Please see if I have drawn the TLs correctly
- Thread starter linuxguy
- Start date
hi linux looks like working a lot on trend line:thumb:
looks good enough so when u draw trend line keep a watch on break above or below for more upside or downside respectively .
u need not follow it but trend lines should be more precisely drawn by joining lows not the closes
what i observed is u had joined the open and close which were tested
similarly for pattern formations also .
sometimes we get better trends joining the open and close also
My 2 cents
looks good enough so when u draw trend line keep a watch on break above or below for more upside or downside respectively .
u need not follow it but trend lines should be more precisely drawn by joining lows not the closes
what i observed is u had joined the open and close which were tested
similarly for pattern formations also .
sometimes we get better trends joining the open and close also
My 2 cents
Linux, your TLs look fine to me. In my view, there is no standard definition for selecting the points to draw the line. I have come across
- selecting L / H of bar
- drawing line touching most H/L points on its path (there might be few tails crossing the line)
- touching close points
- giving small amount of filter below/above H/L points..
And to confuse u more, TL are adjusted for better fitment at later date when u have more points falling near it..
Bottomline, these is no 100% perfect way. You can select whatever suits you.
All these lines will pass more or less same message to you.
And even if there is any 100% perfect line, market may not look at exact level there to bounce form but might penetrate it by few points.
so in real trading, you always need to give that extra buffer.. so why not use the same approximation in your drawing as well.
These are just my views, cause I am happy to be 90% correct and spend 30 sec to draw the line.. rather then spending 5 mins to draw 96% perfect line.. or 1 hr to draw 99% perfect line.
Happy Practical Trading
- selecting L / H of bar
- drawing line touching most H/L points on its path (there might be few tails crossing the line)
- touching close points
- giving small amount of filter below/above H/L points..
And to confuse u more, TL are adjusted for better fitment at later date when u have more points falling near it..
Bottomline, these is no 100% perfect way. You can select whatever suits you.
All these lines will pass more or less same message to you.
And even if there is any 100% perfect line, market may not look at exact level there to bounce form but might penetrate it by few points.
so in real trading, you always need to give that extra buffer.. so why not use the same approximation in your drawing as well.
These are just my views, cause I am happy to be 90% correct and spend 30 sec to draw the line.. rather then spending 5 mins to draw 96% perfect line.. or 1 hr to draw 99% perfect line.
Happy Practical Trading
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