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Attached is chart I often used daytrading. COMPX. 120 min chart (one of my
fav intervals).
The thick pink channel is an offset Donchian. Candles highlighted in yellow
show a "Donchian Bounce", that is, a reversal candle that touches the
channel. It tends to show when reversals begin.
Targets on reversal can be a) gray midline, b) red 50 period SMA, c)
opposite channel.
Lime green line tracks previous highs, horizontal purples are T2 FIb lines.
Today's action broke us below the 18 EMA (cyan line) and the 200 SMA (purple
curve). There is a distinct convergence of T2, midline, and 50 SMA targets
to the downside, but the channel is still upward.
Ignore Vix indicator, not active when viewing COMPX. Stoch and %R on bottom
show lower highs, but On Balance Volume (lime) hasn't rolled over yet.
Best regards,
Gene Pope
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Description: "Naz Donchian Bounce.gif"
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