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Again, I love your charts. I have a few questions, if you don't mind: 1) why do you draw so many trend lines within a single channel? 2) Is this a method that has benefited your trading and is unique to you? 3) Is there some kind of fibonacci relationship between the multiple channel lines? Thank you!
Hi Mark, I call them internal supports and resistances. After identifying upper band lower band I also look into those internal dynamics to see how the prices will move within the boundaries. I also use the internal structure to be sure about the upper and lower bands. When I have a candidate for a channel, I look how the internal lines fit within the price structure. If they fit nicely I can be sure about the upper band lower bands. There is not Fibo relationships between them. This is my style. I haven't seen it anywhere else. People usually plot only the channel, Take a look at GBPUSD chart I posted on twitter today and see how the internal lines fit the price action.
Thank you for responding! Very much appreciate this, as I'm trying to learn more in my trading endeavors. Your channeling technique is so simple, yet very descriptive - if that makes sense.
yes, am i been following your charts and tried to replicate them in IG but failed to get 'look a like' charts. I think you might be on a different platform/service provider. Can I ask which platform/service provider you are using?
Again, I love your charts. I have a few questions, if you don't mind: 1) why do you draw so many trend lines within a single channel? 2) Is this a method that has benefited your trading and is unique to you? 3) Is there some kind of fibonacci relationship between the multiple channel lines?
ReplyDeleteThank you!
Hi Mark,
ReplyDeleteI call them internal supports and resistances. After identifying upper band lower band I also look into those internal dynamics to see how the prices will move within the boundaries. I also use the internal structure to be sure about the upper and lower bands. When I have a candidate for a channel, I look how the internal lines fit within the price structure. If they fit nicely I can be sure about the upper band lower bands. There is not Fibo relationships between them. This is my style. I haven't seen it anywhere else. People usually plot only the channel, Take a look at GBPUSD chart I posted on twitter today and see how the internal lines fit the price action.
what is green exact channel level in chart FTSE to bounce or break?
ReplyDeleteThank you for responding! Very much appreciate this, as I'm trying to learn more in my trading endeavors. Your channeling technique is so simple, yet very descriptive - if that makes sense.
ReplyDeleteSam,
ReplyDeleteYou need to plot those channels and decide for yourself. That would be learning.
Simple but not easy :)
ReplyDeleteyes, am i been following your charts and tried to replicate them in IG but failed to get 'look a like' charts. I think you might be on a different platform/service provider. Can I ask which platform/service provider you are using?
ReplyDeleteIn most channels of long term, I use log scale as in FTSE. Try using logarithmic scale and then compare.
ReplyDeleteI use Saxobank's platform.