TD, Thank You Sir for kind words But Ya know..., just a dumbass redneck doin what i can (already told Slugar.., unequivocally... and ultimately - it is up to him - as it is for all of us) All the Best Sir RN
This answer leaves me with the impression youâre seeing / making up things â that arenât present Allow me to pose it again; Comparing the down move channels against each other Or Comparing the up move channels against each other Other than color â what is differentâ¦, what does that difference meanâ¦, what does that difference represent ============== Work with what is present - 8 lines.., comprising 4 channels - 2 up move channels...., 2 down move channels RN
I always agreed with the saying " everything you need is in the charts" but am realizing I didn't understand the full meaning of that statement. Thanks for sharing some more of the nuances. I see these patterns and shapes all day but didn't really think what was behind them and the potential meaning of them. To me at this stage of my progress, its like a sea saw, which way is it leaning, not a guarantee, but a probability. I remember a teacher saying that you can look at something but not necessarily see it, thanks for helping me "see it".
First.., a comment about the terms S & R ==== S &R can come in the forms of; a specific price / an area (horizontal range) / or a boundary (diagonal range - such as in the form of a channel) From a trading perspective â they are the same â meaning they have similar propertiesâ¦, and similar affect â on price The only differentiator is priceâs location / reference â to each iow - the context An area / price / boundary - above price â is typically called resistance⦠however.., once price moves above this area / price / boundary â it is then called support ========== Please keep this is mind â as we discuss PA⦠and as you look for cues & cluesâ¦, you trade PA =========== Okayâ¦, on to your question Volume â either present in abundance.., or noticeably lacking â are foot prints of the big boys (not all the foot prints â but two important sets) The big boys create the S & R â albeit in the form of a price..., an area (horizontal range) / or a boundary / boundaries (diagonal range(s)) â via their action / inaction (trading) We must always be cognizant of these My long winded answer to your question is; absolutely RN
The difference is the width of the channels Wider the width = more volatility Volatility = indecision/ lack of control Narrower the width = lack of volatility Lack of volatility = predominance of control ============= The narrower channel up = buying in control = move likely to keep on truckin The narrower channel down = selling in control = move likely to keep on truckin Whereas the wider channels equate to more indecision â likelier the move is nearing its end (at least for the time being) ===================== All part of reading PA Nuances matter a great deal in this business.., and will make all the difference RN
Yeah..., its a matter of developing one's eye Similar to an art expert's - ability to differentiate good art from the bad - I imagine (an art expert I am not by any stretch) RN
btw.., not only is the width of a channel important.., and a cue/ clue But so is the angle of said channel It another important cue/ clue to add to the mix when reading / deciphering PA RN