Laz. If all you have to judge from is channels, and the "independent" YM data (hahaha!), I suppose so. Just making the point that there is a CL-ES stretch/squeeze, hahahaha! (O' QM fo' us po' boys whut cain't affode the CL subscribeshun.) Why is that any harder to swallow than an INDU-ES stretch/squeeze? Same thing, only it's REAL, hahaha! Mikey.
Hi I didn't receive any replies to my question, so I would like to ask again, any constructive comments appreciated, especially from the experienced traders (makosgu?, BA_Trader?) Basically I can draw channels, charts posted on this thread are said to be realtime but my channels don't always correspond, often causing trade reversals and many trades, I have included an example, how can I spot the correct channel as in this example ? Is there something other than looking for pt1, pt2 and pt3 that makes it easier to determine the correct channel? How do you know the correct slope of the channel ? Many Thanks Osho
The unpopular (here) answer to your question is to chart in one minute. Less ambiguity, cleaner channels, clearer FTTs, fewer false entries and exits. That is, unless your brain works at five minute speed.
Not sure why youre stuck on this point. A lot of sct is done on much faster fractals than one minute. After much experimentation on my own I have found the 5 min. chart to be a good compromise to center on with glances at faster fractals at suspected turning points and parabolic moves. Whatever floats your boat.
osho That is not a good example as that channel was drawn after the fact as some of Maks are. Maybe it would be more accurate to say they are delayed channels.
Thanks for the reply, by delayed channels I understand this to mean not realtime, I don't have a problem with this, I understand channels are continually redrawn, or at least that is what I do, but how does one deal with the incorrect trades based on initial incorrect channels? These trades count and commissions add up, so basically who is drawing channels mostly spot on, what techniques are there to "wait" for the better channel to emerge without incurring wrong trades and transaction costs? Thanks again Osho
Hi hypostomus Sorry, was this answer for me ? If so, I am charting YM 2 min. close enough to a 1 minute chart ? Thanks
The best answer I can give you is, practice. Keep drawing the channels. Use a good simulator. Put in the screen time. There is no easy way to do this. It took me three years and many thousands of dollars to get the hang of it, but Im old and slow. You should be able to pick it up in a year or two.
(sorry for the intrusion guys...just looking for grob's input) ok today's results i believe i got the drawing of the composite chart down solid. i can also see the low vol/pace issue mid-day clearly. --if i sideline as volume drops into the medium/slow area, how/when do i start back up in the fast/extra. area? keep drawing the composite chart while i'm sidelined and take a BO of a prior bar when the volume enters fast area? i can also see that the first trade is a relatively large loser (i'm wondering if a 50% retrace of first bar...to cut the loss down is useful here) being that the time period is high pace/vol...i don't know any other reason why such a large loss occurs at the beginning of the day.