NASDAQ

dbphoenix · Apr 3, 2004

Quote from abogdan:

Why every worthy thread on ET eventually is coming to a pissing war? Why can't we be a little more intelligent and patient? Why every comment provokes a slew of poisonous replies!? Can't we just try once staying on topic?

What pissing war? I merely pointed out that the TL was drawn incorrectly. Neither you nor ART may care, but some beginner reading the thread might.

As for the topic, it started out as the "inflection" point, which was Thursday, if the TL were drawn correctly, not Friday.

Have a nice day.

gms · Apr 3, 2004

I don't think he meant you, db, regarding the "pissing war". I think that might nave been an opinion about the exchange between rogue trader's "do you leave the seat up" response to murray's "i don't have the rsi displayed on top" comment.

sprstpd · Apr 3, 2004

Quote from dbphoenix:

If you draw your upper line -- the DnTL -- through that tail on the 5th, you'll have a more accurate line.

This implies that your definition of a trend line is more accurate to some underlying truth in trend lines. It is hard to believe that your definition makes the trend line anymore accurate than the original poster's trend line.

ARogueTrader · Apr 3, 2004

In many fields of life, apart from mathematical level "right" and "wrong" you will find "experts" who will say what is the "right" and "wrong" way to do things.

I remember many times people quoting me chapter and verse from Magee and Edwards, and they couldn't trade their way out of phone booth.

Most traders are ultimately interested in the bottom line, and not "academic" truths.

TA is not a hard science but quasi science, nor is it hard to draw lines on charts, but it is hard for many to interpret it profitably.

Quote from sprstpd:

This implies that your definition of a trend line is more accurate to some underlying truth in trend lines. It is hard to believe that your definition makes the trend line anymore accurate than the original poster's trend line.

dbphoenix · Apr 3, 2004

Quote from sprstpd:

This implies that your definition of a trend line is more accurate to some underlying truth in trend lines. It is hard to believe that your definition makes the trend line anymore accurate than the original poster's trend line.

The commonly-accepted definition of "trendline" is that which shows the trend. ART's DTL is down, but it does not accurately reflect the slope of the trend. This is not critical unless one is using TL breaks as alerts to change. Since the term "inflection" was used, I assume that the TL is being used for this purpose at least.

Cutting through price bars is generally not a good idea, but one must sometimes do so in order to more accurately determine the trend. In this case, the TL in the first chart touches prices in only one place, the tip of the 3/5 tail. In the second chart, it doesn't touch prices anywhere, except the starting point. By drawing the TL accurately, price touches it three times, including the starting point.

If this still doesn't gel, imagine the 3.5 tail being 10 or 15 pts higher. Would a TL drawn using that point accurately illustrate the trend?

dbphoenix · Apr 3, 2004

Quote from ARogueTrader:

In many fields of life, apart from mathematical level "right" and "wrong" you will find "experts" who will say what is the "right" and "wrong" way to do things.

I'm not talking about moral absolutes; I'm talking about accuracy.

But, whatever. I've made my point. Those who don't see it have my best wishes.

ARogueTrader · Apr 3, 2004

I have no problem with different opinions, but that is just what they are....opinions....not facts.

When it comes to accuracy I leave that to "bean counters."

Trading is the art of not getting hung up in the details. It is when all the amateurs are using the same TA "accurately" that the pros come in and sweep out their stops.

Quote from dbphoenix:

I'm not talking about moral absolutes; I'm talking about accuracy.

But, whatever. I've made my point. Those who don't see it have my best wishes.

abogdan · Apr 14, 2004

Quote from abogdan:

The GAP will be filled! 100%

As I said on 03/04/2004 The GAP will be closed! [\B]

So, as I mentioned back then a short position trade would be more rational than a long trade. People like heilbronner capitalized on that opportunity, good for them! I will continue my research on GAPs and will share the results shortly.
Cheers,

thewoodcutter · Apr 14, 2004

Quote from abogdan:

As I said on 03/04/2004 The GAP will be closed! [\B]

So, as I mentioned back then a short position trade would be more rational than a long trade. People like heilbronner capitalized on that opportunity, good for them! I will continue my research on GAPs and will share the results shortly.
Cheers,

From my technical analysis course idiots guide to charting lesson #512 from a few years ago the price invariably comes back to test a trend line once broken - and they all thought I was asleep - so which is it gap filled? testing the broken trendline? or nobody apart from me and abogdan care? - charting can be so subjective