Thanks Oddiduro. Your feedback as to where I may be misstating things would be helpful. If channels make 3x the daily range in the ES then I want to know how to use them for that purpose.
CL. My "angle" as you put it is simple and oft repeated. The study of Jack is heuristic. Further, I would wish that all of ET, and all that I trade against, would follow him.
Help people who have the mental capability to understand...... This thread is another clear example of the haves and have nots and specifically how they act.
Chicken, please keep up the good work! Maybe you can start a few other threads concerning Jack's demanding methods? Or could you even post some of his cooking recipes, too?
Oddiduro: These channels are drawn using the following logic: Two pairs of bars constitute the minimum channel. On a new channel the first line is drawn in the new direction by connecting point 1 to the min/max of the bar pointing in the new direction. Then a parallel line is placed from the min/max of bar 2. For example, the channel is downward sloping i.e., as x increases y decreases. On the first bar to exceed the high of the previous bar a new channel is drawn. The point 1 is the low of the previous bar and the first line is drawn between the low of the previous bar and the low of the current bar. Then a parallel line is draw from the top of the current bar. If the channel is widened, a new parallel is drawn from the min/max of the bar widening the channel.