I'm sure he was referring to the teal diagonal "trendline" you had drawn in your chart. He added a few more to show how they weren't very helpful compared to trading the extremes of the range.
House of If You Can Draw A Straight Line
- Thread starter dbphoenix
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I'm sure he was referring to the teal diagonal "trendline" you had drawn in your chart. He added a few more to show how they weren't very helpful compared to trading the extremes of the range.
The point of the range is to show overbought and oversold conditions, then reverting back to the mean as it did. Then once new value is established a new range can be as well.
I disagree, but, again, I'd rather you post these charts to your own journal.
MadeMan,
On you previous 60 min chart, are you just plotting rth prices and not the overnight action. I ask because on 2/2 there was a spike down to 4085 that is not shown on your chart which really messes up you channel points.
On you previous 60 min chart, are you just plotting rth prices and not the overnight action. I ask because on 2/2 there was a spike down to 4085 that is not shown on your chart which really messes up you channel points.
wow , DB u never cease to amaze me..
but your lines start to multiply
are those small ranges really that important ?
even if price clearly is on the lookout for new value? , ie todays oversold condition might be tomorrows new value..... hence making those ranges obsolete ?
dont forget a channel is nothing but a diagonal trading range
@bmwhendrix
i dont want to cluter this journal anymore , the chart i used is the most comon used in this journal (investing.com) ,even then price justed poked it and reversed...
cheers
Obviously yes.
If price is seeking new value, it won't be in a range.
True, but if the channels are drawn incorrectly, they will be of little to no use.
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