Plot a chart on TradingView and it appears you are seeing a heartbeat monitor. Fast, messy, alive. Much like your torch is the crosshair tool. The cursor of someone is hovered over a candle and time, price, context is shown. Mote, big difference. You are in the dark without it. Just reading it with it. Explore advanced charting possibilities with TradingView tools by visiting www.fxcm-markets.com/insights/tradingview-malaysia/ and see how smarter analysis can shape your trades.
Trendlines look harmless. A couple of clicks, it was so. But they are not so heavy. Take a step astray and you’ll pursue ghosts. Draw right and price clockwork. After viewing a graph triple the distance that I would have deleted. Learning point-do not think too much per stroke. The rude sketch is true at times.
Memory of old is horizontal levels. Revenge of price is served up to them. You place a mark on a spot, and walk away, and come back–and there it is and answers as though nothing had happened. It feels eerie. Support becomes resistance such as a friend becoming an opponent. The line didn’t move. The mood did.
The Fibonacci tool is marred with an image of looking like wizard math. Nevertheless, traders vow it. Drag over a powerful move and the retracements are in line with hesitation points. It’s not magic. It’s rhythm. Markets are inhaled and exhaled by waves and this is a tool that follows that inhale and exhale. Not hit where the swing points are and it will sound out in a very short time.
You will be guided by signs, or be your grave-diggers. RSI whispers. MACD follows in the footsteps like a friend. The price is smoothed as the moving averages move over it. When stacked too many you freeze. Keep it light. A single or two signals suffice. The deception is to trust what you view and not the mess.
The mess is framed using drawing tools such as rectangles and channels. Square an oblique market and you will see the breakout sooner. Connect a line and trends are not as arbitrary. It is, as though rails on a train. The movement still takes place, however, this time there is a direction to it. And when you see that, charts no longer are wild. They start to think that they are familiar with one another.