Question for Grob/Hershey...

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Thanks for the comments Dan - the big purple line comes from the short term trend on the 60 minute chart. I have it as a break out from the long channel which started in the middle of the 13th. (posted here: http://www.elitetrader.com/vb/attachment.php?s=&postid=871102)

I'm sorry, but I can't read your chart very well :( It looks like it's based roughly on a 4 hour scaling, and you are using it to show intermediate to long term trend?

On my daily chart we are in an uptrend and it looks like we just formed a point three - or we will do it today; which is -I think- what you are referring to.

The short term downsloping trend I drew is very shallow, and it certainly won't take much to break out of - especially since we'll be forming/bouncing the first point 3 of the IT trendline.

If you zoomed in to about a 60 min scaling, what would you draw instead?

Thanks again
Anthony
 
Quote from txuk:

I compared our charts and they are fairly similar in the last half of the session. Our primary difference is I have a channel from bar 8 through your highlighted circle, touching high points at 11am and providing resistance around 1pm and 1:45pm.
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Thanks tx - I can definately "see" the channel formation, but I'm having a horrid time actually putting pts 1, 2, and 3 on it. There is so much "junk" going on in the middle, it's muddled.

OK, so I can form that channel *after* the fact, but how in the world would I identify it in real time?

Thanks again,
Anthony
 
If you look at this picture you of ym you see that 10400 is the pricelevel that ym has been "circling" around for almost a month. It was up and touch it at 10399 tonight. Since we are not allowed to predict I wouldn´t dream of trying to interpret what this means...
 

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Heh, today feels much better than yesterday. Maybe I had too many lines on yesterday's screen...

Through 9, I think we have formed the first leg of the day - looks like a "w" day.

Anthony
 

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