the WWT as the point between noticing the pause and actually identifying the FTT? Or price is approaching the RTL but instead of bouncing as expected it breaks through... would the point between identifying a BO or FBO be a WWT?