ES M8 daily Chart June 10/2008 Daily bar made a LL and a LH on the slightest decrease in volume. Daily bar has just touched touched the left trendline. Range of daily bar today = 20 points. Volume today = 99% of the total volume from yesterday. Daily bar range = 95% of the range from yesterday. Close of daily bar = 46% of the range today.
Taking the low of March 17 and that it is an FTT of a major down channel, also taking the high of May, a point 1 and two can be placed here to anticipate the possibility of an up channel. Unless the March 17th low is taken out and invalidates this possible channel. A dashed channel was added to this screenshot with a point 1 and point 2 placed. Daily charts will continue to be posted without these annotations. Any and all feedback welcome.
Top Ten Properties of Channels I overlooked in a rush to start âpushing the buttonsâ: Illustration here. Illustration here. The sequence is illustrated here. Illustrated here. Would appreciate any feedback, comments and more importantly additions to the Top Ten list.
In my experience this (EDIT: I refer especially to your illustration, and your interpretation of Spydertrader's words) happens only occasionally, and mostly inside some kind of lateral or slow slope move. In general, I'd say that in the same chanel dominant traverses are steeper and narrower than non-dominant ones. Also, dominant traverses successively become less steep, while non-dominant ones become steeper.
Last year I've posted some constant-volume charts here, but I think that those observations are applicable to time based charts too.