FTT, etc., works in any market, on any time frame (provided sufficient liquidity exists). As far as I can see, you can use any resolution you wish... For the purpose of this journal, we are focusing on 5m ES and 2m YM, so that we do not get into a rabbit hole and wasting our time analyzing things that has limited (or no) significance to the total picture. The market is dynamic, if you drill down to the 1m bar, you will also find intrabar gaussians playing out. What do you do then? drill down to a 15sec bar? You can go into 5x1m bars and earn a lot of valuable experiences, at the expense of what you could have learned watching the 1x5m bar at this stage of your journey. just my thoughts.
I keep a sliver of an ES 1 min chart on the right side of my screen just to remember the recent 5 min intra-bar activity. It allows me to identify if the top or the bottom of a 5 min bar are part of a channel. Glancing at the 1 min (no annotations) allows me to finely monitor for change when coarser monitoring signals a change possibility. I'm aware this is not part of Spydertrader's or Jack's methods. Besides the YM 2 min I'm not using any of their finer tools yet.
Great work! Somehow when I open your pdf I don't see clickable links, so I just copy the link as text, then paste it in my browser.
This is what followed. Ignore the annotations. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1682890>
*** basic forest stage question (Jan/March)*** Watching charts evolve I sometimes get sucked into the finer levels of analysis. Just to confirm that I am right in the forest technique. Entering once a point 3 is identified, exiting once the RTL is broken. On attached chart one would have entered 4 times: *short at 10:20 on brown #3 (c. 1437), exited BO on 10:30 (c. 1435) *long 10:50 on green #3 10:55 exit on BO (both c. 1437) *short 11:00 on 3 (c. 1436) of new 1,2,3 not shown originally (entered with thick black line) reversing to *long not once new blue 3 arrived (c. 1435) because down channel is not yet broken but when downtrend is broken 11:15 (c. 1436) and holding till the end of the day? i.e. don't follow intrachannel 1,2,3s as long as the initial 1,2,3 channel is not violated? Thank you !