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DislikedBreakout on the upper part of the channel occurring.
Let's see where we go. Looks like a first area of hesitation may occur at 1.4840 (Some bar highs just to the left.) Then on towards 1.500. Great confluence of the 61.8% fib and a big round number.
Wonder what will happen at 1.4950 first? Bar highs sitting right there, I suspect some trouble.
Maybe an eventual run to the next fib 1.5376 on this leg?
EDIT: Selling occurring at 1.4840-ish area. Just like the chart said it might. Watching....Ignored
DislikedRedux
Here is today's chart on the same TF. It touched the 61.8 fib - completely by accident. <right>Ignored
DislikedWhat are your critics to draw the channel, or do you draw them after fact?
That way you can adjust the fib's to allmost any level.Ignored
DislikedWhat are your critics to draw the channel, or do you draw them after fact?
That way you can adjust the fib's to allmost any level.Ignored
DislikedI drew it in on the highs of it, and since the bottom was sloppy,Ignored
DislikedWhat are your critics to draw the channel, or do you draw them after fact?Ignored
DislikedI remember my reasoning when I put that top line there; it's simply because I reasoned to myself, those are not spikes but have 3 distinct pivotal there; making them a triple top; and for the bottom line, I simply placed it the way I did because I think those two bottoms just couldn't be labelled at double bottoms when all those price clusters were forming good ranges above them. Take careIgnored
DislikedAlso, SP did you actually see this one unfold and take it ? Or were you away from the computer at the time ?
Also in terms of "entry" I see this type of thing a lot cropping up in my visual backtesting . . .Ignored
DislikedSeriously though - I saw a channel - I drew it in on the highs of it - they are nice and neat, and since the bottom was sloppy, I used a line graph to find where the bottom might go better. I did this Monday. See the attached line chart. Was this correct approach? Search me, but I have to do something that seemed reasonable.Ignored
DislikedThat makes me even more confused; you say that it is reasonable to draw the highs with a candle chart and the lows with a line chart.
Wouldn’t it be reasonable, if you look on a line chart, to draw both, the upper and lower channel there?Ignored
DislikedThat's the way I've been doing it from the git-go. I drew my regular fibs that way before Bemac showed us ICCE. Plotting with lines gets rid of the noise. I won't do it another way.Ignored
DislikedThat makes me even more confused; you say that it is reasonable to draw the highs with a candle chart and the lows with a line chart.
Wouldn’t it be reasonable, if you look on a line chart, to draw both, the upper and lower channel there?Ignored
Disliked
Ah, but I wish it were so easy. The charts represent the activity of the crowd (my view of it) and crowds are a messy thing - leaving trash all over and drinking too much beer.
Maybe Mr Fibonacci's work has application to this dimension?Ignored