yeah… I think I will try annotating 28657 share bars…. that’s about 5 to 10 minutes per bar most days… MUCH easier, and it looks more like the annotations I see people do on 5-min charts…
I was spending an awful lot of time updating those lines at 4181 share bar speeds. They were printing fast today! Plus, did you know I’m annotating YM, EMD, and ZG as well? It took a lot out of me…. I’m still tired! So, maybe the slower pace will do me good all around. Or, maybe it’s like a marathon, and I have to kind-of build up my endurance over time! Don’t know.
The idea behind drawing these, (for me, anyway) is to understand which locations I should be most confident opening a position. I would look for short signals near the tops of channels, and long signals near the bottoms of channels…. (duh!). Or, for example, if the 1597 chart is giving me long signals near the top of a channel, I’ll be looking for it to break out… that kind of thing.
Then again, maybe I don’t need to do this at all… I went through ES and ZG charts this evening, freshly annotated of course. It turns out, all the good signals coincide with the first eotpro signals after a bias line change… hrm… I already knew those were the best ones to take, damnit! So, all that drawing didn’t tell me anything I didn’t know already. Something to think about…. I’ll be keeping my eye on that… If I don’t see the trendlines either (1) finding trades I wouldn’t have taken or (2) helping me avoid bad trades that I would have taken, then I will stop. It will take a few weeks to be sure, regardless.
(you can tell I’m exhausted by how I kept using ellipses instead of making “sophisticated” sentences)
(you can tell I’ll be okay if I just get some sleep by the way I still know words like “ellipses”)
(oh, and if you are curious… the trend-channel “beginner” approach, as I understand it, is to just hop on those trends at the start of the second push, and hold on until the trendline is violated… so with the chart above, I would have gotten short around 1515ish, and covered at 1507ish… then that green channel has no second push… then gotten short around maybe 1502 and covered for a 1 to 2 pt loss…. then got long at 1507ish and held til 1517ish… then on purple channel get long again around 1517ish and hold to the close… WOW. so you can see how their method caught my eye…)
October 25th, 2007 at 2:25 am
does TS have an auto trend line feature that u can set according to the characteristics of the instruement chosen…ensign has it, and it automatically adjusts as the channels widen…not sure if it would work for the hershey method or not, since it adjusts like that
October 25th, 2007 at 4:25 pm
There is an auto-trendline indicator that comes with the platform, and maybe more that I can find on the internet. Even if there were a perfect automatic one, though, I think I’ll learn more by drawing them by hand for now.