Another helpful thread "do trendlines work?" starts to get going about here: http://www.elitetrader.com/vb/showthread.php?s=&threadid=47536&perpage=6&pagenumber=7 A key page is here, though it goes a lot further than just the channels: http://www.elitetrader.com/vb/showthread.php?s=&threadid=47536&perpage=6&pagenumber=30 There is a lot to learn here. Jack has posted in over 1150 threads and 4400 posts under his handles in ET. Having to read through a few long threads to get up to speed, rather than being spoon fed isn't unreasonable. I have around 50 of the threads saved for searching, and in case ET self destructs one day . Regards, EZ
Spydertrader, I have a clarifying question on a chart from the "Determining trend" thread. On the attached chart I added the thick green lines and 1,2,3. As the chart unfolded, that is how I would have drawn them in real time, then later adjusted to the next 1,2,3 (second set Jack drew) when the new #3 showed up (a FTT the green channel) and the pace picked up and the channel got steeper. Is that correct or am I drawing the new channel too soon? EZ OT: When I edit charts in paint, eveytime I edit/save I lose color and clarity. Anyone know why or if I should be using a certain file format (PNG,GIF, JPG) so it doesn't happen?
I would have drawn in the channels the same way as you have shown. However, I think Jack used those .gif files simply as a teaching tool. To avoid confusion over "How can a Point Three also make a Point One," Jack only used two distinctly different trends for his examples. I'm sure Jack could clarify further. - Spydertrader
Ezzy, GIF is the worst format to save in for this problem. Try PNG, I have found it to be the 'least worst' for these sort of images.
Today was the first day that I really tried to spend the entire day watching the ES in real time. I forgot how dull it can be to watch every tick of something that barely moves. Do you have any tricks or techniques that you use to remain focused and alert when the market is coasting along sideways at such a leisurely pace?
Today wasn't a normal day - other than a typical tight range for one day prior to an FOMC Announcement. Still, the market provided some nice moves early on. As a matter of fact, I do. I spend half the time laughing at the silliness which often takes place in ET's Chatroom while maintaining one eye on the ES Volume. If I don't see a high enough level of volume within the first minute or so, I know I can ignore the rest of the bar (for the most part). As a result, the time passes quite quickly. Besides, most times someone will type in a post alerting the room when a movement in another futures contract is under way - often providing more than enough time to make your own entry. - Spydertrader
Bought MIKR fairly early on today.. Up tick volume was nice..it was leading the pack.. I watched it like a hawk.. MIKR cranked up nicely..then started to weaken.. Down...then up some.. then down.. then back up.. like a you yo.. .. Saw the indicators weaken on 30 min chart. Volume vastly exceed PEAK Volume and 65 MDA .. .. Hmmm.. watch out... Sold it for a nice profit. See attached Qcharts chart and quote sheet. Tomorrow is a FOMC day..we never know what will happen..Caution is the by word.. We shall soon see.. Annddd a very very SPECIAL thanks to Jack Hershey and Spydertrader and others for their marvelous money making posts. Regards to all. Ron In Tucson
Spyder, could you annotate a high volatility stall (HVS) on the next ES chart, hoping that there is one. Im just trying to understand them and see what they look like. TIA