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54498998 No.54498998 [Reply] [Original]

i drew some lines on spx, but I have no idea what i am doing

looking for technical analyst to make sense of my lines

>> No.54499069

>>54498998
helo ser you drew an uptrend which means that the market could go up but you also drew a downtrend indicating that the market may also go down. basically what this means is that you need to give me alot of money to learn my secret TA strategies that make me lose all of my money and financially ruined me leading to foreclosure on my mcmansion. but you can learn for a measly 50 dollars per month i will show you how to succeed too ser thank you for your hospitality suck it dry

>> No.54499077

>>54499069
6/10 that could have been written funnier

>> No.54499086
File: 739 KB, 828x821, igmi.png [View same] [iqdb] [saucenao] [google]
54499086

>>54499069
>I can teach you

>> No.54499106

>>54498998
Its going down after this consolidation

>> No.54499195

>>54498998
Trendlines are mostly meaningless. Resistance levels will always break during an uptrend, and support levels will always break during a downtrend. If you're interested in TA, do a deep dive into Elliot wave theory, Wyckoff, and momentum. Only enter positions at the very beginning of a new trend, and you won't have to worry about memelines.

>> No.54499316
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54499316

>>54498998
You can't TA crypto because it has no fundamentals. All useful TA requires fundamentals as a basis for the analysis. TA for crypto on /biz/ is just bag sellers and trolls. You're welcome.

>> No.54499328

>>54499316
>All useful TA requires fundamentals as a basis for the analysis
I believe that's called FA, fundamental analysis, TA works on its own because of fractals and shit, if u ever took halucinogenics u know what i mean

>> No.54499347
File: 92 KB, 1080x719, 1680852580214.png [View same] [iqdb] [saucenao] [google]
54499347

>>54498998
Bearflag

>> No.54499364

>>54499347
but a bullflag looks the same lol

>> No.54499394
File: 64 KB, 539x280, 1680853067770.jpg [View same] [iqdb] [saucenao] [google]
54499394

>>54499364
Yes but no

>> No.54499402

>>54499394
It literally is the bottom left corner

>> No.54499424

>>54499402
Depends on which timeframe, on the short term yes it might pump, but the long term is still gigadump. Go read a book you seem too retarded for this just yet.

>> No.54499427

>>54499424
you must be trolling, it's literally the opposite of what you're saying: long term pump, short term dump.

>> No.54499437

>>54499427
You're the one who's trolling, go ahead and draw the bullflag then

>> No.54499455
File: 181 KB, 1077x721, file.png [View same] [iqdb] [saucenao] [google]
54499455

>>54499437
Zoom out on the SPX, the bull hasn't been invalidated yet, it's just another consolidation before another run up.

>> No.54499458

>>54499195
Actually garbage tier advice. Elliot wave died broke. Wyckoff is only worth learning if you pair it with support and resistance which Wyckoff calls supply and demand anyways. They are literally the same concepts.

OP, your chart is actually fine. The only thing you need to do is interpret data.

Ok so your green line used to act as a downtrend line but now the trend is broken, great. Ok now that the green line is invalid, your top white line is your new downtrend line, awesome. Leave it there. Your bottom white line is not necessary but leave it there anyways cuz it's not intrusive and miiiiiight fulfill itself later.

Now you have your lines, cool. The next thing u gotta do is have a plan for when price reacts to each line. You'll need to figure it out on your own cuz you own your own plans. For me, if I see price bounce from any lines, I will take positions (short or long) accordingly as a bounce play. If it breaks trend, I must accept the loss and play the trend continuation.

Trading is literally simple. But you have to learn the complicated shit just to relearn how to simplify later.

>> No.54499465

>>54499458
do I have to draw teh new top white line from the top or leave it like it is? thanks bro

>> No.54499482

>>54499465
Honestly just leave it there. People might disagree but here's my reasoning, that line seems to find local tops very well. So keep using it until it no longer works. By the time it no longer works, the chart will develop itself into some new identifiable trend where you'll draw a new line anyways.

>> No.54499485

>>54499455
The bearflag hasnt been invalidated either, if it comes to fruition then it invalidates the bull case as longterm patterns rely on shorter ones. TA is just about patterns and probabilities anything can happen, you have to factor in FA as well, and since we are bearish on the macro scale it is more likely to dump than pump.

>> No.54499499

>>54499458
Can you act as middle man and tell us who is right, it's a bullflag or a bearflag?
>>54499455
>>54499485

>> No.54499521

all this because of a fucking flu

>> No.54499743

>>54499195
>Only enter positions at the very beginning of a new trend
how do you identify it?

>> No.54499746

>>54499347
bear flag usually is not that extended