on the 5min chart I just posted it appears we had an IT breakout but on the Daily chart it looks like we are just flirting with the line.
Here's my attempt at a chart. Any comments (especially corrective!) are welcome. Two questions: 1) Was the volume decrease the causal for the trend change on bar 9? 2) What happened on bar 16 to cause the down trend? Thanks Anthony
I also think that we may have had a ftt of the IT you drew in. It seems easier to see this possible BO on the 60 min. This mornings high might be a pt 3 for a possible short IT.
Me too. Says it has a curruption problem. part i worked just fine and is very helpful. Mak sorry to hear court went against you so far.
QUOTE]Quote from aweissen: Here's my attempt at a chart. Any comments (especially corrective!) are welcome. Two questions: 1) Was the volume decrease the causal for the trend change on bar 9? 2) What happened on bar 16 to cause the down trend? Thanks Anthony [/QUOTE] I will give you my take on it. The first instance was not a trend reversal on the 5min. It was a retrace which is normal. Five bars later you get an ftt which gives you a new channel. You then get an ftt in the new channel which is my signal to short again when the new pt. 3 appears. Some of the more experienced players may Know how to reverse at these points but Im not there yet. I am out at the first sign of trouble and then waiting to get back in on the new pt. 3. Keep in mind that Im just a student on this stuff too. edit. I screwed up the illustration. the top ftt should read pt. 3.
That makes a lot of sense - thanks Easy for the help. For those using Ensign and trying this out, they have a nifty thing called Play Back. You can download the tick data for ES and YM since July 1st, and "play back" the day. I think I've got it figured out, (it's fairly simple to get going, but I found the instructions to be a bit light) and I've been practicing on the old data. PM me if you want some help setting this up. Re: getting the various trends on the same chart, perhaps the DYO would be a way to accomplish this? I'm going to explore it, but I'm pressed for time at the moment so I don't know when I can get some results on it. -Anthony
osho67, I found this doc to be a useful guide to the types of trades to consider under the three broad strategies. For example, it shows pt1 to pt2 is a valid enter-hold-exit trade.