Technical update By virtue of a defrag, several scans, and installation and/or utilization of the applications listed below, the backup system is now significantly closer to optimization, and I've created what's apparently called a 'clean environment'. NOD32 antivirus Comodo Firewall Pro SpywareBlaster PerfectDisk Shields UP Spinrite
Comments 500 or so tapes, and 100-odd OBs into the drill, I'm finding the annotation tremendously useful. When I had announced the method I would employ, I - quite rightly - received a PM asking if it would not be more prudent to annotate bar by bar. My answer at the time was that this style unwittingly worked better for me as it had enabled me to 'aggressively ramp up the recognition speed'. Now I realize that was only half the answer. Drawing 500-tapes with an ever-more inquiring mind leads to numerous questions being both asked, and definitively answered. Especially when the mind knows that the ultimate goal is extracting every last drop of the offer, it turns it's attentions to the whys and hows. As it turns out, the taping conventions must be as they are. For them to be any other way would sacrifice a significant slice of the pie. After all, every annotation is merely a means to an end, that end being identification of the right side of the market at all times. It goes without saying that precision is paramount. It's also vitally important to apply all of the cases, and to re-tape from every internal (especially when bearing in mind that every internal represents one or more traverses in microcosm.) Identifying 100-odd OBs in quick succession brings different rewards. It develops rapid scanning and skimming abilities, improves visual attention and processing speed, facilitates inter-bar volatility comparisons, and further clarifies the multifarious roles of the OB. What's more, I have complete conviction that far more information than that merely expressed above has soaked in, and is being categorized and integrated by the awakening unconscious.
Taping All YM charts have now been taped. After over a thousand hand drawn tapes, this is what my taping looks like. As can clearly be seen, when the goal is extracting the offer, the importance of drawing every tape, using all of the seven cases, and ensuring that taping continues throughout laterals cannot be underestimated. Now, this is only a drill, the YM would never be taped to this level of detail, as it's just an adjunct to trading the ES. So whereas for a while, I was annotating the ES based on the YM, the order must be reversed. (p.s. just noticed I've missed a few...) <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2209963>
Layout Ehorn kindly posted an image of Jack's layout yesterday. Unbeknownst to him, in the interests of modelling, I'd actually been bugging Nkhoi for a few days for pictures of Jacks' setup and he had generously provided a series of images. It's interesting to compare the two. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2209975> <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2209980> I think the two main distinctions are ordering of elements and serial vs parallel placement of ES/YM charts. The two possible configurations would suggest that while it's important to order elements sequentially from coarse to fine (to facilitate sweeping), whether this be from left to right or right to left is seemingly unimportant, and may be more a factor of personal preference and monitor layout. In terms of serial vs parallel, while serial is more efficient in terms of space and - for an expert - more convenient, the parallel arrangement lends itself more to strict hierarchical ordering and is more instructive, as slices of identical duration can be visualized side-by-side. In summary, I think a composite of the two would suit me best, an L --> R parallel setup.
"...importance of drawing every tape, using all of the seven cases, and ensuring that taping continues throughout laterals ..." That was my feeling from the beginning when I changed from reading/skimming occasionally through Spyder's threads to actually trying if I can apply what I read. The first thing I wondered about was: "How can they identify PT 1, 2, 3 and the FTT of a channel if they didn't identify the building blocks of a channel (tapes and traverses) first." I saw that people would identify FTTs which would not be the FTT of the channel that a beginner should look for but a mix of traverse and tape FTTs. If your way of taping is correct then I can learn two things about taping: a) You never fan tapes. If the RTL is "pierced" by a bar you start a new tape from that bar. b) a tape ends if you can draw a new tape based on what I wrote before an outside bar and based on the seven cases. But wait... looking at your charts again... are you taping the YM different than the ES?
I should clarify that this diagram was provided by Jack and I cannot confirm that it is in fact his layout. But merely a logical and organization representation of an expert SCT display. Sorry I should have been more clear in my original post.
The baseline of the Iterative Refinement thread is Advanced Beginner level, hence the trading resolution is the '5 minute' level Traverse. I think this was a purposeful decision in order to keep the barriers to entry low, and to really reinforce all of the fundamentals, without which building cannot proceed. I can't tell you what's right or wrong, and the only rules should be accurate and consistent taping. The seven-cases provide the necessary guidance. Once you draw enough tapes, and see the purpose of every tape things become clearer. IMHO, you don't need to annotate the YM as thoroughly as the ES. It's just an adjunct. Also bear in mind that I'm just a learning student, but what I can tell you - without a doubt - is that you'll find far more satisfactory answers just by - as Jack would say - 'doing the work'. Your subconscious will provide the answer to every question you could possibly have.
The 'top' layout appears to be Qcharts. If so, the screen shot of the layout came from koamana. The OTR Chart in the 'top' example comes from Quotetracker - as Qcharts never had the ability to properly color OTR bars. The bottom layout appears to be Tradestation. If so, this screen shot belongs to txuk's setup. Both traders now use Trade Navigator. Neither individual frequents ET on a regular basis. HTH. - Spydertrader