Question for Grob/Hershey

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Quote from tradingbug:



Experience and understanding market conditions is more important than stop losses(fear induced).
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maybe you know that a stop loss is the same as an insurance - just in case. so - if you own a house - and you KNOW how to avoid fire - would this be enough to not have a fire insurance - just in case something happens that you cannot control?
 
Quote from gerry875:



all the best for you guys anyway
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Thankyou. You too. We obviously agree to disagree so lets leave it at that for this topic. Lets leave the people who are contributing to continue and lets be at peace.

Now back to drawing TLs.
 
Quote from Stalker:

drawing channels sure help me to spot a potential revearsal early...
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Great... You see that there was plenty of time to make the transition between legs. We are into POINTS rather than TICKS! VOLUME provided the breathing room between transitions and then VOLUME again kicked off leg 2 (incr long dominant on YM).

"W"AK!
 

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I'm not sure I understand how you can spot reversals drawing the channels. You obviously need at least 2 points to draw channels, but it's only possible to know where those points are in hindsight. By the time you figure it out, price may be moving out of that channel and into another one. It's no different than any lagging indicator. Am I missing something here?
 
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