How To Read Channels

[elovemer]

....4th time is the charm ?

Quote from elovemer:
this is 3rd attempt to re-enter that old daily channel
... usually the 3rd time is the charm

 

[elovemer]

30min rth

 

[elovemer]

... spx ... daily .... channel....

 

[elovemer]

... this is the 4th time

Quote from elovemer:
....4th time is the charm ?

 

[PointOne]

Quote from jack hershey:

Hi,

as you posted, we went through a very significant day today.

I show on your chart the two events
:

1. the VE and the pts 1 ,2 and 3 of the new channel.

2. The hug volume that kicked in after point 3 really tested the S and finally by close the dominant traverse appeared going into the close breaking through S.

Jack,
Friday's close (and today's pre-market) confirms a new point 3 (long) on May 27, correct?

Could you run through how the channel you described above panned out ?
e.g. when you knew it was over (FTT), did the channel's sequences complete, when you'd know long was resuming etc.

 

[elovemer]

30m rth
i don't have a new channel yet

 

[elovemer]

...possible new friggin 30min rth channel....

..... bull market.... long on monday .... pull back mid week.....
..... back to up thurs, frid.....

 

[elovemer]

... nice failure at center line....

Quote from elovemer:

...possible new friggin 30min rth channel..../B]

 

[elovemer]

...remains to be seen whether it will break out or not...

Quote from elovemer:
... nice failure at center line....

 

[elovemer]

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