redsword11, IfMyante, KennyZ, bumapatria, JohnPaul77 made my trading style.
- #35,262
- Jun 8, 2012 10:10am Jun 8, 2012 10:10am
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
Sorry didn't understand that but also I probably didn't explain myself well either ...here goes
It looks like you took the two highs around 12457 & 12541 approx as your dominant line for your channel and then got the bottom (parallel) channel line from that? I was doing the opposite, ie taking the lows @ 12286 & 12440 for my equidistant channel and forming the top channel line parallel to that as in my chart if I can post it ok. Just wanted to know if there are any rules or best practice for drawing such channels ... maybe taking...
Yes in a rising channel, normally you would anchor on the dips and likewise in a falling channel you would anchor on the peaks. That's the standard way.
My rising channel was in fact anchored on the dips but I chose the second dip so as to try and include the last peak before the bottom. This gives me an early warning signal of a reversal or attempted rebound/retrace.
If you draw the channel as I have and then zoom in to the 5 min chart, you will see that the support line provides a clear support/resistance in the recent price action.
My anchor points are attached below.
Those who say it cannot be done should not interrupt those who are doing it
- #35,263
- Jun 8, 2012 10:10am Jun 8, 2012 10:10am
- Joined Dec 2011 | Status: Don't put all ur eggs in one basket | 3,453 Posts
- #35,264
- Jun 8, 2012 10:16am Jun 8, 2012 10:16am
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
Those who say it cannot be done should not interrupt those who are doing it
- #35,265
- Jun 8, 2012 10:17am Jun 8, 2012 10:17am
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
Those who say it cannot be done should not interrupt those who are doing it
- #35,267
- Jun 8, 2012 10:22am Jun 8, 2012 10:22am
- Joined Dec 2011 | Status: Don't put all ur eggs in one basket | 3,453 Posts
Okay I understand now.
Yes in a rising channel, normally you would anchor on the dips and likewise in a falling channel you would anchor on the peaks. That's the standard way.
My rising channel was in fact anchored on the dips but I chose the second dip so as to try and include the last peak before the bottom. This gives me an early warning signal of a reversal or attempted rebound/retrace.
If you draw the channel as I have and then zoom in to the 5 min chart, you will see that the support line provides a clear support/resistance in the recent...
The spoken word is your master, the unspoken word your slave.
- #35,270
- Jun 8, 2012 10:34am Jun 8, 2012 10:34am
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
Those who say it cannot be done should not interrupt those who are doing it
- #35,272
- Jun 8, 2012 10:38am Jun 8, 2012 10:38am
- Joined Dec 2011 | Status: Don't put all ur eggs in one basket | 3,453 Posts
- #35,275
- Jun 8, 2012 10:51am Jun 8, 2012 10:51am
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
So PT... if 2435-2440 ends up being the low of the day... are you giving away any sorta door prize or raffle ticket or something?
if so, my name is totally on that bad boy.
X
Here you go...
Those who say it cannot be done should not interrupt those who are doing it
- #35,276
- Jun 8, 2012 10:53am Jun 8, 2012 10:53am
- Joined Dec 2011 | Status: Don't put all ur eggs in one basket | 3,453 Posts
- #35,277
- Jun 8, 2012 10:54am Jun 8, 2012 10:54am
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
Hi PT,
is 1.2620 possible today?
http://food.sndimg.com/img/recipes/2.../picMW7vGU.jpg
Those who say it cannot be done should not interrupt those who are doing it
heh... not exactly what I had in mind when I decided a few weeks back to get more involved...but hey, it's better than a punch in the nose or a losing trade
X
- #35,279
- Jun 8, 2012 10:55am Jun 8, 2012 10:55am
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
Sellers are taking their profits before the weekend..
and I believe they are done.
Those who say it cannot be done should not interrupt those who are doing it
- #35,280
- Jun 8, 2012 10:56am Jun 8, 2012 10:56am
- | Joined Nov 2011 | Status: Trader | 2,104 Posts
I observe your reality but live my own. 