I checked it out. Backwards method of drawing channels, starting in the now and going to the past with the channel lines. It looks like it might make things easier for a beginner to get started and draw the right channels in "hindsight" or get caught up quickly on a chart. Then again, I'm biased and like looking at things backwards or in a contrarion way - adds another perspective . For where we're at in the ES I don't think it can be done Real Time, but if someone gets confused it could help to look at it from that paersective and draw the correct channels. As long as the reverse numbering doesn't mess you up. - EZ
I don't understand this. I draw a RTL and LTL and see an FTT so I expect price to reverse into a retracement or reversal. So what trendline is there to respect? I expect price to break the trendline and to go into a new trend. Or it must be the RTL of the new trend. regards, Ivo
There are 3 types of trends, in my book. There is a long trend, a short trend, and no trend (ie. lateral/pennants/drift). So you draw your RTL and LTL. You see an FTT which is between your LTL and RTL. An FTT is an attempt to reach the LTL. A failed attempt occurs before a XO of your RTL. If price XO your RTL, you have crossed the border and entered into a new pair of RTL & LTL territory. Spyder handed out drills here and 8833broc implemented them here. You can see how the RTL is the failsafe for missing an FTT... Regards, MAK
At 7am PST we just barely came back and touched the RTL of yesterday's dominant uptrend channel and then a 7 stage rocket to the upside... ye ha....
I do check them. Do I check them everyday??? NO! It was useful for the Bernanke's comment a few moments ago. However, this is material for down the line. It's not necessary to be effective. Is it useful? Yes, when you know where to use it and which tools it effects. Immediate Term Long... Same as spyder, showing off included... HAHA!
Here is my ES+YM as of 11:00. I have annotated the ES bar at 9:55 and the YM bar at 9:58. It seems that one could have gone long as late as 9:58 due to the ftt of the channel of the previous day. The ES bar at 9:55 was also a clue since it was on higher volume (near 20k). Of course by 10:00 the fireworks were well underway. I was supprised how fast Bernake's news traveled. I would like to hear more about these "Greenspan" days, but I suppose thats a tool for a later time.
Yes, i didna think that it was because it touched the RTL that it went up like that... The specific Advance Decline on the SP500 and the Trin on the SP500 and the Net change on the SP500 and the volDelta on the sp500 were very positive even after the gap up... So staying with the trade as it retraced down to touch the RTL within yesterday's dominant up channel was a go trade for me - I was only hoping for a couple of points or two... although I never expected it to go to the moon though... that was an unexpected bonus... i was forced to make more points then i intended... cj...