I believe the bottom is in

bitcoin

#142

does this make it easier for you to grasp?

you then clone them and see if there is confluence with other price movement. looks pretty obvious to me.


#143

You could also draw horizontal lines too couldnt you… I just dont get how you can line the ones up at the bottom… maybe we aint got down there… its open to intrepretation.


#144

yes horizontals hold more weight, diagonal trends still count, no??

this is pain staking bro… again this is the point of origin of those trend lines.you then extend them out.


#145

Yes, but a fall from $1 to zero cents is also a 100% drop. Is that a lot in your opinion?

Well, I guess it must be because you just said a 100% drop is a lot in your opinion.


#146

Crypto49er.

I assume you have sold your house (if you own one), sold your car and any and all other possessions you might own that have any value and put all that money in short positions?

If you are so sure that BTC is going down severely and capitulation is gonna happen …what are you waiting for?

Put your money where your mouth is…right?

I have put my money where my mouth is. How about you?


#147

As stated several times even if you are confident in it going one way or another it never makes sense to go all in one way or the other that is just asinine. If you are out then good luck on catching the bottom to get back in.


#148

All trend lines / TA are open to interpretation.
I don’t get what you mean by “I just don’t get how you can line the ones up at the bottom” or “maybe we ain’t got down there”. Can you elaborate on this?


#149

#150

Just started using this after @airbaker highlighted it the other day, really nice site :ok_hand:


#151

@Clarky663

here is what I mean - why would you draw them diagonally? Are they on a log plot or something? As you can see the horizontal lines do hit resistance / support levels clearly shown.

I just dont understand why your lines have a slope on them? How do levels which have support and resistance change … .not to be a pain in the backside… surely this is all related to the order book.

Something I also have never understood either if you get through a resistance line, you have just got through it, how does it then turn into a support line? Has it then just kinda build up a level just under the ‘old’ resistance line which built up when it was trying to get through that resistance point? This kinda makes sense.

If my understanding of support and resistance levels is correct how then do those then move diagonally up? Surely they then stay at that particular level?

Crash


#152

I get it mate, I have those horizontal lines on a different chart so I don’t clutter my screen. I’ve honestly got more lines than Tony Montana :aquarius:
But yes the market forms structure around previous support/resistance be that horizontal or diagonal, It happens on every time frame.
I also respect horizontal levels a lot more than diagonals but there’s definitely a place for adding them into your TA.


#153

Example. Weekly apple.


Just using two fixing points of lows in 2005 and 2006 then cloned and placed at every major swing high after, you could have had some nice entries and exits targets in the future nearly six years worth of valuable levels same could be said if you added the horizontals but I couldn’t be fucked doing anymore :+1:

Edit: first red sell square should be the break to the right of the third green buy square, just in from a nightshift so minds starting to drift.:expressionless:

Also those would’ve been balls of steel buys in 2009.
Could be something similar in 2019 or 2020 with BTC, but I can’t tell what the fucks about to happen .


#154

If you’re programming a bot, then I highly suggest learning the basics of charting before attempting to put the thing in action. I know we’ve had disagreements in the past, but I mean this advice in the most sincere way possible. I don’t want you to get rekt man. :slight_smile:

Also, in addition to what @Clarky663 said, all charting patterns, be it triangles, wedges, channels, flags, etc, are just patterns derived from combining two or more trend lines (be them horizontal or diagonal).

For instance, the descending triangle that caused the breakdown from $6k was nothing more than a horizontal support, combined with a descending (diagonal) resistance trend line.

Best of luck brother!


#155

@Nathan_D

your last comment is like saying "I think you are an idiot and "…

I understand you can draw lots of lines on a chart… what I was trying to clarify was that price values of support and resistance do not magically move up and down. If I was thinking it … then prehaps … another perceived “idiot” was thinking it too.

Note: I have not called anyone an idiot apart from me before anyone flames me on this!

All good.

Crash


#156

Bro your a great member of the community as is Nathan and pretty much everyone who actively posts and some who don’t :wink:
I think(know) he’s not calling you an idiot, instead offering some constructive criticism. To save you from losing money from going balls deep into bots without first mastering the basic TA skills.
Love your constant positivity though so keep plugging away and I’m sure you’ll succeed in the future with your bot endeavours :ok_hand:


#157

No one is calling you names. You’re a genuinely nice guy, and although you may not believe me, I actually like you. :stuck_out_tongue:

When it comes to charts, you have to have a certain type of mind to be able to analyze and swing trade effectively. 99% of traders lose in the long run. Building a bot that is profitable is even harder, so I suspect that you’re underestimating just how difficult this will be.

That being said, it can be done. I like your passion and determination, and genuinely hope you pull it off. @Clarky663 and I are just hard on you because we want to make sure you cross all your T’s and dot your I’s before you put your hard earned money on the line!


#158

This.

We probably sound like real cunts, but if I’d listened to some of the advice given by people I thought where being dicks last January/February I’d be in a better financial position than I’m in now,
That doesn’t include sparky though he’s still a fanny baws. :ok_hand:


#159

@clarky663 appreciate your positive comments and my posts were not really for my benefit, if I was confused by those lower blue lines then I am sure that alot of people may have been.

In regards to the bot, the plan is to get something working and the results will be the results. If it makes, then that will be great for everyone.

One thing is clear to me is that a bot will benefit from some level of TA involvement, Exactly how this part works I dont know yet, so it would be great to have some offers of help from someone who is good at it and would be willing to make the best calls going forwards.

The secret is not to try and automate everything but to use the tools at your disposal, what ever those may be.

Hopefully this makes sense.

PS I know I am not an idiot smiles at @Clarky663 and I even know that @nathan_D doesnt.

All good.

Crash


#160

For the non Scots wonder what a fanny baws is.


#161

Well we are getting somewhere… can those good at TA think or ways to input into a bot on a predictive input?

A bot isnt fire and forget, having a plan for the next 24 hours or 36 hours to focus on and a way to expect the market to go is essential. Does TA enable us to forecast a 36 hour market condition? such as a wedge formation? etc.

I know I am no TA genius, and there are those in the pub that are…

Crash