Hypothesis: Technical Analysis only works in the immediate short-term

[learner2007]

the proper way to draw TLs.

If you have a second, please see the attachment in my post #86 above. While I left out many important details, I think the basic process therein would be correct.

 

[Streetwise]

Sounds like Surf talking!
Expert in all things trading, speaking with authority, self assurance that your opinion goes for all traders.
Heard it all before, cocky but FOS.

LOL, liberal triggered. Show me where I said my opinion counts for everyone ? I said :

But hey it's up to anyone what so called indicators they use.

 

[Streetwise]

No, it's basic common knowledge that's known by those who have made the effort to learn.

So tell me, what makes Connecting Higher lows, higher highs, lowest low to highest high and vice versa, a line right though the middle of data different. No it is all the same subjective nonsense.

 

[Streetwise]

Not true that there are no objective means of drawing TLs. For example Tom Demark has 100% objective rules for drawing them as can be seen in software that display his indicators. I understand regression lines and also that there are 100% objective ways of drawing TLs. The point of the post was to engage Bone into a discussion of what he believes is the proper way to draw TLs. The way he draws them are likely to be subjective but seeing how a professional trader does it might, possibly, be enlightening.

Sure there are, they are called linear regression lines. Save the handdrawn stuff for hand jobs . LOL !

 

[learner2007]

lowest low to highest high and vice versa, a line right though the middle of data

Drawing in that manner has no foundation, and is the equivalent of a 3 year old who has just discovered crayons.

No it is all the same subjective nonsense.

In your world. But for those who have taken the time and made the effort to learn the proper application of such, it is a valuable tool.

 

[themickey]

Personally I don't draw or plot trendlines on charts (used to once).
Just eyeballing does the job, very much faster.
IMO, trendlines are not an exact science, sometimes straight, sometimes curved up or down.
Sometimes broken only to regain their previous trajectory.

 

[learner2007]

Personally I don't draw or plot trendlines on charts (used to once).
Just eyeballing does the job, very much faster.
IMO, trendlines are not an exact science, sometimes straight, sometimes curved up or down.
Sometimes broken only to regain their previous trajectory.

Yes, eyeballing often does suffice. But in situations with multiple trends, trend lines do help in maintaining focus.
I don't agree with those who consider trend lines to be hard and fast support/resistance though. While bordering a trend, their true value, along with the return line that they enable to be drawn, is their combinations with other TA factors.

 

[Sprout]

So tell me, what makes Connecting Higher lows, higher highs, lowest low to highest high and vice versa, a line right though the middle of data different. No it is all the same subjective nonsense.

The missing piece is understanding volume's relationship to the above. The market's system of operation is precise. If you are not getting that as a conclusion your dataset is incomplete.

 

[Streetwise]

Drawing in that manner has no foundation, and is the equivalent of a 3 year old who has just discovered crayons.


In your world. But for those who have taken the time and made the effort to learn the proper application of such, it is a valuable tool.

Drawing in that manner has no foundation, and is the equivalent of a 3 year old who has just discovered crayons.


In your world. But for those who have taken the time and made the effort to learn the proper application of such, it is a valuable tool.

I do agree that's the what handjob TLs are all about, crayon drawings Like a 3 year old's understanding of maths and of what is the subjective and objective. LOL. Use Regression lines - end all the handdrawing BS.

 

[Streetwise]

Personally I don't draw or plot trendlines on charts (used to once).
Just eyeballing does the job, very much faster.
IMO, trendlines are not an exact science, sometimes straight, sometimes curved up or down.
Sometimes broken only to regain their previous trajectory.

Most TA is rubbish and as learner 2007 equivalent to 3 y.o. maths