txuk -- just another way of saying that the ST channel FTT'd on peak volume. It was definitive so I made my comment... the trend could have ended on that earlier 3 bar tape on big volume - but it didn't. The ensuing long was a WWT. This is just a fact of life with this style of trading - sometimes you just have to be there and see what happens -- other times the fog lifts for a moment and it's a no-brainer.
Correlation? What correlation? Do you think oil traders watch stock indices? Be careful. The non-correlation and the anti-correlation are just as important. As are the coronation and the crenellation.
Pretty quiet - everyone must be sick or on vacation or both I have two alternative charts here which I'm hoping for a "which one is more correctly drawn, and why" type of answer. The first shows, what I think, is a FTT on bar 6, but then doesn't form a new channel. The second shows how I "deal" with the FTT problem from bar 6, by using a more negatively sloping channel. I know everyone's busy, so as always, thanks in advance for any help! Anthony edit The channels were drawn post hoc, with the exception of the blue lateral channel and attempted trend lines.
Youre charts look much better compressed a bit. Imo, bar 5 was the ftt. and bar 4 was a clear inidcation of what was coming.
Thanks for the comments Easy. For clarification, do you mean that the charts should have a greater range on the scale (i.e. the bars should be smaller?) If so I'll try to remember to scale it up before I get a screenshot. With respect to the FTT, do you mean that the first long (green) channel, the CO channel, should have also contained bar 5? In effect, widening it out? Thanks for your patience Anthony
No, I meant your charts look great. I think your problem arose with the ftt because you didnt draw the first channel of the am. My second channel wasnt drawn in until bar 8 or 9 so not exactly accurate.
LOL, ah, ok thanks So you mean a better chart would be like this: (Again, drawn post hoc using your chart as a reference at times.)
The Fat Lady is warming up... I'm pleased to say that the last three channels or so I *actually* drew in advance. Anthony