HeavyJ -"Posterboy for Spellchecker!"
"Will work for pips!"
- | Joined Jan 2006 | Status: Member | 105 Posts
Dave
If you can't swim with the sharks
stay out of the water!
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Quoting PanjanDislikedHai Guys,
Before we draw a channel, we need to learn the basic criterias of the trendline first. It is very dangerous to have wrong channel drawn. eg. With the right channel, you are at Q1 but when we draw a wrong channel..maybe it put us at Q4. This will give us a wrong entry position.
Basic for trendlines..if upward move...find two low points to draw trendline and three points even better. A channel is just another line that we draw parallel to the trendline.
For downward move..find two high points or even three is better to draw our trendline. Once we draw the trendline then draw a parallel line to make it a channel.
This basic is a must because trendline is nothing else then to show us the S/R. and we have to bare in mind when the price moves, it will create new S/R because it deals with demand and supply.
Pls do get me wrong...I'm just trying to help & share and if I'm wrong pls ignore me.
Best Regards,Ignored
DislikedTragapips,
Since you've drawn your channel correctly, you should be making quite a beautiful sum of pips tonight......am I right?
That the power of channel.....Ignored
DislikedBalflear,
I draw my trendline mannually. I'm an old man and been trading since 1992. Sometimes I'm having problems with an automated things.
Have a good weekend.Ignored