jahjahblessed wrote:deeforex wrote:MightyOne wrote:I think I will leave and wait for the next red line:
Red x's are failures to increase speed.
As I copy your angled channels onto my own charts I can really see the change in angles/speed. I can also see how the center of the channels act as support & resistance. It's pretty amazing. I have a few questions.
Your first red X (failure to increase speed, I've labeled mine as x1), why do you say this one is a failure? Isn't it a part of a move that takes us to the 48* channel?
In the center of the chart are 2 48* channels, down & up. In your chart you never drew the 24* down (yellow dotted lines) but I see that price does follow along this as well. Did you not draw the 24* channel because the 48* down was more prominent. When you have 2 channels of the same degree but different direction (up & down) is this the "V" pattern that has been eluded to by stationmichal?
The blue box highlights where you decided to wait it out until the price hit the red line. This red line is the cycle line, right? How do you determine the cycle?
Do my channels beyond the blue box look correct? What is the predicted path since price has broken through the top of the 24* channel and is also running in a 48* channel?
I still haven't a clue about Weight, Hook and Net. Do you care to define this with more charts or an actual description of what happens in these areas labeled as such?
[edit: OOPS, I see that my 2 initial down channels are not running parallel like your example! How do I ensure that I am drawing these correctly? My lines/channels seem to flow properly so is it really wrong?]
I would like a chart like that too
How do you get the cycles lines?
how do you draw the angles lines I've been using MT4 trendline by angles?
To draw CycleLines you need to add it to your toolbar. Right Click the arrow and select Customize. Find the CycleLine tool and Insert into your toolbar. I still don't know where these go. I just copied what MO had.
I'll determine what the angle is on a major channel, draw that angled trendline with the Trendline by Angle. I then replicate that angle by drawing a line next to it with the Trendline tool, with the "Ray" unchecked (see Trendline Properties/Parameters). I copy that line by selecting it (3 dots will form on the line), while it is selected, I hit the Ctrl key and drag my mouse. A new copy of the angled line has been made. You have to use the Trendline and not the one with the Angle because this is the only way to lock in the proper angle when scrolling, this is because the time/price is not locked into a fixed scale of 1 to 1.
I like to make all my trendlines at the same time. So lets say I know the major trend (2x) is 60. I will create one that is 60*_up and 60*_down (which is 300*=360*-60*). I will also create the trendlines for the angle that is half of this. 30*_up and 30*_down (330*=360*-30*) After I have made these. All I have to do is copy and paste. I make this at the beginning because if I scroll my chart, the angles will change and I might have to remeasure the angle again.
This is how I do it. There might be an easier way. If someone knows of one, please share!