speaking of which, i couldn't resist posting my.... <i>***drumroll please***</i> <b>FTT OF THE DAY</b> download <a href="http://downloads.pr0crast.com/videos/2-12-2007.FTToftheDAY.avi">here</a>. camtasia codec necessary to view (google it). featuring 12 minutes of YM/ES FTT goodness unfolding in real time.
Did we get a R2R on the YM from 9:48 to 9:52, telegraphing a reversal which did not happen? Am I interpreting the Gaussian incorrectly?
There are a number of things you have to be careful about. So here is my YM 2M RT of course. I annotated and of course it is doing what I anticipated. You DID see an R2R but you have to identify what your context is. Remember we deal at the forest level. At the forest level, it has two types of trees, traverse trees and retrace trees. The traverse trees are the thin green lines for the first forest thick green line forest annoation. The retrace trees are my red thin lines. The R2R you point out was a dominant of the retrace leg. Within this leg, for me, it was a continuation. I say we have to be a tad bit careful because the coloring mechanism of the bars on a 2M YM can sometimes be lopsided. This is where you have to depend more on your annotation then the color mechanism. What is needed to be in tune with is that the forest has traverse and retrace trees/legs/channels. These traverses and retraces have traverse and retraces. You can take a look at my chart and note what I am expecting. However, my experience is a bit different but this is what I am calibrated too day in and day out. So for me, an FTT will be identified with a channel of a forest level channel which does not extend across to the left side of the forest... Here's my chart so far, I highlighted your region in question and where I was. Note how, I have the following bar after the circled region as a COMPLETE traverse. In other words, I had 1 bar as a full traverse. Don't worry about the red channel. I got jack's floor contact and called ahead for that. LOL. The extension is far too long tho... Regards, MAK <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1359645>
EEK! This is the aftermath. I didn't adjust any of the red channels yet. It is questionable as to whether the current leg will make it to the right side. If not, THEN, I will adjust... I didn't have time to annotate the leg as I was at the time responding to the previous post... It is SLO-MO-TION when you look towards what's next... <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1359661> MAK
We didn't fully reach my right, so I adjusted my right side and got up to date on the traverse/retrace level annotations... The traverse/retrace level annotations of your YM 2M give clarity to the bar level details of your 5M ES. After a while, you are taking action within the bar long before it is clear on your ES as to what is happening... <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1359680> MAK
I see that you projected the YM higher based on your up channel but that R2R Gaussian is confusing to me and you saying the the color mechanism can sometimes be lopsided makes me nervous that it cannot be trusted. The YM could just have easily busted through the RTL and then it would seem the Gaussian predicted it? If you dont mind answering, what did you think when you saw the Gaussian and what convinced you that the action is was still "hold" or contination? Thanks Mak
FTT looks 20M out for me... My red channel wasn't long enough. 1 traverse short... My anticipation going into a dull lunch... <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1359697> MAK
Yeah... FTT was 6M earlier than expected and arguably slight... Notice the consistency of the volatility (ie. distace between RTL and LTL) of the forest channels... It is a pseudo bounding type of characteristics of channels that is very typical. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1359791> MAK