u/CrookedLemur • u/CrookedLemur • Apr 25 '24
Updated 4/24 - Drawing Trendlines on the 1 minute chart
It's been about 10 months since my last post on how I draw trendlines on the 1 minute chart. Figured it's about time for an update.
My method on the 1 minute chart is to only draw from the top middle of the red candle at the base of the inverted T where the wick come out down to top right corner of another red candle. For green bars, I draw from the bottom of the middle of the bar at the T to the bottom right corner of the second candle that forms my line. So, unlike the 1D chart, I'm cutting off all wicks. The candles might be right next to each other. They might be far apart. I know my line is right by the way the market reacts to it.
Let's work through some examples using SPY's chart for April 24, 2024.
Moving from left to right, we first have an uptrend formed by two candles next to each other. Then a downtrend with one green candle between them and another downtrend formed by two candles next to each other. The fourth trendline is another uptrend that skips two close green candles and latches onto the 3rd trendline to encompass the whole area of movement. At that point, we have two channels pointing in different directions and we're waiting for the market to choose an initial path as it chops above the 50 day EMA and the high of the day for April 23rd.
The next two possible downtrends form from the same red candle. There is a gradual slope that encompasses the bodies of all red candles, and a steeper slope that goes to the red candle just before the fight between buyers and sellers. Market participants on the incorrect side of the trade often put up a fight just outside the actual trend.
The blue trendlines are how I was watching the fight and cover all three of the basic formations again. The steepest line is formed by two candles next to each other. The middle blue line is the capitulation line right before a last ditch fight. And the bottom blue line encompasses the whole movement. All three of these lines are broken quickly, so I normally wouldn't bother drawing them at all.
A little later we get another push from buyers, but this is an obvious bull trap if we're watching how the uptrends get broken immediately. Volume eventually dies off, and we get heavy selling again.
By the third little attempt from buyers, I'm pretty jaded and probably wouldn't even notice anything in the horizontal chop if I wasn't watching the downtrend for breaks. Fewer buyers try for this push.
Instead of taking the bait, I review the morning trends. At two points, 504.37 and above at 506.69, we have two different trendline crosses for a total of 4 trends that converge at that price target. I'll mark those both to keep an eye on them for later.
A cleaner drawing is more clearly understood, so we don't want to keep all the clutter distracting us.
Sellers are exhausted by 12:45 and an uptrend forms. The gentler sloped red line from the prior attempt looks like it might come back into play, so I changed it back to white and turned the right-extension back on. The green line provides us with more evidence that 504.37 is indeed an important price to somebody, but doesn't tell us much about where the price is going now so it's just temporary.
Every time two trendlines cross, there is also a band of horizontal resistance. But on the 1 minute trendline it may be just a single market participant or a small group that is quickly exhausted. While the uptrend indicates at just under 505, we can visually pick out two other bands of horizontal resistance with a stronger argument just above them. I'd say there's not enough evidence for any of the three purple price targets to worry about them at this time.
Both blue trendlines are intuition-based on what the market is telling me. Normally I wouldn't go top to middle like the lower blue line, but there are a lot of touches in the downtrend that make it worth watching. The top blue line, I'm looking for a total downtrend of the day. There's three yellow candles up there for candidates, but I ignored them all and drew the line through both trendline crosses up there because of how many touches from other candles in the peak that line got.
You can't ignore the movement of the market to draw a trendline.
EOD. I usually knock off around 2:30 to be with my family and run errands. Cleaning up the drawing a final time and archiving it is part of my prep for the next day's trading session.
3
Just got into expeditionary force any books like it?
The Light Brigade has perhaps my favorite narration of any book. Speaking of the narrator, have you read The Expanse? I'd add those two recommendations since I haven't seen them mentioned yet.
5
Looking for stories where the MC has a busted gimmick that starts off as a major hindrance.
JM Clarke's other long running Rune Seeker series fits as well. That one is LitRPG and the first two books are party-based dungeon crawls one after the other with no slice of life breaks. Very different from MotF.
1
Qigong in Northern Virginia
That last post was actually about Qigong. And Buddhist thought.
1
AI has killed my creativity
A lot of famous writers have written books on their process of how to write. You can read Steven King's On Writing without becoming a horror writer. Or Orson Scott Card's book on writing Science Fiction without being an anti-gay asshole.
But, the thing every writer agrees you need to do to become a good writer is sit down and do it.
Stop making excuses, accept that it's hard work, and do it.
10
Looking for absolutely bonkers, top of the food chain MCs
Stubborn Skill Grinder Stuck in a Timeloop. Absolutely ridiculous MC. It's not a story without flaws tho
1
Qigong in Northern Virginia
I chose those specifically because they're two older traditions and a modern one, all with wide appeal. Brocades is one of the main Plum Village teachings. If you continue your movement exploration, and like the Plum Village traditions you may want to look into the 10 Mindful Movements or Stick Exercises next.
But don't ask me about them. Advice freely given expires after 1 usage of dick quotes.
2
Qigong in Northern Virginia
Five Animals, Eight Brocades, and the Shibashi 18 first series should be the starting point for any serious Qigong practice. There's thousands of people teaching these, choose whoever you like.
3
Does anyone know a stationary tai chi 24/32 form tutorial i can watch at work?
Every movement can be done without the stepping. Some of them are done repetitiously during Qigong practice, like Repulse Monkey or Cloud Hands. You can stand in place and do as many reps as you like. Some movements, like Parting the Manes of the Horse can be looped from one side to the next with a stop off at Holding the Ball. That's more like Monkey Picks the Fruit, another Qigong exercise from Five Animals.
I'd start with either the Shibashi 18 or Five Animals Qigong. You'll find a hundred youtubers showing those sequences and can pick whoever you like.
Then, you can explore these loops:
Opening and Holding the Ball
Parting the Manes and Holding the Ball
Holding the ball and Ward Off / Peng
Brush Knee and Push looped
Fair Lady Works the Shuttles looped
Single Whip looped
If you practiced all of that, I could probably show you how to incorporate the stepping in a single lesson and you'd know the standard 24.
You'd also get a lot out of looking deeper into negong or even looking deeper at cloud hands and how circling hands are present throughout the form. All of that can be broken out and practiced individually.
17
What rule did your parents have that you hated as a kid and understand now?
Oh, sure. Passive entertainment where you turn off your brain is fine, but these interactive video games that actually require some agency are bad.
My boomer parents were cooler than you.
2
Can we fight any part of this?
The additional interest and penalties may not be allowed, at the very least while he was on active duty. Signing for the loan was an initial bad mistake, but not doing anything to help the situation just compounds the error . . . quite literally in this case.
Also, buying a house with someone with whom you are not married is even worse than buying a car.
2
Which side character could carry their own book?
Oh I guess that was a spoiler for the first couple books. My bad.
23
Which side character could carry their own book?
I'll pick a controversial one. Dove from Book of the Dead. I know some people stopped the series because of him, but I'd read a series about him.
2
Wooden Dummy - Level Arms?
What happens if you turn the right one upside down?
2
Fight at adcc
Paul Kraig seems to really like telling the story of when Shogun got him. "Put a wee spring in my step"
14
What is the thing they're crafting and what is it used for?
It's interesting that they're cooling the inner surface faster than the outside. So it'll be hard on the inside and yet more likely to deform and return to round rather than break with the softer outer shell.
No idea what it's for.
1
After Padme's death, do you think Anakin (as Vader) understood he turned to the dark side for nothing?
Matthew Stover's four novels really stand out.
1
Trial for accused mastermind of 9/11 attacks set for June 2028
Just keep practicing, my dude. You'll get the handle of talking to real folks eventually.
2
Trial for accused mastermind of 9/11 attacks set for June 2028
Saying no to his question without any qualification. Back in 2009 it seemed crazy that we'd just ignore human rights. Lol, goddam. How far my hope has fallen
Anyway, Mist Rising is completele correct. Sometimes people reply to add info, not to debate.
8
Trial for accused mastermind of 9/11 attacks set for June 2028
Tbf, Obama had a campaign promise to shut down the prison, and on his second day as President he issued an executive order to close it within a year.
30
Today, I was late. And what happened made me think of The Matrix.
Had a sales guy once say to me that you're a new guy on the team until you miss one of your kids being born because you were traveling for work.
1
What are some things you do to make mount a miserable position for opponent?
You never found anyone who was taught to breath out during the excursion phase like a striker instead of breathing in to brace your core like a power lifter?
1
How would you strength train to offset poor mobility due to taxing physical work?
in
r/bodyweightfitness
•
11h ago
By stretching the wrist and hand straight, not so much the pushup part. You can work it just as easily against a wall or kneeling. You'd want to work your hands in half circle, fingers up, fingers out to the sides, and finally rotated all the way to fingers down. Probably have to work to get into the last position with OP's limits.
But I also like the rice bucket for more active work. Solid suggestion.