Quote from frenchfry:
Not too many channels in a "Channels" thread, yet.
Enclosed is the beginning of the day for the NQ. I chose it because I see some guys in another thread drawing interesting lines, sometimes channels.
Do we agree on how a channel needs to be constructed?
I chose a Point 1 on that chart. So we need another point 2 and three. Once we have point 3 we can clone the trend line which goes from point one to point three and place it on top of point 2. Is this the best way to create channels? Why? Why not?
I already drew some possible right trend lines (the line which goes from point 1 to point three in Jack Hershey's world). Which one(s) is correct? Did I miss one?
Do you see any fractals (=small channels/containers building a larger channel/container)?
Hi FF:
You are inventing again. Have fun.
One of the features of channels is their powerful signals.
The market chooses point 1; thus, the trader does NOT choose point 1. The contract you have with the market states who does what. Reread you contract.
Channel begin according to rules. you are not using the channel drawing rules.
A lot of potential traders begin by inventing stuff. as has been suggested this is a tough row to hoe.
So you are stepping right out and doing your inventing instead of following the tride and true rules. By not following the rules, you create stuff in your long term memory. Once you put it in there and it sticks, you get the consequences.
A fulll range of people attempt to become traders. Some fail, some succeed.
It is my opinion that potential traders who do not follow valid rules for doing things; they usually fail.
you made the same mistake in your prior chart post. I didn't comment because it is so time consuming to try to convey to another person his mistakes and how to correct them.
If a person creates a habitual mistake, then it is even tougher to correct the mistake.
I have suggested for about 56 years that channels begin on a point 1. would you consider beginning your channels on a point 1 for a change?
To do channels you have no other choice. Inventing stuff is not a good choice since all inventiions have to be proven in. the stuff you keep inventing cannot be proven in ever.
think about these comments.
If you reread my comments see if you can hi lite the comment that has been stating: all channels begin on a point 1.
then you look up the definition of a point 1.
then you always, without exception begin a channel on point 1.
You, at this point, are NOT beginning channels on point 1.
