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sscott
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Gucci, yes actually I really do need you to confirm the correct answer. The market has spoken, but for me right now it speaks in a language that I do not fully understand. So to have you or Spyder confirm what the correct answer is would go a long way to help all of us move closer to fully understanding what the market is saying.
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Gucci, what do you think?
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Thanks gucci for the reply and the question. If you want to know absolutely that the thing in the deep pink lines is over, you must go to the 1610 bar for the completion of the B2B and the increasing black volume of the dominant bar. However, I see that there were clues prior to that, at 1545, increasing red vol completing the sequence of the pink thing, at 1550 an OB on increasing black Vol which breaks the RTL of the pink thing and signals to anticipate change. I also wonder why the B2B doesn't end at the 1610 bar which is also the pt2, because everything after that is non-dominant to the pt 3 at 1705, confirmed by the increasing black volume at 1720. Thanks again, sscott
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"The market tells you where the right side is. Spyder explained how to be absolutely sure about whether or not the market has changed direction. " Where can that explaination be found? I would like to add that to my notes. TIA
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Just parked my entire 401k in cash today. Gonna wait out next month and see what happens....
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My chart for today, one trade, 11 points. I just held all day.
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Yes, I annotated a small down traverse early and then started the up traverse that wouldn't stop fanning out. The market went sideways from 11:30 ish on (3 point range all afternoon). My chart sucks today so I'm not going to post it. sscott
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My chart for today.....
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My view of the day...
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Yes the red volume does decrease in the afternoon, but which was dominant all morning? RED!!! the dominant slope is up, the price direction is red. Dominant trend price was going down, so the dominant (red) slope is up. We may have had a change in channel dominance in the afternoon, but we really won't know for sure until the market builds three traverses in a new up channel (WMCN)
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This quote is from the first page of this thread, also posted there is a guassian diagram
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I compare my guassians to yours and they are tracking the same points of change as to color, but are exactly opposite each other in the direction of slope of the dominant down channel along with the traverses contained within the channel. I use the color for price movement and increasing or decreasing slope for dominant or non-dominant movement. From the volume pane it appears the dominant price trend in the channel is down, so an upslope thick guassian to show dominance with a red color to show price direction would be the proper annotation. Unless of course you believe that todays channel represents a non-dominant retrace of a dominant up channel from yesterday. Context???
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My chart for the 17th.
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Thanks Romanus, I was out of town today and just reviewed your post. In both your examples there was accelleration, then two bars of decelleration (non-dominant movement) before accelleration of dominant movent in the direction of the traverse. I'll give you a more specific example of what I saw tomorrow, It's too late to think clearly tonight.
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IMHO Taverses are ALWAYS made from Tapes, but not all tapes make a Traverese. In order for a tape to make a traverse, it must consist of at lease 5 bars and three tapes, one tape of accelleration, one of decelleration, followed by one of accelleration, forming points 1,2 and 3 of the traverse. And from my notes from NYC, one bar of decelleration does not equal decelleration. If anybody has anything to add, please do.