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Guy,
That explains why we have a slightly different channel. Candle Volume
charts, which I use, will give slightly different trend channels due to the
variable width of the bars which is a function of volume. They tend to
trigger a little faster than the standard HLC bar charts since they can cover
a lot of horizontal distance on a big volume day.
Jim
-----Original Message-----
From: Guy Gordon
Sent: Wednesday, April 30, 1997 1:01 PM
To: Jim Greening
Cc: MetaStock-List@xxxxxxxxxxxxx
Subject: Re: ASND
It's hard to argue with success. Great call, Jim.
But I still don't see the breakout yesterday. =20
I draw the same resistance line from 1/23 to 4/9. =20
ASND broke through it this morning at 43 3/4.
I am using HLC bar charts with data from Reuters Datalink.
My charts do not include non-trading days (weekends).
Anyway, my real dilemma now is whether to buy in now at $45,
or wait for it to fall back to support at the old resistance line.
Opinions anyone?
On Wed, 30 Apr 97 15:56:03 UT, you wrote:
>Guy,
> For one thing, are you using standard HLC bar charts? I'm using =
candle=20
>volume charts which would make a difference. For the short term down =
trend=20
>channel I start at the 1/23/97 high, connect it to the 4/9/97 high, and =
extend=20
>it to the right. That's standard Trader Vic methodology. Connect from =
the=20
>highest high in a period to another high before the lowest low without =
drawing=20
>the line through any data before it's extended. I then draw the bottom =
of the=20
>channel by drawing a parallel line through a low in the period such that=
it=20
>also does not intersect any data.
> I relooked at my chart, zoomed in, and put it on full screen. It =
clearly=20
>shows ASND breaking out yesterday. I don't have today's data in yet, =
but it=20
>would show a breakout today even on a HLC bar chart today. I'll attach =
the=20
>full screen view.
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