It sure is. I just didn't label it. Based on your description with respect to waiting to enter until you have a Point Three, try waiting to use Pennants until after you actually have a Point Three channel, and see if that doesn't help. Avoid the Pennants (for now) which form the Point Three (or left to right traverse). This should keep you away from those steep channel formations which cause you a headache or two. - Spydertrader
Okay...there I was. Monitoring and annotating like a freakin madman (not really a madman per se since I just rolled out of bed and plopped down in front of the computer), but "madman-like". Then the 11:20 to 11:35 scenario developed. I called an FTT on the 11:20 bar. The :25 bar didn't do much but managed a dbl. bottom which was comforting. The :30 bar open decent enough then decided to head lower breaching the lows of the previous two bars. Prudence tells me this is an indication that the newly formed up trend is no longer. As it turns out this developed into an Outside bar and has headed up since, but this scenario occurs with enough frequency that I thought I would look for some answers. Any suggestions on how not to be head faked out of the new DT before it really begins?
Yes, I was watching that bar make not one but two FBOs of the formation. First it broke out of the top then fell back in, only followed by a break out down and then back into the formation. Checked the YM and saw a lateral formation and an FTT so thought 'long' about 3/4s of the way back up.
Was there any CHANGE signals NOT to take Trade 4 ? Continuation - PT 3 of Long Channel Plus Green PRV plus hi of previous hi taken out. dash lines - setups that I was watching but PRV did not happen. solid lines - Entries Please see attachment.
Yesterday's market showed more outside bars than we have had in a very long time. Their number totaled - six. Eighty-one bars exist in a trading day (78 if you don't trade after 4:00 PM, 75 if you wait for 'sync'). One may catch an advance warning of an outside bar while monitoring the YM, but for the most part, effectively trading Outside Bars requires finer level tools (STR / SQU, DOM, OTR, etc.). As a result, it appears you feel "with enough frequency" means "less than 10% of a trading day", and therefore, now feel you need to go down the rabbit hole, rather than, focus on the other 90% of the trading day which does not produce an Outside Bar. Have I accurately described your mindset? If not, please feel free to clarify. We have already briefly discussed one piece of logic from the older Hershey Methods - which when used in this specific example should help lesson the frustration of an outside bar, as long as the trader applies proper context to the situation. Research IF1-IF2 logic from the older Hershey threads and think how best to apply this logic to an environment where an outside bar forms. I hope you find the above information useful. While that sheet might aid the process of learning, taping a piece of paper next to the computer in an effort to remind ourselves about the event sequences which unfold, doesn't really help out in the long run. Everyone needs to internalize the fundamentals, so that they become second nature and result in instantaneous recall - even quicker than the blink of an eye (See Sports Memory). - Spydertrader
I see you attempting to enter long on an FTT Bar at a time of day when Volume normally drops off and flat lines. What did the YM show at the time of this trade? Do you see something different? - Spydertrader
Very good advice indeed.[/QUOTE] As a result, it appears you feel "with enough frequency" means "less than 10% of a trading day", and therefore, now feel you need to go down the rabbit hole, rather than, focus on the other 90% of the trading day which does not produce an Outside Bar. Looks like I went from sage to stooge in one post . Who else gives you this type of variety?