Quote from Bearbelly:
Just an interested bystander but I thought point 1 was an ftt. A lot of this posters point ones dont appear to be ftt's but Im no expert by any means and it is hard for me to see the trendlines on these charts..
Quote from oddiduro:
Usually, a point one is an FTT, that is correct. However, if price breaches the left side of former channel on a subsequent bar, then point one can be a full traverse of the former channel.
I did notice upon review that CL is not connecting the dots. Your first trendline should connect points one and three. Your second trendline should run across point two, parrallel to the first trendline.
One more thing to CL...One chart at EOD will do.
Best Regards
Oddi
Quote from Chicken Little:
Oddiduro:
These channels are drawn using the following logic:
One pair of bars constitute the minimum channel.
On a new channel the first line is drawn in the new direction by connecting point 1 to the min/max of the bar pointing in the new direction. Then a parallel line is placed from the min/max of bar 2.
For example, the channel is downward sloping i.e., as x increases y decreases. On the first bar to exceed the high of the previous bar a new channel is drawn. The point 1 is the low of the previous bar and the first line is drawn between the low of the previous bar and the low of the current bar. Then a parallel line is draw from the top of the current bar.
If the channel is widened, a new parallel is drawn from the min/max of the bar widening the channel.
Quote from Chicken Little:
Restate quoted in red.
Quote from oddiduro:
I do not understand what you are getting at with your last post, please clarify.
With regards to your channels, DO NOT ANTICIPATE point 3. Point three develops when point three develops. Put another way, these are PIVOT points. If there is no pivot, there is no point.
Regards
Oddi
Quote from oddiduro:
Not really, there is a concept called each one teach one. You get back what you put out.