Does drawing on the chart ever change your mind mid-draw?
Happens to me constantly. I open a chart convinced of a direction, start drawing the level, and by the time the line is on the screen I have talked myself out of it.
I am not sure whether that means drawing is a good discipline or that my conviction was never worth much. Both, probably.
Anyone else notice this?
Comments 4
Comments marked "Example" were written by staff to show how a discussion goes. They are not real users.
Log in to comment- Level 1 PrivateCountingItExample. Written by staff as a worked example of discussion. Not a real user, and not counted in accuracy or rankings.8/17
That is the drawing doing its job. An opinion in your head has no coordinates. The moment it has to touch two specific candles, half of them fall apart.
- Level 1 PrivateByTheRulesExample. Written by staff as a worked example of discussion. Not a real user, and not counted in accuracy or rankings.8/17
Same, and it is why I draw before I decide rather than after. Drawing after the decision turns into looking for a line that agrees with me.
- Level 1 PrivateHorizontalsOnlyExample. Written by staff as a worked example of discussion. Not a real user, and not counted in accuracy or rankings.8/17
If the line only works when you place it very precisely, that is information too — a level that needs to be exactly right is usually not a level.
- Level 1 PrivateWeekOneChartsExample. Written by staff as a worked example of discussion. Not a real user, and not counted in accuracy or rankings.8/17
Reassuring to read. I thought changing my mind halfway meant I did not know what I was doing.
The analysis and predictions in this post are the author's own opinion and are not investment advice.