Troubling you again, Sir, I was going through your posts in the previous DeMark thread, its pasted below:
Is in it, be the 8th countdown bar as qualifier for counting 13 complete countdown bar.
thanks
Good observation, manikwadhwa....
I was waiting for someone to pickup this point. I am happy that you did with your keen observation.
The count down qualifier says the close of the 13th bar be greater than close of 8th count down bar. But that is in normal situation where the 8th bar will generally make a interim price high. In our case , 8th bar is much below interim price high which is done in 6th bar.
I am quoting Thomas DeMark himself from his book " Demark on Daytrading Options" as under :
" Why must the 13th bar be greater than /less than 8th bar ? We have found that 8th bar of the countdown phase is typically recorded near an interim price high or an interim price low. Therefore the final count of the countdown series can usually be ensured of coming in near the high or low of the move by comparing it to the eighth count."
In our case the interim high is on 6th bar and 8th bar is well below the interim high, that is why I am considering 6th bar and not 8th ....but conditionwise you are right , it is 8th bar.
Smart_trade
So, in cases where 8 is not an interim high another bar should be considered?
Is in it, be the 8th countdown bar as qualifier for counting 13 complete countdown bar.
thanks
Good observation, manikwadhwa....
I was waiting for someone to pickup this point. I am happy that you did with your keen observation.The count down qualifier says the close of the 13th bar be greater than close of 8th count down bar. But that is in normal situation where the 8th bar will generally make a interim price high. In our case , 8th bar is much below interim price high which is done in 6th bar.
I am quoting Thomas DeMark himself from his book " Demark on Daytrading Options" as under :
" Why must the 13th bar be greater than /less than 8th bar ? We have found that 8th bar of the countdown phase is typically recorded near an interim price high or an interim price low. Therefore the final count of the countdown series can usually be ensured of coming in near the high or low of the move by comparing it to the eighth count."
In our case the interim high is on 6th bar and 8th bar is well below the interim high, that is why I am considering 6th bar and not 8th ....but conditionwise you are right , it is 8th bar.
Smart_trade
So, in cases where 8 is not an interim high another bar should be considered?
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