Help Learning TA for noobs

[raul12]

for your post: http://www.traderji.com/beginners-guide/98261-help-learning-ta-noobs.html#post1064629

Can anyone tell me how to draw a down trend line near to circle downfall, i cant see any pivots forming

You've drawn it correctly. While making TLs the angle from horizontal is very important. The TLs shouldnt be too steep or else it'll be more susceptible to whipsaws.
The leftmost TL is wrong because it doesn't reflect the PA correctly. Hence you need to re-draw it so as to contain the downward PA under the Down TL.

 

[narangji]

The price action(PA) is not suitable for an ideal rising wedge pattern in this example chart of yours.

Also, don't FORCE any patterns on charts when there are none....it is NEVER the pattern rather the correct understanding and application of the PA which makes you the profit!

Thank you raul12, please understand i am not using this for trading purposes as of now but i want to learn first and then later on maybe use them for trading.

The reason I asked experts to draw a Rising wedge pattern was as I was unable to draw it and wanted to confirm (if i am correct).

Also If we were to draw two Lines for the uptrend in this PA, Can you please do that and show me (so it proves it is not a Rising WEDGE pattern), I want further clarity for which points to connect (uppper and lower).

Also I have posted another chart where I strongly believe Its a Falling Wedge pattern. Can you please confirm if that is correct? And I have drawn it correctly.


Thank you, your help is like blessing to me in disguise.

Eagerly waiting for your next post.

 

[narangji]

for your post: http://www.traderji.com/beginners-guide/98261-help-learning-ta-noobs.html#post1064629

Can anyone tell me how to draw a down trend line near to circle downfall, i cant see any pivots forming

You've drawn it correctly. While making TLs the angle from horizontal is very important. The TLs shouldnt be too steep or else it'll be more susceptible to whipsaws.
The leftmost TL is wrong because it doesn't reflect the PA correctly. Hence you need to re-draw it so as to contain the downward PA under the Down TL.

Thank you Raul for taking your time our and Explaining TL. That is a very helpful hint and I will keep it in mind.

Can you please tell which leftmost TL is incorrect, Daily chart or Hourly Charts? and If you could possibly point of exact mistake or redraw it for me


Thank you once again, I have many other questions on TL, however I will wait for the reply for the points you have helped.

 

[rajesh.singh]

Rajesh ji well said, perhaps I should slow down. I really don't know. I read all day long the more I read the more I get myself in this (black hole). It never seems to end. I keep watching video's and articles over and over again.

Thank you so much for that link, It has some very good points which I normally don't see on you tube and forums. This guy knows his stuff.


I will read and ask questions, hope you can help again.

Narangji,
As you going through various sources, just look for system/style that suits you, & try to bring basics understanding on that particular style first, then only look further as there are various dimensions in Price Action trading, and that can be overwhelming, if we not focused.
The blog link i given is Bible in itself, & it covers every aspects of trading in very simplified form, specially if you have interest in trading bars, based on Al Brooks.
All the Best,

 

[narangji]

Narangji,
As you going through various sources, just look for system/style that suits you, & try to bring basics understanding on that particular style first, then only look further as there are various dimensions in Price Action trading, and that can be overwhelming, if we not focused.
The blog link i given is Bible in itself, & it covers every aspects of trading in very simplified form, specially if you have interest in trading bars, based on Al Brooks.
All the Best,

For now my style is no style, as i dont even know the basics of TA. Let me finish learning TA first then I will work on style.

 

[raul12]

Its sad not to see any replies/Correction/Suggestion or improvements.

However I have moved on to next chapter and Learning Wedges. Facing issues while drawing a WEDGE, Also having a hard time deciding entry exit and SL in case of a breakout failure.

Here is a sample Wedge drawn - Falling WEDGE Pattern - WTI Crude OIL - Hourly Chart

Q1. Did I draw WEDGES corretcly?
Q2. Breakout 1 Clearly Failed, Did i place stop Loss Correctly?
Q3. Breakout 2 Was Success, please confirm if the SL 2 Was correct?

Also shall we trade a Wedge, as the lower pivots were getting formed before the breakout?

PS: SIN mentioned only buy if in UPTREND higher pivots are getting formed

If anyone clarify it will be great!

I guess you were asking abt this chart.

Answer1: No. Becoz of the 1st failed breakout , this is not exactly a textbook falling wedge pattern anymore.
Answer2: Yes
Answer3: Yes

The SL is always placed slightly below (to give some room to the trade) the recent swing high/low.

Also shall we trade a Wedge, as the lower pivots were getting formed before the breakout?
If your talking abt trading in long before the breakout, then the ans is NO becoz the trend is Down and you should never trade against it. However if you wanna take a very short-term trade against the trend to make quick profits then it's up to you.

 

[Somatung]

@Narangji

I see how you complain in different threads about what you think "Participation in a thread must be according to your mind".

There is no obligation in the forum to any member to answer or respond in any way to any of the threads. Kindly notice this and stop complaining about it.

Second: If any of your threads or any other one is watched and noticed many times, that doe's no guarantee that any answers or comments are posted on such a thread. In many times the subject can be boring for seniors and long time members, as the subject was discussed in the past to its extension. So we will visit such threads and we are in many cases tired to post again and again on such old topics.

This does not mean that we do not respect the questions, but time is time.

So do learn to control your frustration when not any answers are served immediately on a silver tablet to you after you asked for them. Instead be motivated to do more search on the topics by your self.

Those control of frustration you any will need to handle when entering a trade which not immediately will work out for you. And that will be the normal case.

Take care / Dan

 

[narangji]

@Narangji

I see how you complain in different threads about what you think "Participation in a thread must be according to your mind".

There is no obligation in the forum to any member to answer or respond in any way to any of the threads. Kindly notice this and stop complaining about it.

Second: If any of your threads or any other one is watched and noticed many times, that doe's no guarantee that any answers or comments are posted on such a thread. In many times the subject can be boring for seniors and long time members, as the subject was discussed in the past to its extension. So we will visit such threads and we are in many cases tired to post again and again on such old topics.

This does not mean that we do not respect the questions, but time is time.

So do learn to control your frustration when not any answers are served immediately on a silver tablet to you after you asked for them. Instead be motivated to do more search on the topics by your self.

Those control of frustration you any will need to handle when entering a trade which not immediately will work out for you. And that will be the normal case.

Take care / Dan

Dan Ji as I have told you BEFORE, as you have the right to your opinion, I should have right to mine.

No matter how hard you try I can UNDERSTAND your opinion but I won't AGREE to it. Similarly you can understand my opinion and you don't need to agree with it.


So Lets stop being an EXTREMIST and learn to understand different point of views.

I still exactly feel the same way that mentality of most people is selfishness. That is the trait of our leadership and community. They don't give back to the community after taking so much. This is the common indian mentality.

However if you Look how many people have also contributed to the community members Like SAINT, JOSH, STEVE, DSM, TAIKI and so many others I have been reading and people who try to help here like RAUL, RAJESH SINGH, SNAKE HEAD and many more names I can't remember right now ETC ETC. They have been doing a selfless job and helped many others like me. They are the real gems.

(IF I CAN SEE THAT, I MUST ALSO SEE WHAT YOU ARE TRYING TO SAY, HOWEVER CAN YOU SEE WHAT I AM TRYING TO SAY?)

So my simple intentions was not to complaint, but increase participation in threads. I honestly feel this forum is great and to keep it that way we need more and more people to participate. What's wrong in that?

NOW PLEASE GET OFF MY BACK. READ THIS THREAD AND TRY TO HELP, IF YOU CAN'T, THIS WOULD BE MY LAST ATTEMPT TO EXPLAIN MY POINT OF VIEW. I HAVE TO STOP REPLYING TO YOU. OR I WOULD HUMBLY REQUEST THAT YOU CAN IGNORE ME.

THANK YOU

 

[narangji]

I guess you were asking abt this chart.

Answer1: No. Becoz of the 1st failed breakout , this is not exactly a textbook falling wedge pattern anymore.
Answer2: Yes
Answer3: Yes

The SL is always placed slightly below (to give some room to the trade) the recent swing high/low.

Also shall we trade a Wedge, as the lower pivots were getting formed before the breakout?
If your talking abt trading in long before the breakout, then the ans is NO becoz the trend is Down and you should never trade against it. However if you wanna take a very short-term trade against the trend to make quick profits then it's up to you.

RAUL Ji thank you that answered most of my questions,

It would be great if you can explain Answer 1 in little more detail? I mean how should a text book pattern should look like?

 

[Catch22]

Narangiji, Dan meant well .,order has to be maintained .Good for you , me and everyone else.
‘This does not mean that we do not respect the questions, but time is time.”
“There is no obligation in the forum to any member to answer or respond”
“In many times the subject can be boring for seniors and long time members, as the subject was discussed in the past to its extension”

We all are learners,traders , as Many have mentioned. Some of us hesitate,to speak out a strategy , for good reason .Some have the caliber, to guide .
The relentless quest you have is a good quality .Someday you will be helping others here .
Peace and Best of luck.