100% PERFECT TA setups... If you're not watching for these, you might as well go flip burgers.

Mickey, in the TA parlance, we call that a Broadening Wedge. And it's not the same as a channel, properly speaking.

https://thepatternsite.com/abw.html

 

Hey, titty winker (lol, that's a cute name ), are you gonna accept my challenge or not?

 

I think you missed the point, buddy.

I never said that price geometry was not of any value.

Specifically, what I said is that there's a huge gap between observing those chart patterns in hindsight and actually trading profitably on such patterns in real time.

 

This above is a simplistic, 'made perfect for convenience for noobs' description of a channel.
In real life it seldom works that way.


Here's Bitcoin again, I love bitcoin for TA as it behaves to the TA rules very frequently, so in theory Bitcoin should be relatively easy to swing trade.
Above is a channel (or near channel), it's made up of waves but not simplistic textbook waves.
Next target should be + ~35,000 should it go for the top of the channel, however there are waves within waves, therefore channels within channels.
I use no waves or channels in my trading, neither 'textbook' S/R Levels.
If the mainstream crowd is doing it, there's a good chance it is pretty useless.

 

Ok, fair enough, so you are saying a channel must have (closely or perfect) parallel borders?
I wasn't aware of that.
Cheers.
Ps: I posted the above prior to reading your reply.

 

Al Brooks says its due to a greater percentage Retail trading.

My first Al Brooks quote. I'm on my way!

 

Use a french curve to draw a trend line if you like...
as long as you draw trend/channel lines the same way each and every time, all is good, no matter how it's described.

 

Mate! Matey! Matenburger!
Think carefully what Scatsenburger is saying! KISS!
Ya don't need French franga curves.
Ya don't need nuthing!
No lines, no MA's, no RSI, STO, Gann, EW, Fibs. It's all bs.

Do you think floortraders in days gone by used French franga curves?
Getaway wid ya.
Hehehehe

 

Simplelikeme has gone quiet, did he blowup?

 

Mickey, it ain't what you use. It's how you use it. If everyone draws the same trendline and enters and exits the same trade, that alone will make the trendline useless. Just because you don't find any value or can't make any money from trendlines or channels does not make them "all bs".

The beef I had with the OP wasn't about whether trendlines or S/R is legit or not. It's his hindsight analysis and his brazen simplicity making everyone to think it's REALLY that simple. Well, it ain't that simple. So I challenged him to post his trades in real time. And what does he do instead? He blocks me.