Lesson learned "to hold". Entered at 14:14 @1444.25, held through HVS/CCCs, and out at 15:50 @1449.00.
1. The Blue lines are the Forest. If you trade on the Forest, you do not need to locate FTT's. 2. If you were trading the trees, any point on the 12:10 bar where you recognized PRV volume as decreasing black, tells you the you no longer have continuation down. 3. Same Bar FTT / Point Three formations do present some difficulty using our current tool set. In the future, this will change as we add fine resolution tools (limb, leaf and bug). 4. Saying "could have continued its traverse down" implies prediction. Avoid falling into prediction mode. Ask yourself, "What do I need to see for continuation? and What do I need to see for change?" (Make sure you ask and answer on the correct resolution level) Then go look for the data. Once you have a sufficient data set, take action. Often, you'll find the action to be hold. - Spydertrader
I have a question. Why isn't there an upward channel at the end of the day on the ES? pt 1 being at 15:20 pt 2 being at 15:30 pt 3 being at 15:40 sorry if it's not clear, don't know how to add a picture. Do you guys understand what I'm asking? Sorry meant 15:20.
Here's mine for the day. The orange lines are volatility expansions from Friday's down channel. I went short on the 9:50 point 3, held through the RTL break on the next bar because the volume was so weak, and really enjoyed the ride down.... But I lost a couple of points later on, and stuck to annotating for the afternoon.
There should be a 'steeper' channel there. I simply missed it. - Spydertrader <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1412455>
Yep, that's exactly how I have it. I just wanted to ask in case if for some reason it wasn't a channel, I could correct myself.
Spydertrader, I have the channels a bit different, and am looking for clarification. They seem to work out ok. Is there any reason why I shouldn't have drawn in the steeper blue channel (noted with 1,2,3), and then later adjusted for a slower pace at 13:50 and 14:40? I'm comparing to yours which favors more volatility expansions and less channel adjustments.