triggers abuy. In this case you would use the MAC as a method of buying on reac-tions to the longer support level of the channel.
Assume that S&P futures give a gap buy signal early in the day.Assume also that the buy signal entry price is 399.50. Typically, the firstresponse of the market would be to push through 399.50 rather quickly,possibly moving to as high as 400+. Thereafter, the market would typical-ly (but not always) retrace its gains perhaps moving back down to 399.60or lower. It may be that 399.60 is the bottom of the MAC and, therefore, aplace to go long following the initial burst of activity to the up side.
I have provided three concise illustrations of this situation in Figures7-9, 7-10, and 7-11. Examine them carefully and note my comments. Asyou can see, the MAC is a very versatile technique which easily lendsitself to use with other day-trading systems and methods. No matterhow you decide to use the MAC, remember that within the rules I’vegiven you this is strictly a day-trading method.Support and Resistance: the MAC 85
 
Figure 7-10. Using the MAC for entry following a gap buy signal in cocoa.86 = Chapter Seven
 
Figure 7-11. Using the MAC for entry following a gap sell signal in pork bellies.
Evaluation of the MAC
The MAC is an excellent method for determining support, resistance,and trend. Jt will work well on intraday data as well as on daily, weekly,and monthly data. It does, however, require some judgment inasmuchas it is not a totally mechanical method.Using Wilder’s RSIfor Day Trading
The relative strength index (RSI) was originally developed by WellesWilder. In the early 1980s when I was on a seminar tour of the Far Eastwith Welles and a group of other traders, he was just beginning todevelop his applications for the RSI. Since then there have been manyapplications of the RSI, all of which have potential, but many of whichwill not generate profits for the day trader.
The RSI is a price-based oscillator. It has many applications both as anindex of overbought/oversold market conditions and as a timing indi-cator. Of particular importance to day traders is the first derivative RSIwhich tends to smooth the indicator, thereby resulting in fewer false sig-nals and greater accuracy in day trading.
Before discussing the first derivative of RSI as a day-trading indicator,I will explain the raw RSI indicator as traditionally used by futurestraders. This understanding is necessary in order for you to differentiatebetween my suggested applications and the application commonly usedby contemporary futures traders.
In many respects, the RSI is similar to stochastics in that it is used asan oscillator. Subsequent to extremely high readings, a sell signal is indi-cated when RSI begins to decline. Conversely, a low RSI that begins toincrease in value while prices are low is a buy signal. There are manydifferent applications of RSI.
Since the RSI lends itself equally to many different interpretations, Iwon't claim here that my suggested methodology regarding the use ofRSI is unique. I do feel, however, that my first derivative application is aunique implementation of RSI. Figure 8-1 shows RSI application alongwith my comments.
8788 = Chapter Eight
 
Figure 8-1. Traditional use of relative strength index (RSI).
Defining the First Derivative
Don’t let the term first derivative scare you into thinking that complicat-ed mathematics is involved. In fact, it is not. The first derivative of anyvariable is defined as
A quantity derived through the mathematical manipulation
of a previous quantity.
 
In other words, as this relates to the futures markets, consider the fol-lowing: If I calculate the RSI in a given market, and if I then use the RSIas the raw value for calculating a moving average of the RSI, then thesecond calculation, namely the moving average of the RSI, is the firstderivative of the RSI. If I calculate an RSI of the moving average of RSI,then I have calculated a third derivative of the RSI. Figure 8-2 shows anRSI plotted against its first derivative.
My work with timing indicators as well as derivatives of timing indi-cators has convinced me that such manipulation of the data can be veryeffective in terms of generating meaningful and less random timing sig-nals. Although there is insufficient space here to launch into a discus-Using Wilder's RSI for Day Trading 89
eT iT [+ie'O 1e Te is eis oo iS
 
Figure 8-2. RSI and its first derivative.
sion of indicator derivatives and their comparisons, I would urge you toundertake such studies on your own. You may be impressed, as I havebeen, with the results.
A first, second, third, and fourth derivative, and so on, then, are quan-tities derived from previous indicators which are themselves derivativesof other indicators or raw prices.
Let me give you a concrete example of what I mean an by a first deriva-tive of the RSI. Figure 8-3 shows an intraday market with a 14-day RSIindicator plotted against price. Figure 8-4 now shows the same indicatorplotted against price, however, also included is the first derivative ofRSI. As you can see, the derivative line is smoother, less choppy, andtherefore, in my opinion, more readily usable by futures traders. Figures8-5 and 8-6 show two different derivatives of RSI plotted against thesame price chart. Examine these if you will, and reach your own conclu-sion, strictly based on visual observation, as to which of the three mighthave potential as a timing indicator.
Rules for Day Trading with the RSI
Here are some rules for using the RSI and its first derivative for daytrading.90 Chapter Eight
 
Figure 8-4. Intraday market with a 14-day RSI indicator plotted against price andthe first derivative of RSI.Using Wilder's RSI for Day Trading 91
 
Figure 8-5. A derivative of RSI plotted against price, 9-period MA.
 
Figure 8-6. A derivative of RSI plotted against price, 21-period MA.92 Chapter Eight
1. Using RSI as an overbought or oversold timing indicator is very sim-ple. Select your cutoff points (as you do with stochastics). If, for exam-ple, you select 25 and 75, then your procedures would be as follows:
a. When RSI drops to 25 or lower and then turns back above 25 youbuy and use a stop loss either under the lowest most recent low ora risk management stop loss.
b. When RSI has been at 75 or higher then sell short when it declinesbelow 75 using a stop loss above the most recent high or use a dol-lar risk management stop loss.
For procedures a and b you can vary the values. Figure 8-7 shows theuse of a 9-period RSI on 30-minute S&P data with 15 and 85 as the cutoffpoints. Note my buy and sell points on the chart. As you can see, RSIis a valuable tool for the day trader. Note that RSI turned bullish on12/9 and remained so through 12/19. This gave the day trader anopportunity to buy every day so long as the bias was bullish because ofthe bullish RSI.
2. Using the first derivative of RSI (or other derivatives if you wish) islike using an oscillator. The procedure is simple:a. When RSI falls below its first derivative, sell short and either use astop loss as the reversal signal (i.e., RSI closing above its deriva-tive) or use a dollar risk stop loss.
 
je ier Tier a ier 9 aie ne7ig We7ia ie7is 27g eri
Figure 8-7. Using a 9-period RSI on 30-minute S&P data.Using Wilder's RSI for Day Trading 93
 
Figure 8-8. A stochastic first derivative of RSI versus price.
b. When RSI goes above its first derivative, then buy with a stop losseither as a signal reversal or as a dollar risk stop.
In all cases you must remember that a signal is not activated until thetime segment has ended. In other words, if you are using a 5-minute chart,RSI will change every time the market has changed price; it is only theRSI value at the end of the 5-minute segment that's considered for timing sig-nal purposes.
A Suggestion
Before leaving the RSI, I'll share with you an idea which I've just startedto research which I feel has incredible potential. If you use a 14-periodslow stochastic as your first derivative of RSI, you'll find that your sig-nals will be even more accurate. What do I mean? I mean that instead ofcalculating the stochastic on price, you will calculate a stochastic of RSI.This can be easily done on the CQG (Commodity Quote Graphics) sys-tem as well as on others. Examine Figure 8-8 along with my commentson the chart. I feel strongly that this approach has outstanding potentialfor day trading and that it should be pursued aggressively. There aremany other possibilities. Consider using an RSI of the RSI as a deriva-tive, or for that matter another indicator applied to the RSI that will actas a smoothing factor. The idea here is, of course, to reduce the numberof false or losing signals by making RSI less sensitive but at the sametime not delaying its response to changing market conditions.Using Intraday Momentum
94
Many traders are unfamiliar with the momentum indicator or with its valueas an aid in timing. Although many have heard the term, they are notaware of how it is calculated, nor are they familiar with its applications.
Momentum is a very simple indicator which is easily calculated. Inorder to calculate the 1-day momentum (MOM), simply subtract today’sprice from yesterday’s price. The result is a 1-day MOM. Therefore, iftoday’s price is $52 and yesterday’s price is $53, then the 1-day momen-tum would be —1. If today’s price is $52 and yesterday’s price was $50,then today’s 1-day momentum would be +2.
As you can see, the calculation of a 1-day momentum index isextremely simple. To calculate a 2-day momentum index, subtract theprice 2 days ago from today’s price. For calculating 3-, 4-, 5-day momen-tum, follow the same procedure.
Momentum is a rate change indicator, since it provides you with anidea of trend strength. When momentum is moving down very quickly,it is an indication that prices are changing rapidly on the down sidewith large price moves. When momentum is rising rapidly, it is an indi-cation that the market is trending strongly higher. Momentum can beused as a trading indicator by applying some simple rules.
This chapter will illustrate some suggested applications of intradaymomentum for the purpose of day trading. I will show you some veryinteresting applications of momentum; however, I stress at the outsetthat these are merely applications and not systems. They are tradingtechniques which you will need to work with and refine. I believe thatthey have considerable potential, but they will require work.
Figure 9-1 shows an intraday price chart versus a 21-day momentumindicator. As you can see, MOM is like an oscillator. It fluctuates aboveand below a zero line. When MOM crosses from negative to positive, anUsing Intraday Momentum 95
uptrend is likely, and when it crosses from positive to negative a declineis likely.
As with most oscillators, MOM is good at finding trends; however, itgives many false signals as it “flutters” above and below zero. Regard-less of this limitation, MOM can be used very effectively for positionand day trading by comparing it to its first derivative. This is a simpleprocedure. All we need to do is to plot MOM against a moving averageof itself (which is its first derivative).
Figure 9-2 shows the same market as Figure 9-1 but with an 18-periodMA of the 21-period MOM. As you can see, by buying and selling whenMOM crosses above and below its MA line, many of the false startsignals are eliminated.
In addition to the use of a moving average of MOM to determine itsfirst derivative, you can use other indicators such as RSI, stochastics, orrate of change (to be discussed in Chapter 10). Figures 9-3 through 9-7illustrate some of the derivative methods and their signals as used inday trading. The methods and applications discussed in this chapterhold great promise as timing indicators and trading systems; however,considerably more research must be completed before firm conclusionscan be reached.
 
Figure 9-1. 21-period momentum on 10-minute S&P chart.96 = Chapter Nine
 
Figure 9-2. 21-period momentum versus 18-period MA of momentum of 10-minute S&P.
Hit 7ae! AND
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Figure 9-3. The stochastic derivative of momentum—timing signals in 5-minuteT-bonds.Using Intraday Momentum 97
 
Figure 9-4. The stochastic derivative of momentum—timing signals in 30-minuteT-bonds.
 
Figure 9-5. The stochastic derivative of momentum—timing signals in 5-minutesugar.98 = Chapter Nine
PERT A" ADR Be © 1993 coe IN
 
Figure 9-7. The MA derivative of momentum—timing signals in 5-minute Swissfrancs.Using Intraday Momentum 99
As you can see, there are several potentially effective derivatives ofthe momentum indicator which may be used to decrease the number offalse signals. The research on these combinations is still very sparse, andI encourage those interested in refining their day-trading techniques toinvestigate these combinations more thoroughly.10
Rate of Changein Day Trading
100
The last chapter discussed momentum as a day trader indicator. Thischapter will explain how to use rate of change (ROC) as an intradaytiming indicator. While momentum is calculated by subtracting 1 day’sprice from another, rate of change is determined by dividing 1 day'sprice by another. Therefore, if yesterday’s price was $4 and today’s priceis $2, we would divide $4 by $2 and arrive at a rate of change of $2. Inthis case, the momentum as well as the rate of change indicator wouldhave a value of two. If yesterday’s price was $7 and today’s price was$2, then the rate of change for today would be 3.5, or 7 divided by 2. Inthis case, the momentum, however, would be 5 (2 subtracted from 7). Tocalculate a 5-day rate of change, simply divide today’s price by the price5 days ago. It’s really that simple.
Figure 10-1 illustrates an intraday price chart plotted against a 1-dayROC, a 3-period ROC, and a 14-period ROC. As you can readily see, thelength of the ROC you’ve selected can make a very big difference in thetrades you find.
ROC is essentially an oscillator which is sensitive to changes in mar-ket movement which allow us to know ahead of time when a change inprice trend is likely to occur. However, ROC cannot tell us whether thischange will be a large one or a small one. It can only tell us that thetrend is likely to change. Knowing that a change in trend is likely, wecan, as day traders, take the necessary action to either limit losses or toenter potentially profitable day trades. ROC as well as MOM both applyto position trades as well.
As you can see, the calculation of a one ROC index is extremely simple.To calculate a two ROC, divide the price 2 days ago from today’s price.Rate of Change in Day Trading 101
 
Figure 10-1. 21-period ROC on 10-minute S&P chart.
For calculating 3-, 4-, or 5-day ROC, follow the same procedure. ROC isa rate change indicator, since it provides you with an idea of trendstrength. When ROC is moving down very quickly, it is an indicationthat prices are changing rapidly on the down side with large pricemoves. When ROC is rising rapidly, it is an indication that the market istrending strongly higher. ROC can be used as a trading indicator byapplying some simple rules. This chapter will illustrate some suggestedapplications of intraday ROC for the purpose of day trading.
Figure 10-1 shows an intraday price chart versus a 21-day ROC indi-cator. As you can see, ROC is an oscillator. It fluctuates above and belowa zero line. When ROC crosses from negative to positive, an uptrend islikely, and when it crosses from positive to negative, a decline is likely.As with most oscillators, ROC is good at finding trends; however, itgives many false signals as it flutters above and below zero.
Regardless of this limitation, ROC can be used very effectively forposition and day trading by comparing it to its first derivative. This is asimple procedure. All we need to do is to plot ROC against a movingaverage of itself (which is its first derivative).
Figure 10-2 shows the same market as Figure 10-1 but with an 18-peri-od MA of the 21-period ROC. As you can see, by buying and sellingwhen ROC crosses above and below its MA line, many of the false startsignals are eliminated.102 = Chapter Ten
 
Figure 10-2. 21-period ROC versus 18-period MA of ROC of 10-minute S&P.
i: SATE OF CHANGE Sis 30 MINUTE BO © 1999 Gog Ine
= m..
 
Figure 10-3. The MA derivative of ROC—ideal timing signals.Rate of Change in Day Trading 103
 
Figure 10-5. The MA derivative of ROC—actual signals, 10-minute crude oil.104 = Chapter Ten
 
Figure 10-7. The stochastic derivative of ROC—timing signals, S&P.Rate of Change in Day Trading 105
In addition to the use of a moving average of ROC to determine itsfirst derivative, you can use other indicators such as RSI, stochastics, ormomentum (discussed in Chapter 9). Figures 10-3 through 10-7 illus-trate some of the different derivative methods and their signals as usedin day trading. The methods and applications discussed in this chapterhold great promise as timing indicators and trading systems; however,considerably more research must be completed before firm conclusionscan be reached.
As you can see, several potentially effective derivatives of the ROCindicator may be used to decrease the number of false signals. Theresearch on these. combinations is still very sparse, and I encouragethose who are interested in refining their day-trading techniques toinvestigate these combinations more thoroughly.ll
IntradayChannel Breakout
106
One of the successful techniques used by day traders is based on break-ing out on a price break out above resistance or below support. Theexpectation here is that once a market penetrates above a previous resis-tance level, the probability is high that the new trend will continue, atleast long enough for traders to generate profit. It is also believed, con-versely, that if prices fall below a previously established support level,then the market will continue in the down direction sufficiently long topermit short-term traders to take profits. The channel break system forday trading is designed to achieve these goals. If you reflect upon themany occasions in which markets have penetrated their intraday highand then continued higher for the rest of the day, you will recognize theindicator quickly. Similarly, if you consider the many times you've seenprices fall below the day’s low only to continue persistently lower forthe balance of the day, you will realize the value of this indicator for thepurpose of selling short.
Figures 11-1 and 11-2 illustrate the intraday charts showing breakoutsabove support and below resistance. The channel break system for daytrading is designed to capitalize on such breakouts. In other words, theday trader using this approach will be buying on strength and selling onweakness, which is not such a bad idea if you consider the importanceof going with the existing trend. Naturally, the other side of the coinhere is that those who buy breakouts on the up side or sell breakouts onthe down side may be entering positions near at the top of the market orat the bottom of the market as the trend changes, and that risk maytherefore lead to losses more frequently than would buying at supportor selling at resistance. I will allow the facts in this case, however, toIntraday Channel Breakout 107
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Figure 11-2. 14-period channel breakout below support (lows).108 ~~ Chapter Eleven
How theWorks
speak for themselves by showing you some system test results generatedwith Omega research program TradeStation.
Channel Breakout System
The channel breakout system (CBO) is a very simple system indeed. Infact, it’s as old as the hills, dating back to the days of “old man” Keltnerwho published the Keltner Statistical Service on commodities back inthe 1950s and 1960s. The idea is quite logical and elementary. In fact it’sbeautiful in its simplicity. It is based on the fact that markets spend mostof their time moving sideways as opposed to trending. When such asideways pattern, or channel, develops, the astute trader will want tobuy breakouts above the top of the channel while selling breakoutsbelow the bottom of the channel. The logic is solid; however, one mustremember that there are many false breakouts. This is why the CBO isnot an especially accurate technique and why it is, however, a methodwhich can pinpoint the start of major intraday moves.Here are the simple CBO rules of application:
Channel Breakout Rules and Methods
. Determine the length of the CBO channel in terms of price bars. Inother words, if you are using a 14-period length, you will watchthe last 14 price bars previous to the current price bar for a buy orsell signal.
. If you are using a 14-day period then a buy signal will occur whenthe high of the current bar exceeds the highest high of the previ-ous 14 price bars by x number of ticks. In most cases the x is
defined as one or two ticks.
. If you are using a 14-day period then a sell signal will occur whenthe low of the current bar is lower than the lowest low of the pre-vious 14 price bars by x number of ticks. In most cases the x isdefined as one or two ticks.
. Risk or stop loss can be defined in many ways, or the system canbe used as a reversing system.
. The CBO method tests extremely well on daily data and has con-siderable potential on intraday data as well.
 Consecutive Closes S? £92-10 min
Total set profitareas profit.
Total @ of tradesWumber winning traces
winning tradeAverage winning tradeRatio avg win/avg loss
Max consec. vinnersAvg @ bare in winners
Max intraday drawdownProfit factorAccount size required
Beet preefee’*
qetel # of tradesBusber winning trades
conpec. winnersped # bare in winnersMax intraday dravdownProfit factorAccount size required
Total net fitGross profit
total # of tradestusber vinning trades
Largest winning tradeaverage winning tradetie avg win/avg loss
Max consec. winnersAvg # bers in winners
01/02/92 - 12/31/92Performance Summary: All Trades
$ 10200.00 Open position P/L$ is00700 Gross?ioes169 Percent profitable98 Mumber losing trades
Largest losing tradeAverage losing tradeAvg trade(win & loss)
$ 2975.00$ «653.58aad
7 Max consec. losers20 Avg @ bare in losers
8 = +7925.00
1.42 Max # contracts held8 10925.00
Return on accountPerformance Sumary!
& = 14775.00$ =35025.00
Long TradesOpen position P/LGross loss
Percent profitableWunber losing tradesLargest losing tradeAverage losing tradeAvg trade(win & loss}
Max consec. losersAvg @ bars in losers
$ -3575.0073
1. Max # contracts held$ 6575.00
Return on eccount
Performance Summary: Short Trades
$ (3525.00 Rh position P/L$ 26875.00 eoeen loss
Percent profitableBumber losing trades
Largest losing tradeAverage losing trade‘Avg trade(vin & loss)
Max consec. losersAvg @ bars in losers
Max # contracts held
Intraday Channel Breakout
8 0.008 -43600.00
368M$ -2000.00509.19106.28
§ 0.00
$ -20280.00650“
$ -2000.00
$ -595.59s 152.32
‘41
§ 9.00
$ =23350.00aa40
$ “us: 48
 
Figure 11-3. System test results—intraday channel breakout in S&P futures.
109
The CBO method was tested on TradeStation with good results. Figure11-3 shows performance of the CBO system with the indicated param-eters in S&P futures.
Summary and Conclusions
The CBO system is a sound and useful one for day traders. Its rules ofapplication are specific, objective, and mechanical. It is readily trackedby computer and tends to get on board when major moves occur withinthe day time frame. I recommend tracking this method in the moreactive markets, particularly those markets which have a high dollarvalue per tick. As with most day-trade systems discussed in this book,110 Chapter Eleven
entry signals are specific and objective. Exiting positions, however, areless objective, and you may wish to close out positions by allowingyourself to either be stopped out using a close trailing stop loss, or youmay wish to exit at a given price or time target. It is not uncommon forlarge profits to be diminished substantially as a result of waiting for areversing signal.12
Traditional Methodsof Technical Analysisand Day Trading
Since traditional technical analysis has been so popular for so manyyears, many futures traders are very familiar with the application ofsuch principles as chart formations, trend line penetrations, price pat-terns, and the many different methods of interpretation associated withthese formations. Many of these patterns have been used with great suc-cess by traders over the years; however, there has been a steadily grow-ing belief in recent years that these chart patterns are not necessarilyreliable and that they are, in many cases, subject to considerable inter-pretation. Traders who claim to be objective and scientific reject anymethod or trading technique which cannot be fully tested.
Clearly, the primary cause of the growing tide of counter-chart-analy-sis sentiment is that many of the chart formations and patterns cannotbe fully or thoroughly tested by computer. Nor can hypothetical resultsbe sufficiently quantified to instill the degree of confidence which somany contemporary traders demand. My personal opinion on this mat-ter, as you may well have gathered from my comments throughout thistext, is that computer testing is considerably overrated and that, in thefinal analysis, it does not necessarily guarantee profitable results.
I have deemphasized the value of computer testing and reemphasized thevalue of individual trader's skill as a critical variable in the formula for prof-itable day trading. In fact, it is certainly not an unacceptable extrapolationto extend these comments to all types of trading. With this in mind, Icannot include myself among the many who denigrate the value of traditional
111112 ~~ Chapter Twelve
technical indicators. I believe that there are many short-term and day-trading tools which are derived from traditional chart analysis. Thisbook is not intended to serve as a compendium of traditional toolsapplied to day trading. So many excellent books have been written onthe subject that anything I could add might be redundant. I will spendjust a little time, however, illustrating some of the methods to you sothat you may make your own decisions and/or be prompted to do yourown research, whatever form that may take.
The most supportive aspect of traditional chart analysis for day trad-ing rests in the fact that many day traders on the exchange floor use tra-ditional chart indicators in their trading. Experience and keen observa-tion have taught me to be a traditionalist with respect to market analysisand trading.
Although this may seem, to many of you, to be incompatible with thetasks and objectives of the day trader, my work suggests that there maybe many profitable opportunities to apply traditional charting principlesin the day trading. As long as you are the type of individual who is willing toaccept visual evidence as opposed to hard scientific validation, then this chaptermay be very helpful to you. If, however, hard science and definitiveanswers are what you seek, then I suggest you skip this chapter andmove onto something else.
Trend Line Analysis
A trend line is a straight line which connects significant tops or bottomson a chart in order to illustrate support or resistance points.
A support line is one which connects chart lows.A resistance line is one which connects chart highs.
A minimum of three points are required to produce a valid trend line.I do not mean to insult your intelligence if you are already familiar withtrend lines (which is probably true for the vast majority of you).
Figure 12-1 shows a number of support and resistance trend lines.Although there are no firm statistics on the effectiveness of trend lineusage, I’ve found trend lines to be very effective for intraday tradingusing 5-, 10-, and 20-minute charts.
Trend lines may be used as follows:
= Buying at support. This is a simple procedure. Once support has beenestablished, buy when prices decline to support in an up trend. Figure12-1 illustrates this approach.Traditional Methods of Technical Analysis and Day Trading 113
id 10 Mime BGR 1999 CO IN
 
Figure 12-1. Support and resistance trend lines on intraday chart.
= Selling at resistance. Also a simple method, this approach sells at aresistance trend line in a down trend once resistance has been estab-lished. Figure 12-1 illustrates this approach.
8 Selling breakouts below support. Once support has been established, adecline below support (breakout down) is considered a sign of weak-ness, i.e., a break in the trend, and used for the purpose of selling outexisting long positions or for establishing short positions. See Figure12-2.
= Buying breakouts above resistance. Once resistance has been established,a move above resistance (breakout up) is considered a sign ofstrength, i.e., a break in the trend, and used for the purpose of buyingback existing short positions or for establishing new long positions.See Figure 12-3.
When determining trend lines it is often helpful to go back severaldays in order to determine the location of the line. But do not get carriedaway by attempting to trace a trend line back several weeks using intra-day data—there is no reason to do this. Several days, even one day, willbe sufficient.114 — Chapter Twelve
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Figure 12-3. Support, resistance, and intraday signals.Traditional Methods of Technical Analysis and Day Trading 115
Trend Line Applications—ChartFormations
gi
 
As I’ve indicated above, I feel that the use of trend lines, although seenby many as too simple