Cookie Policy

Welcome, Guest
Username: Password: Remember me
Learn to trade and improve your trading knowledge, so don't be shy give it go and see how you get on!

TOPIC: Drawing trend lines

Drawing trend lines 18 Apr 2014 21:03 #1

  • remo
  • remo's Avatar
  • OFFLINE
  • Moderator
  • Posts: 2802
  • Thank you received: 5120
  • Karma: 111
Hi woody
The zoomed out version looks ok..
The line with the ??? and the numbering is not that important as its not a trend line. Its just a possible channel line.So i wont pay much attention to that .
with regards to supports and horizontal..i dont know where to start as you have way to much on those charts and i cant see where they started from.


xWoody wrote:
Hey remo

Thanks for the feedback! I was using the extremes of wickes, but from a way back... maybe I haven't the right points for the trendlines? Here's a fully zoomed out image of the chart and I've numbered the two points I've used to draw the main trendlines... are these correct?

https://www.dropbox.com/s/l2f632owbxtsu2d/Screenshot%202014-04-18%2013.59.14.png

Here is a slightly more zoomed in version showing the other trendline (the one that get's pierced)...

https://www.dropbox.com/s/zmm4h93m32tabgk/Screenshot%202014-04-18%2014.04.01.png

If a trendline is broken like that, do you stop using it? or re-draw it using the new point? This is the bit where I got confused!

Also, have I put my horizontal support/resistances in the right places? Are there any I shouldn't be using or any I have missed?

Thank you again for your help! I'm sure it must be a pain to have to cover the same old basics again and again!!

Cheers
Woody
Information Purposes Only, Do Your Own Research
remo
The administrator has disabled public write access.
The following user(s) said Thank You: xWoody

Drawing trend lines 18 Apr 2014 14:15 #2

  • xWoody
  • xWoody's Avatar
  • OFFLINE
  • Fresh Boarder
  • Posts: 35
  • Thank you received: 24
  • Karma: 3
Hey remo

Thanks for the feedback! I was using the extremes of wickes, but from a way back... maybe I haven't the right points for the trendlines? Here's a fully zoomed out image of the chart and I've numbered the two points I've used to draw the main trendlines... are these correct?

https://www.dropbox.com/s/l2f632owbxtsu2d/Screenshot%202014-04-18%2013.59.14.png

Here is a slightly more zoomed in version showing the other trendline (the one that get's pierced)...

https://www.dropbox.com/s/zmm4h93m32tabgk/Screenshot%202014-04-18%2014.04.01.png

If a trendline is broken like that, do you stop using it? or re-draw it using the new point? This is the bit where I got confused!

Also, have I put my horizontal support/resistances in the right places? Are there any I shouldn't be using or any I have missed?

Thank you again for your help! I'm sure it must be a pain to have to cover the same old basics again and again!!

Cheers
Woody
The administrator has disabled public write access.

Drawing trend lines 18 Apr 2014 08:10 #3

  • remo
  • remo's Avatar
  • OFFLINE
  • Moderator
  • Posts: 2802
  • Thank you received: 5120
  • Karma: 111
Hi woody
You need to join the lines at the maximum point of the wicks. Also I can't tell where you have started your trend lines from so don't know if it's done right.
Your too zoomed in so can't tell of it's done right.
Your bottom line is not done right as it's going through the candle. Use the extreme of the wicks to join the trend lines.
Others may argue but if your trying to do the same as my method then you need to use extremes of candle wicks...
Hope that helps
Remo

xWoody wrote:
I watched the first few videos in the learning section and decided I'd have a go at drawing some trendlines, supports and resistances on a chart. Thought I'd pick a stock I've somewhat cluelessly watched go up and down for the last few years! ;)

Would appreciate it if you'd have a look and let me know if I'm close or miles away... feel free to point out anything I've gotten wrong or missed!

https://www.dropbox.com/s/zvvfuzpuhphzwal/Screenshot%202014-04-17%2018.15.46.png

Cheers
Woody
Information Purposes Only, Do Your Own Research
remo
The administrator has disabled public write access.
The following user(s) said Thank You: xWoody

Drawing trend lines 17 Apr 2014 18:58 #4

  • xWoody
  • xWoody's Avatar
  • OFFLINE
  • Fresh Boarder
  • Posts: 35
  • Thank you received: 24
  • Karma: 3
I watched the first few videos in the learning section and decided I'd have a go at drawing some trendlines, supports and resistances on a chart. Thought I'd pick a stock I've somewhat cluelessly watched go up and down for the last few years! ;)

Would appreciate it if you'd have a look and let me know if I'm close or miles away... feel free to point out anything I've gotten wrong or missed!

https://www.dropbox.com/s/zvvfuzpuhphzwal/Screenshot%202014-04-17%2018.15.46.png

Cheers
Woody
The administrator has disabled public write access.
Moderators: remo

Time to create page: 0.311 seconds