Lines, Levels, And Late-Night Aha! Moments On TradingView

Posted by admin on

There is no apparent order in charts. It is red candles, it is green candles, everywhere lines. And then you grab a few TradingView charting tools, and all of a sudden you begin to read a story rather than looking at a blank screen.

The trendline tool is used by most people. Simple, too simple. You draw up and down, and say good-night. But give it time. Draw a line over the higher lows and see how the price will obey it as a fence. Punch that fence, and it is game on. It is as though you were observing someone just getting off the sidewalk into traffic–Something is going to happen.

The horizontal lines do not fall short of admiration. The foundation of most trades is in support and resistance levels. Price pauses at a point, and you can nearly hear traders quarrelling in the background. “Buy!” “Sell!” The repetition is repeated and repeated. Make a couple of clean levels and the noise will soon be quieted. No more prophesying–answering.

The Fibonacci retracement tool is next. Sounds fancy. Looks confusing. Bad, when you have dirty hands. It is swung up and down, outlining potential pullback locations. Consider it as price crumbs. It does not necessarily bring you home but is likely to put you on the right track.

Indicators are an extra layer, but may become sloppy easily. RSI, MACD, moving averages – then it becomes spaghetti on your graph. Keep it lean. A single moving average can be used to determine the direction of the trend. RSI may give a clue to a change of momentum. Majority of the cases are enough that. The trick is not to introduce additional tools. It is knowing that you have to put them aside.

Rectangles and channels are some of the drawing materials used in frame work. Highlight a consolidation area with a box and it will be simpler to view breakouts. Track moving using parallel channels and not sprinting. These are not the future predicting tools. They highlight behavior. And gentleness is of repetition rather than is with traders.

You will see it one late night when you are looking at charts–a clean bounce off one of those levels that you marked several hours before. That little victory clings. Not by chance, but by means of the instruments you enable you to see what was there before. The true advantage is that.