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Strategies & Market Trends : Waiting for the big Kahuna
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To: Darrin Vernier who wrote (31057)10/10/1998 11:56:00 AM
From: Monty Lenard  Read Replies (1) of 94695
 
Hello Darrin, the little I have read about drawing trend lines states that you draw them so that they do not CUT through prior days prints. By drawing the line from July top down to todays close would violate that rule and cut thru the highs of 9/28 and 9/29.

The following method (described in Trader Vic-Methods), provides consistent and accurate results and never gives false signals:
1) Select the period of consideration: long term, intermediate term, and short term.
2) Uptrend-Draw a line from the lowest low, up to the highest minor low point preceding the highest high such that the line does not pass through prices in between the two low points
3)Downtrend-Draw a line from the highest high point to the lowest minor high point preceding the lowest low such that the line does not pass through prices in between the two high points

FWIW IMHO
Monty
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