At the time of the attached image here were my observations: The pt3 up (thin green) was on overall decreasing volume, suggesting a non-dominant traverse. Or, possibly the whole day at this point is a big, sloppy lateral, coming after a gap down; again suggesting that the market is in a downtrend. My YM up pt3 also broke. On bar 7, price steadily rose, but volume never reached a level that didnt' fit with overall decreasing black. A 9 tick move yet my data set said continue short. Not sure what I did in error here.
I don't believe you did anything incorrectly. A disconnect exists between your Volume Bars and Your Price Bars. By that, I mean to say, not only do the shape and colors of your bars differ from my own, they also differ between the color of Price and the color of Volume on your own chart. I realize different conventions exist between different data providers and software developers. However, I have decreasing red Volume on Bar Two. See if observing decreasing red Volume doesn't place you into a different mindset, and as such permit you to 'see' things differently this morning. Attached. - Spydertrader <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1462047> Edit: Ignore the two 'FBO' annotations on the above chart. They belong with the previous day and have no association with Today's chart. I simply neglected to delete them this morning. I apologize for any confusion.
Bundle, Looking at the YM, I see b2r for the first 3 gau, indicating an uptrend so far on the YM. The pt3 didn't hold but another less steep channel formed with another pt3. Also, if you entered on bar 4, on a BO of bar 3, this would have been a long entry. Hope this helps, -Mike
fomc day, any move before meeting is highly suspect, mode = neutral, can't tell if we are in up/downtrend, stay sideline and alert. each ym bar has bottom higher than previous bottom, my up p3 is not broken. on bar7 I galnce at ym, vol in dry up then b/o leads to cont up trend your chart is not the same as mine?
Ok, that was pretty cool. I had a pt3 just form on the YM before FOMC and got PRV inc red as report came out. S/S went way negative and you could follow S/S all the way down for a 7 to 8 point ride. All the while S/S went back and forth from <-2 to neutral. At the bottom S/S went >2 and up we go.