My point was that,the top of 10:30 bar (ie the pt 2 in question) happened FIRST, before we ever had a pt 1. So if we had a pt 2 first, then how can it be a pt 2 is what I was getting at.
Not sure why you're arguing this so much, without trying to see yourself what others tell you's there ... <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1635257>
Is this a 1m chart? I thought everyone was trading off the 5 min?? I'm only argueing because of the fact that no one else seems to see that, on the 5 min chart on the 10:30 bar, the "pt 2" happens first before the point 1 ever even formed. Thats all I'm saying and the reason for my confusion is I have always seen channel drawing stem from having a pt1 FIRST before any other points. Spyder explained the contradiction in what sets up vrs drawing a channel and this is entirely new to me as I was always under the assumption that there was an order in which the 3 points MUST come.
i Picked up on the bounce off the support in the longer term channel today. We hit the bottom of the 5 minute channel that begins on 9/25/07. Are these the type plays the beginner should look for because they do offer the best R/R.
Points 1, 2, 3 come always in this sequence. It's probable that this confusion came from the fact that around 10:30 there were new channels forming on several fractals, and because we use different data sources the price and the volume bars differ slightly. If for that first bar the top came before its bottom, it wouldn't be a point 2, and we'd look for it on the following bars. My 5 minute chart: <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1635334>
My afternoon trade circled on the Attached chart is the type of trade that keeps me from becoming consitently profittable. My 1st 2 attempt at going long I washed exited and reentered when the previous bar hi was taken out. My 3rd Long Entry I jumped the gun and didn't wait till the RTL bounce or a hi of the next bar was taken out. I stopped trading after trade 3. See next posting for morning trades.
Morning trades. Didn't make any money but was on the right side of the market. The market just didn't move. I was satisifed with my actions.
there was FOMC minute release at 2:00pm. Beginner's rule = stay on the sideline before and immediately after the release.