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Guy,
For one thing, are you using standard HLC bar charts? I'm using candle
volume charts which would make a difference. For the short term down trend
channel I start at the 1/23/97 high, connect it to the 4/9/97 high, and extend
it to the right. That's standard Trader Vic methodology. Connect from the
highest high in a period to another high before the lowest low without drawing
the line through any data before it's extended. I then draw the bottom of the
channel by drawing a parallel line through a low in the period such that it
also does not intersect any data.
I relooked at my chart, zoomed in, and put it on full screen. It clearly
shows ASND breaking out yesterday. I don't have today's data in yet, but it
would show a breakout today even on a HLC bar chart today. I'll attach the
full screen view.
Jim
-----Original Message-----
From: Guy Gordon
Sent: Wednesday, April 30, 1997 1:08 AM
To: Jim Greening
Cc: MetaStock-List@xxxxxxxxxxxxx
Subject: Re: ASND
I don't have ASND out of the downtrend channel yet. My resistance
line is at about 43 1/4 tomorrow.
I draw the top line of the channel through the highs of Jan 23, Feb 26
(which it misses by $1), March 14, March 27 (misses by $2), and Apr 9.
My support line goes through the lows of Jan 16 and Apr 1.
Both of these lines are parallel to the 50-day MA for April.
I have found that channels are most valid when you can find parallel
support and resistance, and they are parallel to the 50-day MA once
that stabilizes.
Where do you draw your channel?
I guess you could draw a short-term resistance line through the highs
of 3/27, 4/9, 4/15, and 4/24, but I like my four month channel better.
I like the idea of picking up ASND, since the RSI peaks have been
getting stronger. I was hoping to get it at 36 in the last minimum,
but it only hit 36 1/4 briefly.
On Tue, 29 Apr 97 23:11:34 UT, you wrote:
> I opened a position in ASND at 41 1/4 this morning after it broke =
the=20
>down trend channel and then fell back a little.
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