I forgot to add ranges to the chart.
Again, let me know if we're on the same page.
One Trade at a Time
- Thread starter Chris_Anonymous
- Start date
I forgot to add ranges to the chart.
Again, let me know if we're on the same page.
RN,
Again, to make sure we're on the same page, I'm attaching a chart with some channels drawn as you explained. If we're not on the same page with drawing channels, please clarify.
I am using Sierra Charts and I do not know how to draw a 45 degree line but the channels seem to be holding up well anyway.
If someone knows how that'd be great. For now, do these channels work?
Sierra Charts has a replay function so, assuming I'm drawing channels properly, I'll be replaying the charts and drawing them in simulated "real-time" mode for practice.
Again, to make sure we're on the same page, I'm attaching a chart with some channels drawn as you explained. If we're not on the same page with drawing channels, please clarify.
I am using Sierra Charts and I do not know how to draw a 45 degree line but the channels seem to be holding up well anyway.
If someone knows how that'd be great. For now, do these channels work?
Sierra Charts has a replay function so, assuming I'm drawing channels properly, I'll be replaying the charts and drawing them in simulated "real-time" mode for practice.
CA
I see 5 channels in all
The overall channel, downward slanting = is perfect
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The 4 channels, within the overall channel â eliminate the 50% line, and just stick to upper and lowerâ¦., otherwise it gets too messy, and takes too much time to draw
The first channel in the overall, which is downward slanting â I like the upper line, the lower line I donât like â imo that channel is useless
The second channel in the overall, which is upward slanting â is more than 45 degrees (when you draw, think of a box and splitting it in half â other than that â I like it
Third channel, which is upward slanting â started the bottom line 2 candles too late â overall I like it
Fourth channel, which is downward slanting â golden
Again, eliminate the 50% line on the 4 channels inside the overall
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Hereâs how I would use this context
The over all channel would give me an indication which way price would be moving the most, while still knowing price will move back and forth
The individual channels â are the moves to be traded
Make sense
RN
RN,
Gotcha. Certainly makes sense. Seems easy enough but then again I haven't done it in real-time yet.
So.....
Re-cap for my own benefit:
1. Look at higher time-frame.
2. Use channels, currently without a 50% line.
3. Do it in real-time once I see a bar put in a HL or LH.
4. Get awesome at it.
I will continue to post charts over the next couple days to show results.
This is my first channel drawing attempt on a bar-by-bar approach rather than seeing the whole chart. Can't say it's as good as hindsight, but then again there's always room for growth lol.
All channels taken bar-by-bar are in red, and the ones I didn't see until after the exercise are in blue. It helps me to see a comparison of real-time versus hindsight.
Maybe it's a bit cluttered, who knows.
All channels taken bar-by-bar are in red, and the ones I didn't see until after the exercise are in blue. It helps me to see a comparison of real-time versus hindsight.
Maybe it's a bit cluttered, who knows.
CA
Good new is⦠more drilling tomorrow
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My feedback
Discounting the blue channel, the only good channel I see is the very last one
Remember 45 degree⦠look for pivots (adjacent bars where the second has either a HL⦠or LH) and start your line there
All except the last channel is wider than the Mississippi â narrow them down..
Also â there is one big honkin down trend almost exactly in the middle of your chart â with another thrust down right after a pullback â donât forget price moves up and down
Also if you notice â the majority of your channels are upâ¦, but over all PA was down...
Appears you had a bias today â thatâs deadlyâ¦
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You are correct with number 3 above â we do this real time⦠so training your eye is important, as is seeing the LH, HL as soon as the second bar closes
Creating channels, and horizontal S&R are but two necessary skills⦠reading PA is another
As for too cluttered - you're learning a skill, don't worry about it for now
Any questions, please ask
RN
Two new charts from yesterday and today.
I think I am getting better with noticing every time price changes from up to down.
If the channel doesn't work, erase it and look for a new one in the other direction.
First chart is the trading time frame.
I think I am getting better with noticing every time price changes from up to down.
If the channel doesn't work, erase it and look for a new one in the other direction.
First chart is the trading time frame.
Second chart.
This time I drew channels on the higher context time frame.
This time I drew channels on the higher context time frame.
RN,
Was away last week. Back to drawing channels.
Finally getting some uniformity, drawing all channels at the same angle.
It's harder than I thought it'd be in Sierra Charts.
Attached are a few charts.
Was away last week. Back to drawing channels.
Finally getting some uniformity, drawing all channels at the same angle.
It's harder than I thought it'd be in Sierra Charts.
Attached are a few charts.