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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 694.04+0.7%Jan 9 4:00 PM EST
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To: KymarFye who wrote (70655)2/27/2001 8:52:36 PM
From: HairBall  Read Replies (3) of 99985
 
KymarFye: Since you posed your question regarding my post to bobby b, I'll provide you something more than just an "incorrect".

When drawing a channel (rising or falling parallel lines) the support line for a rising channel or the resistance line for a declining channel, are the primary trend lines. The first point for the channel should start with the primary controlling line chronologically.

Flaws per my system for the channel drawn on that chart: The support line was defined with the second point to far out. For the controlling trend line, you should not use a second point eight years out for a decade long trading channel. Second flaw per my system: The first point for the resistance line was chronologically out of place to the primary trend line origination point. When drawing trending patterns there is more to them than just drawing the trend lines. A channel is a pattern. Per my system: Certain patterns should always originate "from" the direction of the trend and with the controlling trend line and others should originate "in" the direction of the trend.

One of these days, I may sit down and put everything I do down on paper, but then that would mean a book or something...<ng>

I prefer to not critique work done by others, but on rare occasion I find it necessary to speak up.

Regards,
LG
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