Do they make more sense now or do you still think I’m bonkers for drawing them?
I knew they were not support / resistance lines… you can draw trending lines pretty much anywhere on a chart as @Manuel_Villarreal’s graph illustrates. Those are how you are trending potential highs and lows.
The interest from my perspective is trying to get a forecasted outcome in some manner… and my view on this is simply a script can not accurately predict where the market is going but a human can.
Does anyone want to start to think how TA can be fed forwards? For example… normally at weekends things go sideways… however, not always… with a wedge formation we certainly know prehaps 24 hours that something is coming at least a sharp up or down… with that knowledge we can script it or turn it on…
Only if you are a day-trader, one will be consumed with the price fluctuation, I am into Bitcoin for the technology and not for speculation…
There are reasons why building a bot can be more successful than humanly trading. This is because:
- you set up your rules and the code follows the rules.
- it can scan across more opportunities than a human can scan across.
- it can do this 24 / 7 and no human can do this.
The problems with a bot are from a simplistic point of view is;
1.its only as good as the programming code.
2. need to manage get in and get out
3. need to manage when problems occur.
4. Forward prediction is limited at best… lagging trend indicators / predictive trend indicators.
And its that last bit which is the crunch of the entire thing in my view. …
and right now… would I want you to put your money on “the bot”… not on your nellie!!!
And I agree that a bot had advantages, but I’d say that it’s mostly due to the fact that it’s purely objective. It doesn’t trade on bias or emotion.
That being said, as far as I know, most basic bots run off of moving averages. Adding charting patterns, historical support and resistance lines, trend lines, etc… that’s fucking hardddddddddd.
So in so many ways, a human can see a lot more than most bots. However the bot has the ability to process the data quicker, and without bias.
PS. I program as part of my living, but I know jack shit about bots. Half of what I’m saying is me just speculating.
We are certainly on the same page… moving averages is only a part of the solution. We can program lots of indicators… we can line up a bot that will act in a particular type of market… pretty well, its knowing what do to when the market changes and to have a different bot to switch to.
As long as we have a good look ahead to say for the next 24 hours expect a sharp up or down as a wedge formation is occurring, we can program this… no problem… it then does its thing and we are sorted… with a sideways bot…
It needs that TA input as the combo will be better …bot and human interaction…
They are mate. Regardless of angle they are still classified as levels of support and resistance. Your a hard nut to crack crash.
I get this. However, its not to say that the support or resistance you have had at a particular level has jumped up or down the order book. You end up with a moving deviation away from a mid point and this is why we see these trend lines forming and at any particular time in the future, the likely deviation from the mid point of say a peak if it is going up is likely to be to the same magnitude or a proportion of it.
The point I am making is the solid walls that have been resistance and support have not moved and they will still be there to a degree when the price returns to that area.
The very first option in the TradingView toolbar is the Trend Line tool. The fourth is the Horizontal Line tool. They’re entirely different.
Also note the ascending channel that I have diagrammed on the lower time frame. That’s two diagonal trend lines. One is support, and the other is resistance.
(I replied to the wrong person lol)
Did you not see my apple chart. Those diagonal trend lines are in the past but they still counted in the future as support and resistance…I’m not making this shit up.
Both horizontal and diagonal trend lines give you areas of support and resistance now and in the future, offering up areas to start looking for trades. sometimes price might even come into an area where horizontal and diagonals meet making those levels even stronger.
I really am still struggling to comprehend why you’d discount them.
You can draw trend lines as you have… and thats fine… the reality of where the support lies on the order book will be where the horizontal lines are… I can take the apple graph and put horizontal support / resistance lines on it… and your trend lines represent a deviation from highs and lows. however the actual order book quantities can not magically jump up from where they were before can they? how do they do this?
As far as my understanding goes real support and resistance lines always go horizontal… I have only quoted the reference you have stated, thats all. I am not trying to argue… I dont get how if you have a support / resistance level where certain orders have been put, then they dont magically get put up unless you are tracking the entire wall steadily up… the your approach would make sense.
How you may be able to do this over very long time frames is still beyond my understanding.
Show me where in the article it states that? I read this…
If company A is trading at $35 and moves to $40 in two days and $45 in three days, the analyst has three points to plot on a chart, starting at $35, then moving to $40, and then moving to $45. If the analyst draws a line between all three price points, they have an upward trend. The trendline drawn has a positive slope and is therefore telling the analyst to buy in the direction of the trend. If company A’s price goes from $35 to $25, however, the trendline has a negative slope and the analyst should sell in the direction of the trend.
Are you referring to order blocks? Because yes, they can be marked horizontally and used as areas of interest as can fuckin diagonals.
Sorry for the language bro, not slept after a night shift. Just please go on a chart in any market on any timeframe and draw diagonals and tell me they don’t offer trading opportunities.
Neither of you are wrong lol
well fuck me sideways this was an astonishing catch up of the thread i don’t know if i have come away not knowing what a simple trend line is or is not
Im serious guys can you point me in the right direction for a mentor for charting 101 basic level please.
Your telling me jacko, christ lads my head is in a spin after reading that!
So is the bottom in?
Meanwhile, I’ll continue to DCA each week. I’m still here friends, just reading a lot more at the minute due to work commitments
Hey Buddy shits wild on here lately any spark and it goes off like a wild fire lol
i started my DCA back up first week of Jan again XRP, LTC, BTC every week
Try starting here: Let's Talk Indicators
I don’t really get into “how to use” all that much but if you start learning about indicators and their individual characteristics and usage, you’ll start to build on your TA skills fairly quickly.
Crash, here’s the current hourly BTC chart, with five perfect tests of the trend line (open/close literally to the exact dollar).