almost a 20 point bounce of that trendline
Do Trendlines work?
- Thread starter duard
- Start date
a closer look
lots of lines
useless noise!!!
its was at 390 at 11:10 when I put up the chart with line that showed it was going to the 365 area and it went there and stopped and bounced of that price and has run to 413, thats 48 points off a trendline, might be useless noise to you but its 48 points up off a trendline, I like them, and when they line up with support like it did today its even better
that was real time, maybe you have a better system, but I know they work, were at 408 now
price and trendlines, support and resistance, these computer generated programs have to be programmed off something
hey, good luck to you, hope you find something that works you
its was at 390 at 11:10 when I put up the chart with line that showed it was going to the 365 area and it went there and stopped and bounced of that price and has run to 413, thats 48 points off a trendline, might be useless noise to you but its 48 points up off a trendline, I like them, and when they line up with support like it did today its even better
that was real time, maybe you have a better system, but I know they work, were at 408 now
price and trendlines, support and resistance, these computer generated programs have to be programmed off something
hey, good luck to you, hope you find something that works you
Wow, a thread filled with BS.
I'm gonna post something that i want NONE of you folks to ever forget in your life of trading
"The only reason trendlines, fibo, sup/res works, is because other traders are watching them"
in other words, market psychology.
And no, a trend does not change 'on a dime' therefore trends grow and grow and grow until they get tired and FIGHT to turn around, when they do a head and shoulder usually forms.
so before u dismiss why a technical tool works or does not work, first ask why would it work in the first place.
and do yourself a favour and read up on market psychology
I'm gonna post something that i want NONE of you folks to ever forget in your life of trading
"The only reason trendlines, fibo, sup/res works, is because other traders are watching them"
in other words, market psychology.
And no, a trend does not change 'on a dime' therefore trends grow and grow and grow until they get tired and FIGHT to turn around, when they do a head and shoulder usually forms.
so before u dismiss why a technical tool works or does not work, first ask why would it work in the first place.
and do yourself a favour and read up on market psychology
Thanks for the generalization.
http://www.elitetrader.com/vb/showthread.php?s=&postid=1519026#post1519026
This link showed a real time example of using a trendline for entry.
The trade was triggered late in the day and, guess what, another trendline folks, for the non-beleivers, was used for profit target which was actually reached in overnight trade for a 52 point profit. This line used for profit target was also posted before the trade in an earlier posting. I'll attach another chart now.
TL are just support and resistance. Of course they can "work", but of course it is up to the individual.
You can give someone the formula for a franchise business, like a Subway sandwich shop. The formula "works", but one person may not have success and the next may make a killing.