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How to draw trendlines

  • #21
  • May 20, 2007 12:56pm May 20, 2007 12:56pm
Quoting bravado
look at your attached charts.

you need lot more bars or candles to draw a trend line. zoom out.
I am zoomed out! lol

Unfortunately the platform I use is fairly limited in the data it displays

I know...I know...change broker
  • #22
  • May 20, 2007 12:58pm May 20, 2007 12:58pm
Quoting Phillip Nel
If you know the motion of the Market you will know how to draw your trendlines to anticipate future motion.
Great post Phillip. THANK YOU.

I'm constantly amazed at how many people come forward to help you when you ask something.

I visit a lot of forums and this one is by far the best in my opinion.

Thanks again.

Tom
  • #23
  • May 21, 2007 8:06am May 21, 2007 8:06am
Studying the way in which the lines were drawn by fx_ninja in the chart above and re-reading the original comment by the trader who criticised me in the other forum again, I'm seeing the chart I drew in a new light.

He wrote: "Your best lines are the top two, and if you draw similar lines on the bottom section that will make more sense. You are after all drawing trend lines and there has to be a trend there to begin with. You can't force your own trend."

I think he is right. There are lower highs on the large range days but on the whole that section of the chart (circled) looks more like a period of consolidation than any real trend.

As a result, it appears to look better with simple support and resistance lines that attempt to define a channel.
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  • #24
  • May 21, 2007 9:06am May 21, 2007 9:06am
Wizard, Why care what someone on a forum thinks of your trend lines and how they are drawn. If you can trade from them with profit is all that matters. After all, you are the one using them, not others. The way I draw lines are "non traditional." But they allow me to pick the pockets of those I am trading against. Draw on your charts your way.
  • #25
  • May 21, 2007 11:04am May 21, 2007 11:04am
Phase1, one of my biggest downfalls as a trader is I try and understand everything I can even if it doesn't affect my trading.

The TL's make sense to me but if someone says they are wrong then I want to know why.

Sometimes you genuinely learn something useful or another way of looking at things which could be profitable but the danger is that you can end up very confused with lots of conflicting opinions. I acknowledge this.
  • #26
  • May 21, 2007 11:06am May 21, 2007 11:06am
one chart for wizard
each to their own style
..
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  • #27
  • May 21, 2007 11:09am May 21, 2007 11:09am
Quoting billbss
Trendlines are subjective. No two people will draw them the same.

That's why I like DeMark's trendlines. They are mechanical and objective..
Bill brings up a good point on TLs being subjective. This is why i went out long ago and bought DeMark's book "The New Science Of Technical Analysis"...some of the best reading on TA i've got on my trading bookself. If a pro like TD came to the conclusion one morning about the 'subjectivity' of TLs and realized something had to be done to get TA traders on the same page you know it was something that really bugged him!

The story goes that one night he was discussing a chart over the phone with his long time professional trading partner, they were disscussing this high, and this low, a trend here, a trend there, and drew what TD had thought were the same TLs. Upon arriving at work and comparing their charts (and remember these guys had lived and breathed 'charts' together in the same office!)...the trend lines were totaly different.

That's when the TDTLs were born.

The book is a very nice read.

Best wishes Tom
from another
tHom
: )
  • #28
  • May 21, 2007 9:50pm May 21, 2007 9:50pm
I use trendline to see the direction and use horizontal support and resistance to time entries/exits. I dont use trendline for timing entries/exits.
  • #29
  • May 21, 2007 9:53pm May 21, 2007 9:53pm
when u analyze a chart, it may reveal many potential opportunities. DO NOT expect to catch all of them.

Quoting the_wizard
Phase1, one of my biggest downfalls as a trader is I try and understand everything I can even if it doesn't affect my trading.

The TL's make sense to me but if someone says they are wrong then I want to know why.

Sometimes you genuinely learn something useful or another way of looking at things which could be profitable but the danger is that you can end up very confused with lots of conflicting opinions. I acknowledge this.
  • #30
  • May 22, 2007 2:00am May 22, 2007 2:00am
Quoting luqmanz
I use trendline to see the direction and use horizontal support and resistance to time entries/exits. I dont use trendline for timing entries/exits.
If more traders would do that and be patient for entries and exits, we wouldn't have a 95% failer ratio in this market... lol... I know, easier said...

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  • #31
  • May 22, 2007 5:52am May 22, 2007 5:52am
Quoting luqmanz
I use trendline to see the direction and use horizontal support and resistance to time entries/exits. I dont use trendline for timing entries/exits.
So you would enter short, for example, if the price broke both down through a horizontal support that combined with a rising TL?
  • #32
  • May 22, 2007 6:49am May 22, 2007 6:49am
Quoting Phillip Nel
I cannot say that that you have drawn them wrong. Maybe not complete. I have 10 years experience in stock trading. Can you post the same 2 charts but with the 21EMA(Exponential Moving Average), the 89SMA(Simple Moving Average) and the 200SMA plotted on it. I want to show you something that you will use for ever.
Thanks
Phillip
Phillip, please could you explain to me why you use a 21-EMA and yet the other 2 are SMAs? Just curious. Thanks.
Hercs
  • #33
  • Edited 6:05pm May 22, 2007 7:36am | Edited 6:05pm
Quoting forex3e
one chart for wizard
each to their own style
..

timing entries and exits 3E 's Triangle Fan Style
second chart
..
  • #34
  • May 22, 2007 10:13am May 22, 2007 10:13am
Let me join the fun. Here is my version. I just finish reading the "channel surfing" book.

btw, do you see a head and shoulder pattern?

http://img249.imageshack.us/img249/4061/33268044vl0.gif
  • #35
  • May 22, 2007 11:12am May 22, 2007 11:12am
Welcome aboard JackT,

You have analysed that chart very well!

Tom
  • #36
  • Aug 4, 2007 10:28pm Aug 4, 2007 10:28pm
The usage of fibonnacci and trendlines captured price action for past few days ..
,
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  • #37
  • Aug 6, 2007 11:59am Aug 6, 2007 11:59am
update
price action completes point,C @ 23894
,
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  • #38
  • Aug 8, 2007 3:02am Aug 8, 2007 3:02am
http://www.forexfactory.com/showpost...ostcount=12695

update
continuation of ww pattern :
,
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  • #39
  • Edited Aug 9, 2007 3:53am Aug 8, 2007 7:51am | Edited Aug 9, 2007 3:53am
Price action completes part,II of the pattern @ point,H from part,I @ point,E runs +433 pips present high 24292. price action may continue further up to wreak this pattern [to point,I] or it can chose to continue to part,III is yet to be seen. good r/r at point,H. UJ however is still awaiting to complete its run to part,II from part,I @ target,2/11718. whether it succeed is yet to be seen. present high 11946.

[update#1]
UJ present high 11982 comes close to minimum requirement to complete part,II missing via 17 pips. supporting wedge line to hold price action if not expect a retest of the previous low. GJ however broke higher unto point,I/22409 a zigzag ratio fit count 552/550 pips.
  • #40
  • Edited 9:27am Aug 9, 2007 8:23am | Edited 9:27am
[update#2]

UJ current low price 11836 (have a line there).
GJ touch and go at point,I/22409 is help by GU double top at its .786/20392 current price is near .236 level. GJ current low is 23909 run +500 pips which satisfy the minimum target requirement, good r/r level. I awaiting its next phase ..

edit: add chart
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