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Thanks Houdini. That is not a channel because the upper band doesn't have hits to call it one. The bottom band however is a nice support thanks for pointing it out. It deserves some addition to my shorts when breaks down. LOL
Kidding aside, this would be the contrarian channel. As to the top line, if the channel were correct, you would see another hit to the top line in the future and that nails it in. I’m always looking for the alternate view, as there is always one with any TA work. As a note to the inner channel lines, they will also line up to standard fib ratios and that’s a benefit sometimes. When I used TorS charting tools, you actually had a fib tool that could align the inner channel lines with.
I didn't want to sound cocky sorry. :) Of course I didn't write the book of channels. I was talking from my set of rules. I do not dismiss the upside at all as the red upper band already has 3 hits. The 4th may break it down but I reckon we will see one more hit to the green bottom band before another rally. That bottom hit would be a good long. The bottom band on your channel was tested 4 times on the hourly chart today. It may break down at the next visit.
near by simplicity and excellence. To many useless lines and different time frames must be integrate to see the whole picture. last part the feeling and intuitive powers must be in the moment when trading :) keep on the good work.
Absolutely excellent channel work. Simplicity is key.
ReplyDeleteGold is at a rather challenging location. I added another channel for the heck of it.
ReplyDeleteThanks Houdini. That is not a channel because the upper band doesn't have hits to call it one. The bottom band however is a nice support thanks for pointing it out. It deserves some addition to my shorts when breaks down. LOL
ReplyDeletefunny guy...so who wrote the rule book for channels...lol....I revised it a bit...
ReplyDeleteKidding aside, this would be the contrarian channel. As to
ReplyDeletethe top line, if the channel were correct, you would see another hit to the top
line in the future and that nails it in. I’m always looking for the alternate
view, as there is always one with any TA work. As a note to the inner channel
lines, they will also line up to standard fib ratios and that’s a benefit sometimes. When I used TorS charting tools, you actually had a fib tool that could align the inner channel lines with.
I didn't want to sound cocky sorry. :) Of course I didn't write the book of channels. I was talking from my set of rules. I do not dismiss the upside at all as the red upper band already has 3 hits. The 4th may break it down but I reckon we will see one more hit to the green bottom band before another rally. That bottom hit would be a good long. The bottom band on your channel was tested 4 times on the hourly chart today. It may break down at the next visit.
ReplyDeletenear by simplicity and excellence. To many useless lines and different time frames must be integrate to see the whole picture. last part the feeling and intuitive powers must be in the moment when trading :) keep on the good work.
ReplyDeleteThanks Yalcin.
ReplyDelete