....that one is much easier to see... with more vertical.... ..... i think this one is very relevant now... because we seem to be in consolidation for the next big move .....
last one...another gold channel going towards resistence....a lot of these stocks are heading towards a resistance....GFI heading towards a resistence of 10 for the second time today. I have a position in GFI, will sell if it doesn't break 10 or at least make a higher high than yest. Any opinions on golds direction?
I like this thread on channel analysis. its a good topic. but why not take some time to offer up some useful analysis,while were at it. here is a recent eur/usd chart ....in forex trading, the euro is supposed to move well in channels. I see clear channels all the time. but what I see is never a simple 2 line channel. its many channels within channels,at different angles, and time frames, and s/r points ...many converging points, and key time moments. and along with my SMA's on the chart, that seem to indicate the flow of these different channels well ,in their own way.... offers me a picture, that looks too messy to some eyes, but looks clear and detailed to me. The more I learn to 'see' this picture well ,in all its details, the better I get at trading and knowing where price is going. I think the biggest factor to watch is Price action and S/R points (on all time frames) from daily down to the 1 minute. and extra focus on the 1 hour time chart s/r points....and combining this with fib levels , and also watching the clock time,at key s/r points when channels are ready to break....these convergence moments are often a trading time.....but having said that....one thing I am realizing more as I learn more....is that there are many times where the price point is a 'no play zone'... places during the day,places along these channels where price is waiting,holding, uncertain of direction,etc.... and its not a 'good play zone'. Learning to distinguish the good play zones from the not good play zones is important for successful trading...something I failed to recognize last year.much better at it now.