Nah, the guy has no idea what he's talking about. I doubt he even trades. How could he? He would be suspicious of everything, including price for I know. Ask him to name one thing, excluding price, that works effectively (by which I mean profitable) across the board. Until he does, he's pointless argument is moot.
if i draw daily and hourly trendlines, and trade on the 30min timeframe, i see how price surges past the lines. im sure i could improve my trendline drawing a little, but i do feel comfortable with this arrangement. if i draw daily & hourly trendlines and trade on the 30min timeframe, is there any usefulness of trying to draw in 30min trendlines as well.....or is that just pointless? it looks pointless.
On NQ it appeared to be breaking through an hourly resistance line after 11am today(12-17-08) but i couldnt see an hourly resistance line comparable to NQ's on any other index, so the breakout in NQ should have been considered very low probability. And it did fail. is this all accurate?