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Some day when I get time, I'll write a book..maybe in
code like Tunnel Thru the Air -- call it R E S P E C T
by Aretha Andrews -- there is a lot of stuff here.
But for now, here's a cash NDX chart (linear) -- see
how the sep-jan swing stayed in a 2 (green) channel
range -- when it broke higher, see how it stopped at
the next line -- in the next down move, see how again
prices stayed in a 2 channel range -- in the recent
upswing, see how once a line was crossed, resistance
becomes support -- last summer see how the ABC up
falls neatly into the major channels ,etc. RESPECT,
BABY!!
Of interest is the solid green line a few points above
todays high -- will prices reverse at this 3 channel
mark like last rally and roll over again or power
through??? Absent a gap through it, I'd bet on at
least a pause.
I am convinced that virtually every market in most
time frames marches to the Andrews drummer. I have log
charts with channels drawn of the 32 low in the Dow
that still matter. Likewise, there are dominant
channels in monthly FX charts dating from Bretton
Woods. This stuff is much more powerful and useful to
me than Fibonacci ever has been. But it is clearly a
discretionery technique. The NDX channel is nice and
clean and it is an obvious construction. Many are not
so easy. But once you see, ahhh, RESPECT...
Aretha
--- In realtraders@xxxx, ztrader <ztrader@xxxx> wrote:
> On Tuesday, May 01, 2001, 1:39:12 PM,
chrischeatham@xxxx wrote:
>
> cyc> Sometimes nonstandard ones work better and you
have to
> cyc> visualize/play with them and find those the
market is
> cyc> respecting.
>
> What, exactly, do you mean by 'respecting'? A good,
*quantitative*
> definition for this would go a long way toward
automating the lines,
> or even using the lines. What's the difference
between 'respect' and
> 'no respect' (I know I'm going to get lots of
wise-ass remarks about
> 'respect'). :-)
>
> ztrader
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