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Count back lines

Chart Forum » Indicators » Count back lines

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jimm
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Username: jimm

Post Number: 3
Registered: 04-2007

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Thursday, April 19, 2007 - 12:06 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)


I was wondering if anyone uses count back lines in their trading plans.
It has been around for a long time,and is used to confirm a trend breakout.
Are there any opinions about this indicator?







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coyotte
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Username: coyotte

Post Number: 168
Registered: 12-2002

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Wednesday, July 04, 2007 - 09:49 pm:Copy highlighted text to 'New Message' boxEdit Post Delete Post Print Post    View Post/Check IP (Moderator/Admin only) Ban Poster IP (Moderator/Admin only) Move Post (Moderator/Admin Only)


I find it essential part of my entry and exits :

A few points though.

1: Guppy points out it must be a significant price level and not just say .05c in say a .50c stock -- I find to also take in account nearby Resistance or Support .

2: After the initial breakthrough (long) you can often find a pullback below the line -- if there is a 2nd breakthrough it is a very powerful bullish sign .

3: It is not a stand alone method -- it is a confirmation tool-- eg: candle reversal pattern


4: Used as a STOP after the stock is under way your better off using it in conjunction with the ATR -- Leon Wilson goe's into detail about this in his book " The Business of Share Trading"--a top read

Cheers

(Message edited by coyotte on July 04, 2007)

(Message edited by coyotte on July 04, 2007)

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