Help me read a chart

[treeman]

I’m new, still learning, know the basics, but still a dummy. So ‘splain this to me..

the below chart is from the O’Neill book, HTMMIS. ITS SHOWN AS AN EXAMPLE OF A DOUBLE BASE. THE TWO BASES ARE MARKED. They don’t look like bases to me. What am I missing.

View attachment 279505

It helps to look at charts for horizontal demand and supply zones.


UNP is currently breaking out on a base on base, cleaner than this example.

 

[Buy1Sell2]

Thanks. I always thought of a base as a more or less imperfect flat line, preferably a tight one, that lasts at least a few weeks. Although I realized after I posted that this is a weekly time frame so it was only two candles (meaning lines it’s not a candle chart) but that represented two weeks.

This would depend on your time frame. It could easily be a few minutes or few months.

 

[murray t turtle]

I’m new, still learning, know the basics, but still a dummy. So ‘splain this to me..

the below chart is from the O’Neill book, HTMMIS. ITS SHOWN AS AN EXAMPLE OF A DOUBLE BASE. THE TWO BASES ARE MARKED. They don’t look like bases to me. What am I missing.

View attachment 279505

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I LIKE those NTAP bases much better in 1999 than 2022\even though bases tend to be way too much subjective for me.
And when 1st quarter is almost all over in 2022\NTAP cant even beat its benchmark/QQQ.
UNP = better if one does single stocks or SSO....... are doing better this quarter.
TQQQ also/ but its much wilder trend.
SO REALLY, dont worry about something as subjective as bases/ he's got good buy point end of year + looks much more buy points around MARCH bottom/50 day moving average QQQ more than NTAP, year to date ............