Are you saying the Dow is the more accurate representation of the market than the ES? Or are you saying in the context of his post the Dow made more sense? If the latter, was I supposed to search all known indexes to find one where the three points he mentioned lined up? I'm confused why, in a thread talking about the ES, a mention of the Dow was made without specifically mentioning that it was the Dow. That's like if we're talking about Ferraris, and everyone is saying things they like about Ferraris, and then someone else says "my favorite part is that the engine produces 398 lb/ft of torque @ 6,500 rpm!" And people are like "what are you talking about, no Ferrari has those specs." And then you say "well I'm talking about the car that makes sense given those parameters: the 2013 Lamborghini Gallardo!"
I only just recently noticed you being back around. It's good to see some of the old timers that actually know what they're doing again.
Thank You All⦠And Thank You DB for posting the chart ======================= 1a, How about focusing less on what my chart is or isnât⦠and more on the mechanics of building a damn channel (context) correctlyâ¦. ===================== Overall price is in an uptrend That has either topped and reversed OR Price was simply in the upper band of the channelâ¦, and recently (last few day) has been pulling back ======================= Next step would be to create context around this down moveâ¦, and figure out what price is sayin ====================== And in case youâre wondering 1a â no I donât trade futures If that matters to you, just say so - I'll find something else to do RN
Btw When I say build a channel/ context correctlyâ¦, realize there is not one single ârightâ way to build context⦠BUT, one must standardize the way THEY build context AND, that context, whatever context, must accurately capture what price is saying SANS any of our personal bias/ opinion/ BS RN
The dotted line. Appears to be mid point of the trend. What is the purpose of that? Are you using a mid point dotted trend line to confirm that the lower support line is indeed reasonably accurate?
TM Certainly not speaking for DB⦠and DB, if I misrepresent please say so ============== I've found the mkt likes 50% - why I donât knowâ¦, but it does â and I've seen it enough to say itâs not simply happenstance, or my imagination The mid line is half/ or 50% between the upper and lower â and price just keeps gravitating back towards it (reverting to the mean if you will) I've also found a healthy (sustainable) trend slant is a ~ 45 degree angle â which strangely enough is half way (50%) between zero and straight up And close to this current trend ====================== Pullbacks/ retraces â typically a 50% move before resuming RN
And this is not to say one should expect price to move to the midpoint.., then automatically move back up There are two sides to a channel I was referring to intraday moves RN