The carryover for tomorrow is to take the open short. If you choose to not complete the short that ended the day, then wait for the EE long signal. I attached the charts I annotated for the day.
Here is a followup. Note how the lookup sheets conform to the 30 sentiment. as you see I keep a supply of stuff for annotating. I just duplicate what I need and occasionally move the stuff along so my wrist movements are all it takes. One of the things that is interesting is how you must be in the market to make money. The sidelines do keep you out, of course. when you do not sideline, you are looking for the increasing activity to move the market forward.
Here is he followup for tomorrow. attached is the 30 min annotated chart to illustrate the opening context for tomorrow. As you can see the short has an ftt in place and the last bar is long sentiment and IN an internal. Not very exciting at all. So by looking at the retro done on the four bar lateral, you see the forward progress of the sub fractal level of the trend. the sequence is P1 to T1 to P2 with a bookmark in the basement and an rtl just inyching to be broken. so be relaxed on the open and skip the long entry to finish the current trnd. Then consider the short End Effect that completes the long. It has to say take the trade and the cards will dictate just how you label it. If there is no trade then you do not come off the sidelines quite yet. Just hang on for the long EE that kills the second trade promptly. The objective of trading is to be in the market in order to capture price movement in the direction of the market sentiment; no more no less. Check out one of the journals where a guy is striving (he says) to make a tick a day. He is showing a treade in ES as a 2.75 point loss. He is not logic oriented. Instead he is striving to make money. In trading, the money takes care of itself. Okay you are ready to go for tomorrow.
Here is a small note on doing channels. Review the 30 min chart thoroughly and take note of the "fanning" when bars are forming in internals. This affects RTL's of channels. when I use the word channel it refers to a parallelogram. The parallelogram is used BECAUSE ti PROVIDES THE BABSIS FOR FINDING THE END OF A TREND. END EFFECTS OCCUR AT BOTH ENDS OF TRENDS. Also take note of just where a new channel begins on an ftt. Elsewhere there is a lot of line drawing going on. Mostly you will see lines enclosing bars. usually pennants are being formed. Nothing is done on these pennants to be using rule sets for pennents.
Evening, Jack.What are the rules for pennants?As usual there are variants:continuation and reversal.I imagine it`s not only regarding the pennants.Continuation and reversal produce every single indicator on Earth,with the same settings and conditions.
Damn it Jack!! I read the above and bbaaammmm, I coulda had a V8! I was doing very well with my creedo of "the 'job' of a trader is to make money. Period." Now that does not ring true... the job of a trader is to be in the market in order to capture price movement. Money is a by product. Geezus!! Being in the market to capture price movement, there is no reason for me to just dink around because of what if. Geezus Jack!! âBecause a thing seems difficult for you, do not think it impossible for anyone else to accomplish.â Marcus Aurelius
Hello again, Mr. Hershey. I hate to admit it, but I'm still having a hell of a time with some of the nuances of the information you've recently shared. I plan on highlighting some of the info you've put out there and asking follow-up questions. I hope I'm clear in what I'm asking/displaying. Post #148 Post #156 Post #163 To be sure that I'm using the tools correctly, I took my understanding of the Pink, Gold and Doji lines as well as a RTL, LTL and BM and labeled a 5min chart side by side with a 30min chart of the same time period (20140421 open). Would you kindly review my attachment and help me to further understand the use of the DOJI lines?? I see some lines on your charts that seem to correspond to the OPEN price of the 0935, 1005, 1035, etc. bars, but many of your attachments also show another blueish line and I'm not following what it represents. Labels on Attachment: FTT = Failure to Traverse - both RTL and LTL in place and the trend failed to meet the trend line in the extreme direction. There's space between the price bar and the LTL. RTL and LTL not drawn for the 'up' movement. Pink = The extreme of the bar where the FTT occurred - 3 ticks away from where the BM (bookmark) was placed. Gold = End of the 2nd bar in a trend. Bar1 = BM placement/Pink area and Bar2 = further movement in the direction of the trade. The gold area takes you away from the 3 tick rule and into the more profitable area. 1. I drew the RTL from bar 1-2. 2. I cloned the RTL and put it at the bottom of bar 1 as both bars are translating bars. 3. I placed a DOJI bar (turquoise) at the open of the 1005 bar (first bar after the 30min ended.) 4. I placed a DOJI bar (periwinkle) at the open of each 30min bar. As I stated above in blue, would you clarify the use of the DOJI bars and also point out any issues in what's represented in the attachment? As always, thank you for your time...