Is anyone using Edwards and Magee's trendlines in action rules?

Discussion in 'Technical Analysis' started by humble1, Jul 12, 2006.

  1. humble1

    humble1

    Ok I see what you mean. The lower pline is still under the price action and comes into play near 35.40
     
    #21     Jul 13, 2006
  2. qxr1011

    qxr1011

    Based on my chart's data the bottom blue line crossed the price today at 36.56, I reversed position and bought.
     
    #22     Jul 13, 2006
  3. qxr1011

    qxr1011

    Well, there is no guarantee that it will be a reversal...

    Generally speaking I do not consider E&M trendline rules as a trading method, these are rather some ideas, that can be used in building the method.
     
    #23     Jul 13, 2006
  4. humble1

    humble1

    No problem. Actually his rules all apply to buying retracment moves after breakouts, so I consider this setup a bit un orthodox. Will watch with great interest. I presume this is the way you have it drawn?
     
    #24     Jul 13, 2006
  5. qxr1011

    qxr1011

    Good, but you top blue line imho should run through the top of the of the Feb 2006, which was 43.31. Bottom blue - accordingly.
     
    #25     Jul 13, 2006
  6. humble1

    humble1

    Can you post the chart?
     
    #26     Jul 13, 2006
  7. qxr1011

    qxr1011

    I'll try...:)
     
    #27     Jul 13, 2006
  8. humble1

    humble1

    Ok, thanks.
     
    #28     Jul 13, 2006
  9. humble1

    humble1

    NQ weekly chart here. Log scale.
     
    #29     Jul 14, 2006
  10. humble1

    humble1

    This is the QQQQ chart in log scale.
     
    #30     Jul 14, 2006