Channels are like trendlines, subjective, your channel is perfect, yet DB does not see it or does not care as he sees much higher. Food for thought.
Hi bmwhendrix, What way is the trend? What price behaviour gives an indication that the trend 'might' be close to an end? Are you looking for a swing high or a change in trend of the market? How do you know the difference? Gringo
Disclosure; Iâm aware of the exchange between Ammo & DB on methods earlier today Iâm expressing my opinion below ================ TF, I respectfully disagree â and say; Channels / trendlines must never be subjective â they must be drawn to reflect what price is saying The application of channels / trendlines must never be subjective Else.... Once subjective-ness is introduced â channels/ TLâs cease being useful ================= BMW imo; you have too much going on â on your chart (the draw enough lines, somethingâs gotta work) ================ Not wanting to start to start anything here - jmo RN
Attached is what I believe is a way of drawing a channel that many endorse. Transgressions, test, returns, etc. may offer some insight when testing against the initial channel. I see good and bad with it.
Whether or not many endorse it is irrelevant, particularly considering the failure rate among traders. Your channel is drawn incorrectly.
Thanks DB. I am struggling here.. In your chart the first 3 points were connected for a channel, similarly to my last post. What am I missing?
Granted you asked DB, but what the heyâ¦. Take the TF youâre analyzing (TF as in the overall move.., not TF as in 5 min/ 60 min/ whatever min bars) Step back and look at it If this overall move (TF youâre analyzing) is up â start at the bottom of the TF and draw your first TL (iow connect the lows) If the overall move (TF youâre analyzing) is down â start at the top of the TF and draw your first TL (iow connect the highs) Once the first TL is drawn â copy it to the other side of this TFâs PA (TF youâre analyzing) =================================== NOTE!!!!!! This is only the beginning stepâ¦, believe he asked you read a document / chapter â probably be a good idea â as Iâm only providing a fish RN