ES Journal Archive (2006 - 2008)

[Buy1Sell2]

high for the day is in.

 

[m4a1]

why?

Quote from Buy1Sell2:

high for the day is in.

 

[romik]

Quote from m4a1:

why?

do you class 1314 as the current top, based on daily?

 

[m4a1]

why do you think 1314 is a current top based on daily? i don't see any peaks at 1314.

Edit: the recent peaks i see are

1307.75 on 8/18 and
1302.75 on 6/2, and
1341.75 on 5/5

Quote from romik:

do you class 1314 as the current top, based on daily?

 

[romik]

Quote from m4a1:

why do you think 1314 is a current top based on daily? i don't see any peaks at 1314.

I am trying to see why B1 considers today's high as a top, I have 1314 as channel's high on daily.

 

[m4a1]

romik, how are you selecting the starting points when you draw those lines? do you use a consistent criteria every time?

Quote from m4a1:

why do you think 1314 is a current top based on daily? i don't see any peaks at 1314.

Edit: the recent peaks i see are

1307.75 on 8/18 and
1302.75 on 6/2, and
1341.75 on 5/5

 

[Buy1Sell2]

Quote from m4a1:

why?

Just trying to stir up some conversation

 

[Buy1Sell2]

sell ESU6 at 1311.75 on a stop

 

[romik]

Quote from m4a1:

romik, how are you selecting the starting points when you draw those lines? do you use a consistent criteria every time?

I am basing it on common sense, where the channel started (upper line) is the place where price made highest high after a pretty substantial sell-off and after that price has been unable to break that line. The channel adjusts as price breaks either the top or bottom of the channel. Obviously, resistance from previous highs is taken into consideration also.

 

[m4a1]

why can't you start the yellow resistance line 4 bars earlier (green bar) where the high is the same as the current starting point?

in general, what is the rationale that these lines should represent support and resistance levels?

Quote from romik:

I am basing it on common sense, where the channel started (upper line) is the place where price made highest high after a pretty substantial sell-off and after that price has been unable to break that line. The channel adjusts as price breaks either the top or bottom of the channel. Obviously, resistance from previous highs is taken into consideration also.