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stepstones
Mar 6, 2020 4:08 PM

Are trendlines mostly a creative waste of time ... or useful? 

Description

Here's my trading opinion du jour: Trendlines tend to break and when they do, they get ever so conveniently re-drawn by the chartist. Hey if they don't put the Art in chart then who does?

I've learned a lot this past year, re: trendlines. Basically, they're a massive waste of your time. Just like most patterns. Not that they don't exist. Just that you can create them any way and anywhere you want, practically. Which kind of makes most of them have little to no insightful value about where price action may or may not go. And the trendlines and patterns that seem to really actually possibly matter, generally seem to line up with the big Fib and/or S&R lines. Especially when it comes to trading bitcornz and other cryptocurrencies.

In other words, trendlines and patterns are probably best suited ... for memes and other humor and cultural color commentary.

What seems to work, is the "boring", tried and true method of trading according to simple support & resistance levels, powered by various critical indicators that generally every trader should know if they've studied and learned any good technical analysis course.

Happy Trading!
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