Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Stock Attack II - A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: LTK007 who wrote (48375)	3/27/2004 6:35:11 PM
From: Michael Watkins	Read Replies (2) \| Respond to of 52237

I realize I will get some flack for saying this, but hey, we are all entitled to our own opinions. Regarding long term trendlines, frankly I don't believe that a line which connects two points, only 6 months apart, near a hugely significant top, have any meaning whatsoever 4 years later. If you push me to, I will suggest that drawing lines, particularly on indicies, that run for years is total quackery, so don't push me. If asked I'll explain why. First off, on the original question, the other reason for difference between daily, weekly and monthly is simple: Month end bars frequently do not end in the same place as weekly bars -- a month which ends on Tuesday will have a different high/low in most cases than the bar for the end of that week. Here's the weekly chart with trendlines drawn using Tradestation's "snap to" feature. Accurate enough. trendvue.com The magenta line is the one which has been discussed. The Orange descending trendline is more acceptable to me for at least it makes some sense, connecting the highest high which precedes the lowest low without being penetrated by a bar which closes above the line. That's a line per "Trader Vic". Victor Sperandeo's methodology is the one I use. It makes sense to me. But honestly, horizontal lines of support and resistance are of far more use IMO. I only use lines at angles to mark out patterns. Just one person's opinion.