Reversed short intrabar on the RTL break. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2319944>
Your gaussians have improved since NYC Don't forget to send me your address for that christmas card...
Thanks for the question, Nkhoi. When I was newer to this method, I tried to stick to rigid definitions of dominance and non-dominance, and found they werenât universally applicable. I also couldnât reliably gauge what was referred to as the 5-minute ES traverse level. There were frequently surprises that I couldnât even reconcile after RTH. I decided that may not be the most productive approach, and changed my mindset to faster fractals, which Jack described as level 2. I used the YM to validate and differentiate the various fractals. Despite Spyderâs frequent admonitions that all the necessary information was contained in the ES chart, I just couldnât see it. Although things were much clearer, there were still lapses of uncertainty, particularly when I moved to sim and beyond. It was clear that there were gaps in my understanding. I dropped the YM, reverted to the 5-minute ES traverse level, and went back to those original prerequisites for dominance. Yesterday, I tried to apply the more flexible approach Spyder had described. Regarding that closing trade, although Iâd annotated a faster fractal traverse, in real time, I wasnât certain about the fractal, and thought it may have been a genuine traverse. As you say, we then had decreasing red volume. The second red bar also spiked up off its low, closed at the RTL, and the following bar opened outside with increasing prv. It was clearly a point 3 up, but until the latter stages of the bar, I thought it was shaping up for a peak volume FTT. Furthermore, I felt uncomfortable reversing long at the high of the day on a channel VE in a short intermediate trend, two hours out from the close. So I held. A couple of bars later, that new RTL was breached, we had an R2R (albeit on a faster fractal) and I felt confident that a short traverse was underway. The 15:00 bar was a surprise, especially when it made a new high. I reasoned that weâd had an FTT of what Iâd thought was a genuine 5-minute level traverse, and decided we were merely seeing the point 3 of a shallow faster fractal traverse. A couple of bars later, I admitted uncertainty and closed.
Thanks, Munck - feel free to post your chart. And I still haven't gotten over how bad those comedians were!
The Day Most of these annotations were post-market. Still coming to terms with this different perspective. I would previously have considered the traverses starting at 10:50 and 11:50 to be fully-fledged. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2322180>
In my case I waited for a third red bar with increasing vol in order to have a r2r. It didn't appear so it's just a continuation.