Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
I'm starting to learn drawing trend lines. This will help identify support and resistance levels. Let me know your take on this. Annotated chart is AIG. TIA
A trend line should be the one that best tells the story of the angular movement of the market, and the lines (channel) you drew does, so I believe you did a splendid job.
You might want to allow the lines to start from the edges prefarably from the start of the trend. It sometimes has better accuracy. Overall though I think discretion born from personal experience/observation, is the best. I have attached how I would draw the trend line plus support and resistance areas.
This market doesn't appear to have gone trough any preparation for a long term down move, except it further develops. Dont forget that wychoff viewed gaps as part of the bar formed immediately after.
Thanks! Reading and learning P&F. I have another question. When constructing/analyzing P&F chart, how do you determine "1 point"? 1 dollar or 1%? How is 1 point related to the price?
1. If stock #1 has a price of 15, 1 point up would be 16?
2. If stock #2 has price of 60, 1 point up would be 61?
3. If stock #3 has price of 175, 1 point up would be 176?
4. If stock #4 has price of 3, 1 point up would be 4?
90% of stocks that I follow are between 10$ and 60$. For them I use 3pt reversal figure chart for longer term view and 1pt reversal for shorter view. For high priced stocks like AAPL and GOOG you can use 5pt reversal figure chart. I avoid stocks cheaper than 10$.
Just configure your platform with this inputs. This is how I configure my MC (3pt reversal).
One note - Wyckoff draws figure charts little different than modern softwares these days (
Hi! This is my first post....:). I'm thinking about coding a c# wyckoff point and figure charting capability for ninjatrader7 but don't want to reinvent the wheel if it's already been done. The wyckoff point and figure chart is different …
My take on ADI per the chart. I've added Wave volume to see if that helps. Could be supply entering, but the big down bar had news associated with it. It did recover to close near the high. There is shortening of the thrust as well. seems like we would need to see more evidence to make a call. Follow through to the down side if it is weakness.
As far has high volume bars that don't really go anywhere, at a low that could be bag holding as weak holders sell and the pros buy up the shares. The opposite at a high would be pros selling into the buying. I find it difficult to just focus on one extreme entity such as one ultra high volume bar. The context is key in all of this. I hope this was of some help. I find the chart difficult to call at this point in time.
This Chart is trully not giving a neon sign of what is going on. But it does show a few behavioural changes, that well may be enough to take a dive. These changes/......... are on the chart. A daily wave chart would show more in terms of Cummulative volume/ Buying and selling waves.
Usually we go into lower time frames to see what is going on in the bar. Like peeping through a microscope. Can CO intent be spotted on higher time frames when it's not clear on lower time frames? Here is a chart of JCP on different time frames (Daily, weekly, monthly)... TIA
Would anyone care to break down WLT for me? Specifically on the 15min and 60min charts....
I took a trade there yesterday on the break of 14.68 and based on my analysis (which is an amalgam of Auction Theory/VSA/Wyckoff/Divergence) I felt 15.80 was an acceptable target. The stock moved up to the 14.97 level and pulled back relatively hard off of the highs, but I liked the way it recently had defended the 14.08 (if you look at a 15min) so I wanted to let it breathe.
Everything looked fantastic at the opening today(12/5). They made buyers chase on a wide spread on the bid/ask and quickly the stock moved up to the 15.09 level. It rejected it as quickly as it got there. Frustrated and impatient, I stopped out of my position for a tiny -4 ticks at 14.65. I really didn't think there'd be that much resistance there, albeit it appears in hindsight to be an upper trend line of a newly formed channel over the past couple days.
Did anyone see a potential trade here? If so, what would have been your targets? Any insight is appreciated.