nmike
Long

WEEKLY CHANNEL CLONING

NASDAQ:AAPL   APPLE INC
2084 36 43
I've published charts on Apple             in the past using channel cloning with excellent results, however due to the stock split those published charts can no longer be reviewed.
Price is currently just above the all time high and just below the reference channel (confluence area).
The RSI shows no divergence so it’s likely that AAPL             breaks the channel to the upside, if it does the next target is the middle of clone channel with the top of channel as the second target, after that we have to add second clone.
Parallel Cloning with RSI Supports. Great Chart!
+2 Reply
Good stuff!
+1 Reply
Hi nmike, real nice work! I like how your weekly RSI is giving a clear entry to base and clear top signal. Here is an indicator from Chris Moody that may make a nice compliment to what you have shown here. The indicator allows for two RSIs of different time frames to be displayed at the same time. Here I have a weekly (orange) and a daily (blue) RSIs on a daily chart. The orange box is the base. Using entry and exit points of base, I have drawn what I am calling the weekly RSI hidden support line(white line). When price is in a clear trend like now, any drop below this line by the blue daily RSI is an entry point. This chart makes trending entries (up or down)easier to identify. I am calling it "Dragon Slayer". As the beast rises, soft spots along the belly are revealed for easy entry of ammo. Anywho , I thought you might enjoy . Many thanks !!!
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+2 Reply
nmike MOD littleriver
Hello liitleriver,thanks for your comments. Extreme overbought / oversold conditions are better seen with a higher RSI look back period .I use 34 often to go along with Fisher 34. Here is a good example and notice the huge divergence on the third overbought condition.Thanks for sharing the Dragon Slayer script, I'll have to check that out.
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+4 Reply
2use nmike
Is there a huge difference between 21 and 34 in that case? shouldnt be one
+1 Reply
Hello!... there's not much difference between 21 & 34, the 34 is slightly smoother therefore easier to spot RSI lows & highs for drawing trend lines
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...oh just noticed I misspelled " littleriver" on my last comment
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2use nmike
I think it was littleriver i was talking about this as well:) i now check charts with rsi on 7, cci 21 - or maybe check rsi 21 if the time frame is a longer one. but i dont think 34 makes a huge difference and i always check various numbers to see if it is really a divergence. i actually already had 2 cases when my predictions worked in the recent month. i guess your preferred setting also was backtracked by you :) it is a matter of preference after all.
+3 Reply
johnmad PRO littleriver
Hello Littleriver , do you have an EA that plots RSI 4 hr and Daily on the same chart , i would like to look into this , Kindest John Maguire
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Hi John , I do not but see the value of what your asking. Perhaps Chris Moody may help . I think it would be a worthwhile add. Thank you for your question . LR
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Chris's script does have the 2h. Here is a sample chart using it . I am just thinking out loud but for this to work with more visibility one may want a larger division of the higher time frame. Though, it would be nice to have both to compare. Here is a sample chart using the 2hr and daily. Thanks again!
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+1 Reply
Apple goes 50$
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I am not familiar with channel cloning; can you reference a source to read about it?
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nmike MOD TheBudster
Hello! you'll find basics on cloning in commentaries here:
TSLA CLONING targets (daily)

good example here:
WFC monthly CLONE analysis

the idea of cloning came from "action reaction trend lines"
http://stocata.org/ta_en/trendlines4.html
+1 Reply
Thanks for prompt reply; another question, pls.......what prompts horizontal clones vs. channel
clone. Gopro is recent ipo so I can see that one but some older stocks with long histories look like you could draw clones in either view. Comments?
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nmike MOD TheBudster
No particular reason, however if i see a well established channel I will use channel cloning, but I mostly use horizontal channels(range box).You can do both at the same time just like you see on one of the sample chart.
I once I read somewhere that some commodities traders use the 34 moving average, so I plot some indicators that I use with 34 look back period, also Fisher 34 is almost same as MACD mid point cross.It has worked quite well for me.
GLD  weekly , update

The FISHER-TRIX- 34ma system


+1 Reply
I have plotted your Fisher indicator and like the oversold/overbought o/c. I notice you gravitate towards the use of 34 periods for moving average, RSI, Fisher. Can you tell me why?
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nmike MOD TheBudster
....also, 34 is a Fibonacci number
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nmike MOD TheBudster
this one working nicely so far
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+1 Reply
...channel broken last week
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+2 Reply
Yes indeed, lets see if it bounces from the resistance that became support.
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nmike MOD jmtbernardo
...the 34 ma on weekly chart has worked well in the past for Apple so it may act the Key support going forward
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+2 Reply
Thank you for your idea
+1 Reply
Your Welcome!
+1 Reply
......mid clone channel HIT
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2use nmike
What is your expectation on it now?
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next target is top of clone channel. if current weekly candle (in progress) becomes a reversal candle then we might get a correction possibly to top of reference channel
+2 Reply
Channels always seem to hit.
+2 Reply
Great work
+1 Reply
nmike MOD Technician
:) ping..... pong from mid channel to mid channel
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hehe, true :D
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.....channel top Clone Hit!
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2use nmike
Indeed!
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Good Eye.
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nmike MOD jangseohee
....yes, quite likely
+1 Reply
........likely to top of Clone channel again
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