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PointOne
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Thanks, yes those are exactly the sequences I'm trying to get to work, that must have been what happened. Where's P2 of your 1520 sequence?
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Could someone please walk through their MADA for the opening 7 bars of Tuesday 02/23 ES. (Needless to say, a brisk walkthrough by Spydertrader would be very welcome too.) I'm especially interested in when you know to be short based on sequences (prior to or during the 10am* bar7). Based on my understanding of gap adjustments, 09:45 bar4 made a new high and was not an obvious FTT of any container (it looks if anything like a P2), making 10am appear to be a FT3. Now FT3's don't exist if you have correct sequences, hence my question. Many thanks. (* Bar open times.)
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Put in another channel from your blue P3 to envelope the traverse in question. Note each VE of this channel. By definition, a traverse from P3 will be the final traverse and this applies to the final traverse too.
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Jack has addressed this here: If this is an opening for the defense, feel free to cross examine and develop your counter argument further. I don't think anyone has properly challenged gap removal. I must admit that it makes no sense to me to ignore the price volume sequences outside rth that go into forming a gap. The whole world doesn't care if the Hamptons and Greenwich smart money isn't up yet. Stuff happens outside rth. Hit me!
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Take out the final R-B+ on your level 2 fractal to reveal the actual B2B 2R 2B.
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Sorry Neoxx, I thought I had discovered something about P2s and wanted to share this by testing romanus's assertion, nay tenet. It was a useful discussion for me at least. I shall keep my own counsel from now on.
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OK cool there is an FTT there at P2, in the most accelerated tape. Apologies for not seeing it sooner, serves me right for just eyeballing somebody else's chart. The tenet holds for now. I'll look out for examples to post where there is no discernible FTT at the P2 of a traverse or channel. (As you point out, discerning the FTTs in tapes at their P2s is unlikely on a 5 minute chart alone.) Does anyone else have anything to add?
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So we agree where P2 is located. Good. It's on a VE. Your tenet states that there is an FTT of something at every point 1, 2 and 3. I dispute that there is always an FTT at P2s. Your example shows a P2 on a VE. A VE cannot be an FTT, by definition. Your tenet, if true, applies on all fractals. But your fanned black traverse has its P2 on the VE of the faster tapes. Where is the FTT of the tape forming the black traverse P2?
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So how do you decide where to place your LTL if it is not through P2?
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In what way is the example I posted "in error"? The example clearly shows a P2 on a VE of the next faster fractal. No FTT in sight, on the 5 minute resolution. If it's a tenet that there is an FTT of something at points 1, 2 and 3 then I'd expect to see an FTT at every P2. I don't. We've all seen bounces of VEs that BO of the RTL. Then, when we have P3, we draw the LTL through this VE and call it P2. Anyone? Anyone? Bueller?
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Could you annotate the P2 (of the blue or black channel) and the associated FTT (on the next faster fractal) on your chart, I still can't see it. (From your post above it seems that your P2 is not where the LTL is drawn.) Does anyone else know what I'm asking and why?
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And if you don't look simply at it you see that there is not an FTT shown at the P2. I don't know if that was deliberate or sloppy drawing.
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Again the P2 (of the blue channel/traverse/container) is on a VE of the next faster fractal. Where is the FTT (on the next faster fractal) that the tenet demands?
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Really? Are Point 2s always FTTs of something? If it's a tenet, it's one I've missed. Which is somewhat galling after 2.5+ years of "this stuff". In my experience, Point 2s regularly form on a VE of the next faster fractal, at a coincident peak in volume. There's even an example posted by Spydertrader a few posts back: P2 on VE