Correct trend lines

Yes used to follow LBR years back.

 

Thanks for the chart Redneck. The lines you have drawn look obvious to me now but i think it'll take me a while before i see it as clearly as you.

When you draw the 2nd channel do you still follow the first or would you remove those lines?

 

Your questions were addressed here.

 

You're Welcome

You can always draw some more lines, on other charts, and post em - then we can review (a practice makes perfect kinda thing )


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As long as the first channel is in play (which it is) I'd leave it


RN

 

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Yes , you got the 10 day uptrend mostly right /trend lines/right.

I like to look at moving averages ,also, 10 year charts.....;
good-looking uptrend. But as someone who like to look @ 50 days of data also .;
very ,very old uptrend.Sure its a bull market you know;
but taking out Jan lows shows[proved ]more more risk.

 

Is Anek still around?

Victor Sporendeo covered trendlines as well.

 

Ok so here's another chart from this evening. I find it helpful to draw the trend line that occurs within the larger channel also. It seems as if sellers are testing that trend line (the orange line) and the next obvious place where buyers may step in would be at the lower blue line around 1836. I notice that price seems to be bumping up against the bottom of the trend line also for the last few hours.

 

Make a channel big enough..., it’ll encompass everything – but lost in the expanse is what price is saying... and any potential for it to be useful (imo)


Made to match price - a channel will enhance the story being told (also imo)

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To review what’s being said (by price);


Price headed up in relatively tight & steep trajectory (which translates to upward momentum.., with no major indecisiveness (selling / fighting the up move))

It then broke out to the down side to 1802.47.., but immediately headed up and back into the initial channel (up move momentum has returned and remains intact - so far)

Between 1832.49 & 1840.12 price started ranging = momentum drying up / indecision showing up

Price then made a new channel.., with a decreased trajectory…, and much wider channel – meaning = momentum is not as strong as before (its waning)… and indecision (selling ) is increasing significantly (hence the wider channel)

Currently price is sitting near the mean of this wider channel

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Aside;

I could..., at this point..., make some prognostication of what all the above may be foretelling

I’m not in the business of predicting.... nor do I know what is going to happen - ever


hth

eta - made another view you may like better - it tells the same story

RN

 

Hi,

I tend not to draw TLs any more and just look at the hhs and lls of swings as these are the real reason why tls are formed or drawn

 

Assuming that my lines are drawn correctly it seems as if we're in the middle of the channel. What's the best policy in such a situation...to sit on hands and wait for price to move to the upper or lower channel lines?