Yes, the next bar closed back inside the channel. By all rights, I should have fanned the red channel here and created a newer channel with a different slope, but Price continued to head lower and I expected to have to create an accelerated channel. As such, I didn't bother 'fanning out' the old channel. I normally like to see one full bar outside the channel before I kill it. - Spydertrader
Thanks Spyder... Just wondering if you did that with the first channel of the day today? I had bar 5 today as point 3 and watched it go a bit lower on bar 8. Did you initially have bar 5 and just "fan out"on bar 8??
Before the close on Bar 5, I did have that as a Point Three. Then, I watched as price closed within the previous bar on Bar 5 and again on Bar 6. As a result, I could see the Price action continue to move laterally, and as such, knew we did not have a Point Three in place. By the close of Bar 5 I simply deleted the line, and continued to wait for lateral movement to finish - setting in our Point Three 15 minutes later on Bar 8 with the formation of an Outside Bar. - Spydertrader
here's my chart for today. For the first time I could see a channel reversal preparing to occur WAY before it actually happened. Too cool! RT
'And for enter write: "just do it after I have lines drawn".' <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1681402>
Okay I hope it is OK to ask another basic question. (Jan to Feb stage) Would the 14:10 Bar qualify (in my stage) as an FTT in the red downward channel (lower low on lower volume confirmed by next upbar), it is not annotated in the advanced chart of Spydertrader http://www.elitetrader.com/vb/attachment.php?s=&postid=1680865 And now I seem to understand that a volatility expansion does not need specialy strong volume, what I wrongly concluded from some early charts Thank you!
I'm playing around with range charts a bit and I think I found a setting I like. I took a screenshot of a signal it gave me for a reversal @ 12:19. The signal is marked by the black circle, my reversal by the red arrow.