The simple but effective method that Jack uses to refer to bars 1 thru 81 throughout the day at first may seem unnecessary but in fact is quite ingenious. Different software packages will time stamp their bars differently - some use the end of the bar, others use the start of the bar. So two people looking at a chart can end up referring to different bars by using a time reference. The attached HTML is simple e-version of the word doc that moz kindly posted. 1. Time at the top is NY time 2. The bar ID field is calculated using your system time so if you are not on east coast drop down the box and adjust hours from NY value 3. The grid allows you to jump rapidly to a point of reference for discussion. 4. Jack actually has a lucky bar number, one of the afternoon ones as I recall. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1317782>
Here is the HTML code zipped up for the bar id page referred to previously. For TS users I may have the code that labels the bars directly in place on the chart.
Thanks for the bar reference coding for use on the ES. I shade the matrix to show some levels of money velocity. This will come into play later. Getting the relationship of the price and volume annotations up to speed is beginning to appear nowadays. as the relationship of dominant traverse and non dominant retraces gets clearer, the R's and B's on the Guassians are also visible. Finally you see the R2R's and B2B's as a sequence of a retrace (non dom) followed by a dominant first traverse. All of this is in synch with the FTT then BO as seen on the channel in which the traverses are taking place. this all takes on a deja vu character as your mind begins to lead your senses. It is an amaing transition to come t the place where you "tell" yourself what to "see" instead of "seeing" what to "tell" yourself. This thread is achieving what we desire for everyone to BE, DO and HAVE. By keeping the focus on price and volume, and allowing you to continually soak in the depth of the possible knowledge and understanding, the market will finally begin to "appear" for you in its fullness and coloration. It is all there for you and it is such a rich and valuable experience to see the participants enabling others and being enabled in return. Gift after gift. I can assure you that there is much much more richness in this perspective that you will enjoy acquiring as this year goes by.
Kudos to Jack and Todd and whoever's idea it was to structure the journal in this way. It was a crucially important decision that I think will make the transference process 10 times more efficient than it has been in the past. Focusing on bringing each person through the required "aha" realizations (by means of focused repetition and q&a) before piling on more material eliminates a certain amount of mental pain from the experience. We are only 44 pages in and I feel like I've absorbed as much "important" knowledge as I have in the last 400 pages of other related material. Consequently I am generating a very useful document that organizes the content of each journal topic into a very accessible, readable format for reference. I look forward to sharing that as our focused study of the FTT and channels comes to a close at the end of January (as per the syllabus). -Eric in Tucson
Thank you for your reply. I understand that Spyder answered that point 1 is not necessarily at the FTT. But in this chart, we changed channels without an FTT from a blue up channel to a brown channel with no FTT marked on the chart. Instead, an HVS is marked. It was my understanding, as one trying to learn this, that an FTT marked the change, not an HVS. Please correct me if I am wrong.
Thank you for your reply. Then, as I see it now, you labeled point one (brown) when the FTT (green) occured and you drew the brown channel, is that correct? Thanks
Correct. I don't know I have a "Point Three" Down Trend (Brown) until I have the FTT (Green). - Spydertrader
LB .... can you see the light red channel depicting the short traverse, it is drawn in using NOW (prior days close and bar 1 of the new day) Great now you see it .... the volume tells you that the direction has become dominant, the retrace volume slips in as we move through bars 4,5,6, (showing up as HVS) and finally get to 7 which is labeled pt 3, but what has happened? .... The now channel (thin RED) has been adjusted to the correct slope and direction meaning you now can SEE what a PT 3 adjustment is all about. we worked with two bars to give us a preliminary vector, and as the market moves into the day we recieve information to allow us to NAIL the BROWN channel (A PT3 Channel) into place and ROLL from there. The same sequence happens all day long that is what explains all those pesky lines spy draws ALL DAY LONG HTH Regards, EX <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1318091> [/QUOTE]