If You Can Draw A Straight Line . . .

[Trader.Fighter]

Quote from bmwhendrix:

DB, Do you see any validity in this channel which might suggest we
may be at a possible turning point? What do you see that supports or does not support it at this point.

Thanks in advance,

BMW

Channels are like trendlines, subjective, your channel is perfect, yet DB does not see it or does not care as he sees much higher.

Food for thought.

 

[Gringo]

Quote from bmwhendrix:

DB, Do you see any validity in this channel which might suggest we
may be at a possible turning point? What do you see that supports or does not support it at this point.

Thanks in advance,

BMW

Hi bmwhendrix,

What way is the trend?
What price behaviour gives an indication that the trend 'might' be close to an end?
Are you looking for a swing high or a change in trend of the market?
How do you know the difference?

Gringo

 

[dbphoenix]

Quote from bmwhendrix:

DB, Do you see any validity in this channel which might suggest we
may be at a possible turning point? What do you see that supports or does not support it at this point.

Thanks in advance,

BMW

Your lines are drawn incorrectly. I suggest you read chapter 15 of Wyckoff's course.

 

[bmwhendrix]

Thanks, will do.

 

[Redneck]

Quote from Trader.Fighter:

Channels are like trendlines, subjective

Disclosure;

I’m aware of the exchange between Ammo & DB on methods earlier today

I’m expressing my opinion below

================

TF,

I respectfully disagree – and say;

Channels / trendlines must never be subjective – they must be drawn to reflect what price is saying

The application of channels / trendlines must never be subjective

Else....

Once subjective-ness is introduced – channels/ TL’s cease being useful


=================

BMW

imo; you have too much going on – on your chart (the draw enough lines, something’s gotta work)


================

Not wanting to start to start anything here - jmo

RN

 

[dbphoenix]

Quote from Redneck:


Not wanting to start to start anything here - jmo

RN

Not a problem. You've said nothing I haven't already said. Several times.

 

[bmwhendrix]

Attached is what I believe is a way of drawing
a channel that many endorse. Transgressions, test, returns, etc. may offer some insight when testing against the initial channel.

I see good and bad with it.

 

[dbphoenix]

Quote from bmwhendrix:

Attached is what I believe is a way of drawing
a channel that many endorse. Transgressions, test, returns, etc. may offer some insight when testing against the initial channel.

I see good and bad with it.

Whether or not many endorse it is irrelevant, particularly considering the failure rate among traders. Your channel is drawn incorrectly.

 

[bmwhendrix]

Thanks DB. I am struggling here..

In your chart the first 3 points were connected for a channel, similarly to my last post. What am I missing?

 

[Redneck]

Quote from bmwhendrix:

Thanks DB. I am struggling here..

In your chart the first 3 points were connected for a channel, similarly to my last post. What am I missing?

Granted you asked DB, but what the hey….

Take the TF you’re analyzing (TF as in the overall move.., not TF as in 5 min/ 60 min/ whatever min bars)

Step back and look at it

If this overall move (TF you’re analyzing) is up – start at the bottom of the TF and draw your first TL (iow connect the lows)

If the overall move (TF you’re analyzing) is down – start at the top of the TF and draw your first TL (iow connect the highs)


Once the first TL is drawn – copy it to the other side of this TF’s PA (TF you’re analyzing)

===================================

NOTE!!!!!!

This is only the beginning step…, believe he asked you read a document / chapter – probably be a good idea – as I’m only providing a fish

RN