MAK, I to had some questions on this a couple of weeks back. I do not know if I have resolved them yet. I looked at this as seen in the attached chart. (I just finally got my futures account changed to a new one and got live ES data on QT. so please bear with me on the quality of my chart.) On the 11:25 bar I saw it as an FTT since the bars went from the LTL two bars before that, tried to traverse to the RTL,failed and then had that down bar at 11:25 as marked with the arrow. I realized that we were probably in some CCC due to lunch and started my gray CCC channel then. This channel took me back to the RTL of the trend for the day. The question becomes from this and other charts I have tried to annotate, do I officially have an FTT at this point after only a one bar attempt to go back to the RTL? Or, am I just dreaming up FTT's on the fly? Again, thank you for your help and Spyder and Jack's help on this. This is some of the most outstanding work I have ever seen to help other individuals.
As you stated in your question, what you have circled would be an FTT of the traverse from left to right TL. FTTs are failures of right to left only. As to whether or not that bar is failure enough (if it was right to left), I think it's a personal choice at this point in our development.
Calling it a week here - the sunshine beckons Sure did a lot of channel jumpin today - right or wrong, here's mine for comparison's sake. Have a great weekend ...
So I jumped ahead a few days and added my YM chart today. What a huge difference that makes. Made ID'ing everything ten times easier. Here's ES...Red is carryove from yesterday. <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=1340672">
And YM. Have a nice weekend everyone. <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=1340677">
And sorry for the wide pics- I'm on widescreen monitors. I'll make them smaller when I post inline in the future so people don't have to scroll right for all the other posts on the page. I hate that.
Obviously I did not ask my question clear enough. The ES went to the LTL. It then had an up bar in an effort to go to the RTL and reversed. It now tries to go to the LTL again and fails. Therefore, I labled it an FTT. The question still is, is it an FTT with respect to the red trend lines? Thank you.
In an effort to keep the thread on topic, please follow the syllabus and avoid jumping ahead until the appropriate time. We start the YM discussion February 1st. Thank-you. - Spydertrader (from Tucson)