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51 Posts.

26/05/16

22:34

Post #: 17879064
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Originally posted by abn2609 ↑

You're using the low points from 29th April and 6th May to connect the bottom trendline.
I would personally use the 29th April, but not the 6th May because it's part of the same Swing Low as 29th of April.

For a wedge or a channel, you want to draw the upper trendline connecting one swing high to the next.
For the bottom trendline, one swing low to the next.
In this example, there is only one swing low in my opinion. You need to use another, maybe 9th March or 9th Feb. Then you can connect the points to form the bottom trendline.

Personally, I find your bottom trendline not invalid, but maybe better used in an Intra-day (hourly charts etc) or shorter time-frame context.

But don't forget, everybody's TA is not the same. Neither is FA used in the same way as everyone. So your post isn't right or wrong, neither is mine.
FA is more scientific imo (50 readers of the same financial report are unlikely to have extreme differing views from each other).
TA less (more like an art?), which leaves room for much variability from one technical analyst to another.

Hope it helps.
Good luck!

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Good tips... thanks again

APO Price at posting: $6.98 Sentiment: Sell Disclosure: Not Held
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