I'm an absolute channel junkie. And I trade also. I'm hoping we can learn from each other. Here's my morning chart. We're headed back Up as we bounced right off DBX and good. I've drawn in the alternating channel to Dead Banks that I feel is going to run for a week or so. My previous charts above lay out my thinking on this. And I use EW to get an idea as to how long a move will run in a channel, as Channels and EW are companions to each other in my opinion. Hopefully you don't get ticked off, seeing that I have bardged in here.
.... please keep posting.... .... anyone is welcome who has some charts to post.... ... thanks again for posting
EOD target, Blue Oval, 38% Fib Bias Line of Reno. I'll comment its pretty early to get the the Data points dialed in for Reno, but I'm pretty close if this is the new channel working within DBX.
I would think that the break qulifies as a new ascending channel. The width is rather small at the moment, but that can change. Otherwse we have some new data points for the orginal dscending channel which I really don't like. The night session should resolve this as it has been for the last couple of weeks. I'll post a new chart late evening. I'm using Fib bias lines within the larger channels, which you can build from the TOS tools. They work very well. If your coming up from the bottom of the channel then the fibs go upward and vice versa from the top of the channel, you just reverse. I'm slowely starting to understand your notes on your charts.
After the bell, they ramped this higher. So I think we left that blue descending channel on my chart for good and were going to work our way up Reno deep into next week. So lets hear your thoughts.