Don't be so quick in dismissing others' points of view. Your objectivity is just another subjective point of view ...
Ok, this debate has officially been laid to rest. Thanks for the chart spyder, Cnm, I see what you're saying. Thanks.
Yeah that is how I currently treat bars like that - as part of the retrace due to the lower volume. However, sometimes the price bar keeps going down or a surge of volume comes in to continue in the dominant direction. I was trying to see if others interpreted in a different way. If price continued down, when would one decide that what must come next didn't come?
I had a few PMs about my tick chart setup. I just did what our old cat skinin' buddy laid out in another thread: http://elitetrader.com/vb/showthread.php?s=&postid=1556189#post1556189 Thanks excav8tr!
Yeah, I am in agreement with you on that one. This is why it's so frustrating that we dont talk more about actually making money in this thread. Most folks by now can draw perfect charts and I just dont see that translating into pulling money out of the market. Perhaps an IF2 would tell you to reverse if price broke the previous bar low. Otherwise, Id assume to go with that dominant up channel until something says change.
Being just about 3 minutes into the current bar there's still room for possibilities: it can still go up or down. The context shown is kind of small ... Anyway, reversals (increasing volume) start from retraces (decreasing volume). The decision of the price movement may come next bar or later. There should be no bias. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1711155>
I understand where you're coming from. My charts seem to be ok a lot of the time. The analysis of all the lines and annotations is the next area of focus for me. It's sort of like knowing how to write letters but not being able to read.