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File: 20 KB, 876x267, Memelines.png [View same] [iqdb] [saucenao] [google]
4759406 No.4759406 [Reply] [Original]

Are these meme lines drawn correctly?
Also what do they mean?

I wanna be a TA fag

>> No.4759455

Almost. Top needs to be redrawn.

>> No.4759505

>>4759406
They're not unless you consider them a rough estimate. The wicks are part of the price action and you shouldn't ignore them. Also you're cutting through solid candles.

It's an ascending wedge, the sellers are continually rejecting the higher price, although the buyers are gaining strength. When it tightens up it will reach a point where the trend changes, if buyers can't break through the sellers' resistance """the price will drop to test lower price levels""" in quotes because TA is a meme.

>> No.4759546

Also buy volume is weakening on each rise within the wedge and sell volume is gaining strength.
Volume is essential

>> No.4759578
File: 65 KB, 1393x707, image.png [View same] [iqdb] [saucenao] [google]
4759578

Reminder that BTC dipped today but then a Crypto Kitty Formation formed and that was your cue to buy back in.

>> No.4759638

>>4759578
ahahahaha, naishe!


I thought I could ignore the first candle the top line cuts through coz it seems out of trend..

>>4759505
So basically, if it drop below the wedge, its gonna drop a lot and if it breaks above it, it should moon?

>> No.4759685
File: 1.48 MB, 256x147, mad_happy.gif [View same] [iqdb] [saucenao] [google]
4759685

>>4759638
The first part is more probable than the second part. This meme doesn't usually break out when it gets to the end of the wedge.
Watch the volume if it does move higher and see if the buyers are really there or if they're just playing with the price.
>>4759578
I haven't seen a crypto kitty like that since '99. 20 minutes after it happened? Solid green candle vertically to $1,000,000,000. Those were the days.

>> No.4759720

Thanks man!
Also what candles are best for this type of thing, 30 min or 5 min?

>> No.4759992

>>4759720
Fuck a 5 min candle
I usually have a 30 min open and a 5 min in another tab so I can get more detail. But always applied within the context of the 30 min chart.
If 6 candles on the 5 min is one candle on the 30 min I can get an idea of how that 30 min will end based on those 6 candles.
However the greater your timeframe the less noise and bullshit you get. But the trades take longer. 15 mins not bad for a quickie
In small timeframes what looks like a strong trend is really nothing on a larger timeframe, which represents the overall trend better. For example that double bottom you're buying might be part of a larger head and shoulders.

>> No.4760007

Hypothetical example btw (the OP isn't a double bottom)

>> No.4760079

Also if the asset is unusually volatile or doesn't have much data (i.e. an ICO) 5 min candle may serve you better. For catching the bigger trends sooner before they wipe you out

>> No.4760085

thats lgd isn't it?

>> No.4760133

>>4759992

Same goes for when using moving averages I’m assuming? Never know which time period to be looking at with them.

>> No.4760218

Its RISE

>>4760079
Thanks man, nice to meet someone whos not a complete cunt/retard on this board haha

>> No.4760315

>>4760133
look the basic idea is this:

weekly candles = weekly patterns, very accuate
hourly candles = hourly patterns, sorta accurate
5 minute candles = 5 minute patterns, sometimes accurate
1 minute candles = the future lives here, don't chart

>> No.4760500

>>4760133
I don’t use moving averages. They’re too obvious and experienced traders rape people who trade on them. Most of their TA utility is psychological. Basically people just expect them to work so they trade on it and: prophecy fulfilled. Then out comes the trap card

>> No.4760833

this shits starting to explode?

>> No.4761363

>ascending wedge

dip coming