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W3hunter

17,702 Posts.

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18/09/25

20:26

Post #: 80758564
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Originally posted by W3hunter ↑

@aceryx I bought this one today..wasnt realy watching but noticed it today..with the channeling technique we start at the origin of wave 1 to the low of wave 2 then copy that trend line and place it on the high of wave 1 to create the paralell channel, a big green bar through the top of the channel confirms a wave 3 breakout then we look for back test support at or near the channel..this back test should never close below the high of wave 1 (or at the most not below the highest close in wave 1)..not sure what part of w3 we`re in at the moment here but I like that it gapped up and made a new high today and that bar wasnt outside of the Bollinger band..this suggests that its going to the 161.8% Fib and if so we can look for a bar outside of the Bollinger band there (waves 1, 3 and 5 all finish with a bar completely outside of the Bollinger bands and up near a Fib extension level) View attachment 7305142 nnel..

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This is another back test scenario with the channel technique ..price can come back into the channel and do a midline reversal or even lower still as long as the low doesnt close below the high of wave 1..
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