I have compiled a tutorial on the way I believe channels should be drawn on the ES. The traditional ways of doing so using the 2 connectors on the bottom does not work.
Step One:
The most important step is to connect the TOP of the channel first
Step Two:
Once the top is formed, clone the trendline and move it down to the bottom
Step Three:
This step is where experience is needed. You will need to forward project where the 200sma might be located and place the bottom channel slightly under the 200sma
Step Four:
Waiting for a setup to occur and capitalize on it based off your strategy.
Finally:
This technique works on all time frames including the monthly chart, which you can see the up channel we have been in
Step One:
The most important step is to connect the TOP of the channel first
Step Two:
Once the top is formed, clone the trendline and move it down to the bottom
Step Three:
This step is where experience is needed. You will need to forward project where the 200sma might be located and place the bottom channel slightly under the 200sma
Step Four:
Waiting for a setup to occur and capitalize on it based off your strategy.
Finally:
This technique works on all time frames including the monthly chart, which you can see the up channel we have been in
