Db didn't draw channels. He drew trendlines as he touted in this thread. His first chart shows how he only completed half of the process discussed by Hershey and others. In the same thread linked above, Jack shows how he draws trendlines. So dbphoenix spent loads of time in a failed effort (according to you) to get something to work. Yet, PointOne on the ET boards uses the Hershey methods to trade the ES, DAX and Nikkei - profitable. If you meant to imply that dbphoenix couldn't do it, so nobody can, then please PM PointOne (and a host of others) and tell them how to send their profits back. Good trading to you. - Spydertrader
why don't you 3 dots, 4 dots guy continue your debate over whatyoumacallit at tw2 forum, I am sure DB will welcome you there.
Don't know how dbphoenix got into this but (a) the thread you refer to is four years old. He doesn't do things now exactly as he did then. Who does? It's called "adaptation". (b) yes, a trendline is half a channel. So what? Channels are not the grail. They are at best an alternate means to an end. (c) as for db's "failed effort", hardly. He's doing just fine. As for not being able to "get anything out of volume on 5m charts", he doesn't even use 5m charts. Nor does he use candles. If porgie is pissed because db declined to spoonfeed him, that's porgie's problem. FWIW, I've learned a lot from him and am doing considerably better than I was before. You seem to be doing fine with Hershey. Great. Whatever floats your boat. No one is required to choose. LC
I couldn't agree with you more. My post wasn't meant to knock db. I apologize if I gave that impression. Good Trading to you. - Spydertrader
You are required to choose. The choice is , however, personal. Each trader has to choose those things that are in line with their individual personality and belief systems. You could not pay me to use constant volume bars. Not because constant volume bars are inferior (something I never said, btw Profit Logic), but because they do not fit my belief system. I believe volume represents activity of the Professional Money. This activity ultimately drives the market. This activity is creates the supply/demand imbalances that cause markets to turn or move in one direction or another. Constant volume bars by definition do not allow for changes in activity to be seen from bar to bar. Thus I must make a choice. This is one major reason why black box systems should be avoided. The creator has made choices based on what he believes. The user, not knowing what those choices are, can not be sure if they fit into his belief system as well. In the end, we choose to be long, short or out of the market. What happens after that is NOT our choice. Therefore we must certainly own up to the things we can control: the methods and systems we use and the underlying believes they are based on. And in the end, these are personal choices. BTW, that original db thread may just be the best thread ever on the net as far as I am concerned. Price/volume Supply/Demand here is where the truth lies. I guess I've made my choice.
That's not exactly what I meant. No one is required to choose between db and hershey. One can incorporate elements of both. Or reject all of it and choose something else. Hershey's not the grail. Nobody is. LC