Hello, This is my first real time attempt on channel annotation. I'm reading March posts. please advice. and I Hope everyone had a nice run today.
nice Spy... your scale is 5 pts on a friday in the middle of summer the 10:00 - 10:30 area was a bit tricky for me. I think I was looking at a lateral with a 3 bar dip at the end. What are you thinking during this period? After your pt 2 in the small green channel, did you keep fanning your RTL for an eventual pt 3? Bar after bar in that sequence kept having the same low, which kind of threw me a little bit. Hard to ensure gaussians are syncing with that channel as well with all the mixed bars. I was anticipating movement to the downside after all that crap was finished though, so not really on the wrong side at all.
A Very Nice Summer! I viewed this whole area as one big lateral, and I didn't even think to draw in a Point Three Channel until much later in the Traverse. In other words, I expected to hold right through until Price resumed its downward heading viewing the whole area as one big Left to right Traverse, rather than a normal 'retrace' of a down channel. Once I noted the need for a Point Three Up Channel, I decided to wait on the break of the RTL, but fun, fun, fun, The market decided to 'walk' out of the down channel (red) on decreasing volume, so I wait some more. By time everything sorted itself out, I was watching price sit on the RTL of the Green Up channel, and it was soon back to the previous (but now 'fanned') down channel (Orange). Again, the whole business looked Right to Left and I had to force myself to draw in the uptrend. We had a much nicer channel later on in the day after the Square Wave Harmonic around noon. - Spydertrader
Good going! Here's my notes: 1. FTT only from LTL 2. Best to label your Pt1, 2, 3. So that you can see exactly where you anchor your channels.
Hi Spyder, did you just change you charting style focus on 3pt channel and ignoring the tapes? your March annotation is more detailed. Did I missing anything?
Thank you Tums, When you say FTT from LTL, did you mean the FTT mark on the big red downward channel? Thank you for pointing it out for me.
I'm currently posting from a laptop computer, and plan to continue to do so until mid August. My charts from my desktop (back at home) come from twin 24 inch monitors. I have to cut back somewhere. - Spydertrader
Spyder, Thanks as usual for taking the time to review and answer questions. The following are my responses / thinking during each issue raised. 1. I keep thinking flaws are a single bar phenomenon. The fact that the 10:30 bar had dec. black lead me to think we were in a retrace to the RTL. That was incorrect. 2. Understod. 3. Similar to the problems to #1 where I tend to think in absolute terms. 4. Agreed there are two different fractals, but is it correct to act on the 12:25 FTT and then the 12:30 FTT to reverse again? 5. Again I see where my thinking is too rigid. I see where we have overall inc. red in this period, however when I see the 10:15 bar unfold w/ more black vol. than the 10:05 bar and the 10:25 bar with more black volume than the 10:15 bar; this causes me to think a change is coming especially when I see the 10:10 bar w/ less red volume than the 10:00 bar. 6. What made the 11:20 down channel difficult for me was the not so low black vol. bar and the large black price bar at 11:30. Again I think to rigidly here, but I anticipate dec. red turning into inc. red right at the 11:30 bar. A black bar developed instead. Additionally, the 11:50 bar had inc. black at the orange RTL which again faked me out. Then finally the 12:00 bar had a large vol. bar that did eventually close near its open, but the next bar basically shot up after its open leaving one to scramble to exit. I did try to sim trade on Monday and Tuesday; that went horribly wrong to the point I was thinking this method wouldn't actually work for me. So I backed off and went back to simply monitoring the rest of the week. 7. I didn't give any of these facts a second of consideration. No bueno. 8. I am familiar with the bracket method, but I just thot to reserve it for FOMC days, plus I am sure I wud screw it up 9. I agree. One wud have to be light on his feet to correct an incorrect FTT call there. Thanks again Spyder for all your efforts.