Hi, I'm starting to learn this methodology, this is the first chart I publish. I have some difficulties to draw the channels and the tapes...price is always moving to other way I post my chart for today with all anotations I have made, does anyone can help identify my errors ? (sorry I dont have a Log, but I try to annotate when I should Buy and Sell) It's very difficult to always look for P, then V, then channel, then YM, then back to price, then DOM, then T&S...new channel, price, volume, volume..price. thx
My chart for today. This was my first complete day of trading. Until now I only traded the morning and in the future I will mostly just trade the morning. I did well. Caught all important moves. I am happy I sold at 1484 at 15:35 but there was no wisdom involved I just decided to take profits and exited so the selloff after that surprised me because I did not consider the 15:30 bar to be an FTT. I suppose bias for tomorrow is down. I really wonder how this is annotated on the graphs of others and I will study it. It was increasing red immediately without any retrace. I wonder if anyone saw this coming. Is there a FTT and where is it? BTW I use yellow lines at volume window when I think price is moving sideways in this period. My AHA moment of the last few days is how price and volume behave after the FTT. After FTT we need non-dominant volume to confirm the FTT but if price moves sideways and not against the dominant trend then expect a point 3 with the trend, not against. Of course you have to check for +PRV. Even if the trendline is broken I notice this. (providing the lateral continues). So if you enter on FTT and you see a lateral thereafter it might be wise to reverse somewhere in the lateral. This is just provisional from observing and no final conclusion. (nothing is final in life after all The funny thing of these AHA moments is we already know it deep inside or we read it already. But that's something different from really understanding it and acting accordingly. regards, Ivo
If you are just starting to learn the focus on Price and volume and major channels, not tapes, or DOM or T&S or anything that is so far over your head right now it will drown you. Spydie made it clear that you start withthe basics and no going ahead cause you will get overloaded
I strongly encourage you to go back to the beginning of this Journal and follow the instructions as described. When a new trader begins to learn these methods, they begin by observing while learning to annotate channels and Gaussians. Adding additional tools before one has spent the appropriate time developing experience provides a recipe for disaster. - Spydertrader