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No_Tbp2426 t1_iyexqzt wrote

Reply to comment by lordinov in Looks like we are breaking that resistance by lordinov

Your lines are completely off for a proper downward channel and regression line. Also, support and resistance should be lateral points in the channel that are historic points likely to cause change in trend.

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lordinov OP t1_iyexydu wrote

U sure about that

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No_Tbp2426 t1_iyf19bp wrote

Yes, look at the bottom there are other lines that follow way more points than the line you have drawn & same with the top. It is a visual representation of the average therefore the strongest line has the most points bouncing off/ around it. I would take the top line that has 4 points connected vs yours with 1 point. And I would take the bottom line ~5 points than yours with 2. In addition there is a shit ton of movement in the middle of this channel you're completely ignoring by not including a regression line. For the support/ resistance yours are actually pretty good. Also, remember things can break out of the channel and that is indicative of it trying to break trend.

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erjkl737 t1_iyf50kc wrote

Don't tell me you are one of those flat earth "you need three data points for a trend" crazies.

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No_Tbp2426 t1_iyf69by wrote

Don't tell me your stupid enough to think that something that is a continuing trend/ pattern isn't what you should be trading off of. Who said anything about 3? I said the more the better.

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erjkl737 t1_iyf791i wrote

Sorry, didn't think I needed the /s. Have an upvote for the misunderstanding. Happy Holidays! img

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No_Tbp2426 t1_iyf7rmw wrote

Oops sorry! Much love lol happy holidays😂 normally I'd get it but in this subreddit you can never be sure haha

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