Spydertrader's Jack Hershey Futures Trading Journal
- Thread starter Spydertrader
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How can your last "channel" be legit? You lable pt 2 at 10:40 but you assume pt 3 on the bottom of that bar although that occurred first. You cant have pt 3 hitting before pt 2 is in place. So that channel you have doesnt seem to fit.
Quote from callmate:
That doesnt make sense either nkhoi, because the price point (6550) for "Pt 2" you assume to be the top of the 10:30 bar was put in before the pt 1 at the bottom. The sequence isnt right. You need pt 1 to be shown first, then pt 2 and then pt 3, otherwise the channel is incorrect.
Callmate arrives at the same place - by using a slightly different route is all.
<img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=1635042">
Spyder, can you explain your blue channel? You have pt 1 and 2 on the same bar although pt 2 happened first in the sequence. Dont you need pt 1 to show first and then pt 2??
No, it doesnt make sense because you can know in advance where pt 2 is after its been put in and BEFORE you necessarily get a pt 3.
Pt 2 has to be in before pt 3 is, thats why its "2" as opposed to "3". Otherwise you could just draw any old lines connecting things. Doesnt make it work though for the purposes of making money.
Pt 2 has to be in before pt 3 is, thats why its "2" as opposed to "3". Otherwise you could just draw any old lines connecting things. Doesnt make it work though for the purposes of making money.
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