Spyder, I just wanted to thank you for the excellent commentary you have posted in the last few days. Even though my charts agree quite a bit with yours, your commentary helps me to gain confidence that I am really learning what is being presented and see my mistakes easier and sooner. Thanks.
I am beginning to notice certain things about channels that have some "predictive" powers if I am permitted to use that word. How long the channel is, how well it is "taping" and its slope often give some pretty good clues to what might be coming next.
Hi Spyder On your ES chart today (thanks), how can the first FTT on the bottom be an FTT? It is touching the left (red) trendline.
Hello Spyder, I have a question about your point three at 12:30. What made you decide that this was your point three? I would logically place it at 12:00 (just before the HVS) or the next bar. First there was a retracement from your point two on lower volume and then there was a FTT on the tape. After that the tape was broken. What made you decide to wait? Then just a remark. After your point three I just mentioned there's a small "taped" channel down. I see that the second bar on this channel crosses the RTL. So IMO the channel should be a littlebit wider. The point is that making this channel a little wider makes the FTT coming up no longer an FTT (for THAT fast channel) because price will then just touch LTL. Of course it's still an FTT for the wider channel. Maybe just a detail but your chart suggests an FTT for the two channels but IMO that's not the case. regards, Ivo
I have a question reg the same instance. In my chart I didn't even show the low NZ refers to as an FTT, because my LTL channel was build out of the highs of 10:35 and 10:40. So that low actually marked a vol exp. I notice Spyder made a steeper channel using the highs of 10:40 and 11:05 for the RTL. In that case then yes that low was a red FTT. My question is, one it is decided to use a steeper channel, do we just forget about the original ? And last question, Spyder you mentioned yesterday that once an RTL has been breached the channel is kaputz, finished, termine. Do you mean both TLs or just the RTL ? Thanks.
On my chart, the bar just missed the trend line. See attached. - Spydertrader <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1389369>
chuckle The Nikkei just did a "stall turn". A variant on the FTT, retrace, reverse sequence, more like DU->FRV. Yesterday I misidentified several FTTs on the Nikkei and tried shorts as it kept chugging upwards. Seems obvious in hindsight (was also last day of March contract so maybe I should have known there would likely be convergence to a target close?). Great contributions from everyone the last few days.
I believe channels are projected memories. We know with certainty we will have a memory of something that is happening now. (Unless you succumb to Alzheimer's.)