hindsight speaking the new B2B didn't 'cancel' out previous R2R, did it? so try to juggle more than one scenarios and pick the one that make most sense. Don't worry your selection process will improve eventually.
Learning without thought is labor lost; thought without learning is perilous. - Confucius Life is ten percent what happens to you and ninety percent how you respond to it. - Lou Holtz Take a "bad day" as an intense case study day. ;-)
Hello ang_99, I have attached annotations of how I saw that leg of the day. Volume leads price - so in order to drive the price up to previous levels (i.e. those 3 green bars prior to exhaustion) I was looking for demand at least as great as the previous run up. (i.e. >= 3-5K more on that 5M bar or high demand on the next bar(s) ) but the 2 proceeding bars were relatively weak volume) which I labeled as B \ in the B2B /\ and it sure looked like a PT3 down at the time. The confirmation was when supply kicked in and increasing red V along with it.
I did one sim trade this morning, when I saw a p3 on YM & ES. Again exited after a full retrace bar, progress forward had stopped, the next bar tried up & failed, so I exited @ +3. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1722531> Volume seems too low for me to continue. Happy Friday! and Merry Christmas!
You do not have any Volume Rays on your chart. How do you know when you are in Dry up? The B2B low might be Dry up -- so compare the Black Volume rise to the prior bar (red Vol rise) and it is not rising. This (in my mind) casts doubt on the B2B at the Forest level