Charting --- who uses what?

Hi Jack,

Thanks again for such generous replies. I will re-do the chart with better pointing when I have a moment.

Actually I do understand traverses and points 1,2,3 and probably the new point three concept.

Where I "failed" here is numerating things I was pointing to for reference. I should have used letters since numbers may be confused with your own reserved reference system for points 1, 2 and 3. For discussions, i will definitely not make that mistake again.

On the same note, I do understand your pro-rated volume concept, whereas my bad phrasing in the past caused you to think I did not. I will improve. More questions on pro-rate would be a fine-tuning effort.

I am making efforts to assimilate all this and will soon apply it. I consider myself a litmus test for cyber transference since I am neither handicapped, nor gifted.

More later.

Thanks again.

JohnnyK
 
Quote from Grob109:

For about 47 years I have made this suggestion and people do not "get it". The ones that did when I started to do this, set themselves apart by being millionaires after a few years.
More...

You then must be a trillionaire many many years ago. :D :confused:
 
Quote from OddTrader:

You then must be a trillionaire many many years ago. :D :confused:
More...

Read some of the threads on what to do when you get rich and also the wizard books where the bios point out how such people operate at differing levels of wealth.

The Gary Smith book will be helpful to you as well.

When I suggest that I contributed the copyrights and royalties for a number of books to 501 (c) (3)'s, you can get it that I could affort to to that.

Take a look at the 20 questions list I proferred as the means for any person to get to their personal potential and construct an autobiographical book of their personal path to wealth.

Question 1 is what you used to figure out that anyone who is a trader is definitely gong to be rich.

Make a few charts that show how Q1 works for various levels of performance with various levels of contracts.

From this you can see that a person can provide a lot of help to people who may need lifelong support. The easiest way to do this is to create an account that can be managed more or less conventionally after it has been filled up to the extent required to deal with that peson's life time.

There are three questions I can't answer accurately at this point in my life:

1. How many times that I have been to Paris. (Humor)

2. How many people (who were not capable of supporting themselves) have a life time support system. (Help to others)

3. How many people have not survived the emergency first responder aid I provided as a volunteer (who declined paid employment offers). (Application of professional level skills to contribute in scarce resource areas the save lives in my community)

I have helped, formally, informally, directly and indirectly a lot of people by what I have done (because I had the time and means). I have leveraged my outreach steadily and continually by writing, speaking, lobbying, and supporting volunteers at many levels.

It is very important to help others at all times. That is the only thing a person needs to get straight in his life time.

Making money is easy and it is enabling. Some day you will find out that you have two things to spend in life. One is not recoverable. I have not wasted my time; I used money to enable effort to be made to turn problems into opportunities.

People who are really wealthy have squandered the time of their lives by not getting the job done. No one has to look very far to find a place to help others.
 
I can understand a channel and traverses of price as "zig zag moves to and fro within the channel borders drawn as narrow parallel linesbounding the price movement."

Like anyone else I read and write from left to right. Can anyone explain how there can be a "right to left transverse of the channel" (i.e. price going backwards)?

Thanks. :)
 
Here is the previous chart updated.

failtraverseexample2.PNG
 
Hi Jack,

Ok I re-drew the white board to better reflect your verbal descriptions. Like scoring music, I am interested in getting the names of the notes correct...you know, the terminology. If something is not right with it, please just point it out and I will change it. Then maybe I will be able to play a song. This is like defining a common computer language so that two computers can talk to each other.

I used double lines to describe the traverses. This is to acknowledge that price is zig zagging between these lines in a mini-channel. I understand that you do draw these lines, in addition to the greater channel bounding them.

Note also the 1s, 2s and 3s are color coded to distinguish them: Black, Red, Purple.

Now, the black points 1,2,3 represent the first traverse of a potential channel that is just getting started. The first traverse is in green. The second traverse is in black, the third in blue.

Do I have the left and right trendlines correct?

Do I have the first "new" point 3 correct? In this case, no new channel lines needed to be drawn.

Where it seems I was mistaken before is thinking, for example, that the travel between points 1. and 2. was a traverse, whereas you are saying a traverse is from 1. all the way to 3...etc. You are saying that the travel between points 2 and 3 is a "retrace", yes?

I am apparently not clear what makes a traverse = Right to Left, and the converse, Left to Right. What direction is the first traverse here?

Finally, you are saying that high volume should be expected from points 1.(black) to 2. (black), then from 3.(black) to 2.(red), then from 3.(red) to 2.(purple). (See bright green arrows.)

When volume falls off between points 3.(purple) and A, you say the trend is kaput and the traverse is failed. Yes, no?

At point B we are looking at either a Breakout or a Failure to Breakout.

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To continue the reasoning, if volume stays high through B, we may be looking at a Breakout. If it falls off, we may be looking at a Failure to breakout. DOM and Smart Money can help here, no?

If B turns out to be a Failure to Breakout (FBO) then we would call it a "new" point three and draw a new right channel line between 1 and the new three. Then parrallel the new right channel line with a left channel line.

If B turns out to be a Breakout, then point A becomes the new point 1. and we are looking for a new point 2., to be followed by 3. When three comes, a new channel line is drawn, and it's parrallel.


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I am an amateur musician. I know what it means to work at doing something over and over again until it is perfected/second nature. If printing 100 days of 5 minute charts and drawing channel lines on all of them is what it takes, then so be it. If that effort needed to be multiplied by ten, then so be it. If this is what it takes to acheive the goal, I am willing to draw lines. It's better than the 2 x 4 method, wherein a carpenter cuts a stud in half and beats himself with it till he is willing to make real money.

I Ace'd college algebra because I did not quit a line of thought or a series of questions until I knew I "got it". When I took tests, I never "guessed"...I "knew". Not by "gift" but by persistence I generally get to where I am going. I know that when I ask a question about channels or anything, there are dozens of ET'ers silently in the wings asking the same questions. I am asking because I am confident in my ability to ask legitimate questions. I will sooner or later "get" just about anything, when the potential rewards are worth it. I am sure that the reason I don't "get it" yet is not because I am handicapped or lazy, but because of time and energy constraints (the 2 x 4 method), combined with silence and non-experimentation . At this time, I am confident my questions are legitimate and common to a large cross-section of potential learners.



JohnnyK
 
No one answered. JohnnyK appears to provide an answer inadvertently.

I had reasoned that the top of a downward channel could be called the right and the bottom would therefore be the left. For an upward sloping channel the top would become the left and the bottom the right.

I wanted to know or if anyone knew. Any further answers from anyone?
 
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