As some of you may know I am new to all of this. I have been a gut-trader for the past 2 years and back in December, I made the decision to try and learn how TA works.
Now coincidentally, this happened to concur with the GME pre-MOASS/SS/Gamma squeeze taking off. I took this as an opportunity to draw on the chart of the most-discussed stock of the past few months.
I know some of you say that TA is like astronomy when it comes to a stock this hyped. So please tell me what I did wrong and how you would've done things differently.
I used the low of August as my starting point and used the ATH and the through afterward as points to base my trendline on for drawing the Pitchfork. For the Fib-Channel I decided to use the pivot point before the ATH in January and the lowest point in the trough that formed between the spikes in January and the one in March.
Don't be afraid to express your opinion, even if it is a little edgy. I am open to a constructive discussion/conversation on why my 'analysis' is invalid. In the meanwhile, I'll continue to try and learn more about the wonders of Technical Analysis.
Thank you for taking the time to read this post, I greatly appreciate everyone on the path to becoming a better financial decisionmaker.
Best of regards, Arne.
If this wasn't obvious to anyone: I am everything BUT a financial advisor and everyone should do their own research/DD before making any financial decisions. Investing in personal growth comes first to any other investment you want to make. A good education contributes greatly to making proper choices that will benefit you in the long term.
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Don't worry; I am not going to quit my day job for this ;). I know how abysmal this must look to veterans. Heck, this probably looks bad regardless of your experience with TA.
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Wow! I must've been smoking something, fourth paragraph should say the low of April not August.
Keep charting. U go. I applaud ya
Only critique start your pitchfork from when trend truly changed back in September not current trading climate. This will give you a better overall perspective on movement as price continually gets suppressed moving forward.
Good job. Keep at it.👍
Ps maybe a Gann chart may be better for this situation.
Anyways keep going once you start charting. It's a beautiful thing and can be a gamechanger financially
ArneVda
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@Legalizedhustler,
I will look into Gann charts, thank you for the tip. I drew one last night on GME and it did look quite solid.
Recognizing trends and where they start/end or reverse is still a bit vague for me, but I am actively reading and learning how to better pinpoint these trends.
I greatly appreciate you taking the time to comment and help me in my learning process.
Your TA's have been very helpful in this journey, for which I would also like to thank you.
It is comments like yours that motivate me to keep on learning, and it is people like you that make Tradingview a great place for newbies to learn. I commend you for the efforts you continue to make!
ThinkLikeaWhaleTLAW
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@ArneVda,
Anyway I can help.Dont hesistate to ask.
Ive helped a few people on here.
I enjoy that aspect actually.
We learn and strengthen together.
Iron sharpens Iron.
Just dont overcomplicate it. Try to simplify it as much as possible.
I dont make pretty charts but I get my point across. And try to be informatative.
Like today on my chart i made notes coming to 140 and bounce back up to 165-180 range.
Give mutiple scenarios when charting.
Sometimes we are blinded by the "Long" but always give mutiple scenarios so people can make a better assessment
Reason I had short is cause GME creating a Inverse Head and Shoulders on the 1 hr.
Anyway i can help. And thank you for your kind words
More I bless. The farther the person I'm blessing there hand reaches others and we both reap those benefits
Only critique start your pitchfork from when trend truly changed back in September not current trading climate. This will give you a better overall perspective on movement as price continually gets suppressed moving forward.
Good job. Keep at it.👍
Ps maybe a Gann chart may be better for this situation.
Anyways keep going once you start charting. It's a beautiful thing and can be a gamechanger financially