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let'S just hope someone got out of the bed on the right side today :)
Another days comes and another day goes. Up or down or sideways. There isn’t a chart that can tell you.
There is a fundamental philosophical problem with market charting. If it worked consistently, everyone would do it, and there would be no losers. A market needs winners and losers to operate. So that is an oxymoron.
It is a bit like astrology, it works some of the time, but without any underlying science. It is an attempt to forecast the future on the basis of the past, and so aligns itself with religious belief.
The most vocal of chartists will always find some historical event to explain the current share price. There are more characters and markers in the chartist’s lexicon than extras in a war movie.
The apparently subjective mess of lines drawn to achieve a desired result, with no objective reason for their start and end point only helps the self-belief in the process.
Having said that, there is no doubt that among the hordes of traders in very liquid stocks who subscribe to the religion of charting, there is herd momentum around the best known characteristics and it becomes a self-fulfilling prophesy.
It does not work for illiquid stock and as sure as heck it does not forecast the kind of disasters like SXX, Carillion, FlyBe, which might be more useful to retail punters.
Significant news tends to trample the charts underfoot, which is why everyone would prefer inside information to the hourly candles, and it is why rumours abound.
Did anyone see a cup and handle on the daily and the 3 monthly? Must be tea time.
Mookster - like to read charts.
If the squiggly line is lower at the start of the graph than at the end the SP is going up.
BUY.
If opposite the the SP is going down.
SELL
That’s it really; the rest is ball-lix.
Your welcome.
Charts mean nothing, tried and tested many times and too many fails, we are waiting on news rns 2nd Dec, could propel sp by 300 to 400 %, could be any day load up and wait for it,
Confused? I am. Should be 6th / 7th January for 1.845 . 1,84 trades.
Apologies, these gaps are shown on the 15 minute charts. If you check trades within each 15 minute period, the gap at 1.9 is not really a gap because the closing trade on 10th January was 1.845 and the opening trade on 13th January was 1.84; on the 10th January the closing trade within market hours was 2.222 and opening trade on 13th at 2.28, hence creating a tiny the gap and a useful marker for mm's to drive down price.
@ Mookster.
LOL
Sounds interesting if I actually knew what you were all on about ..haven't a clue about charts.
That's a good spot.
However, might be worth noting on the 7th Jan between the 8am and 9am candlestick there is a gap open at 1.9
why is this significant?
Jan 10th close to Jan 13th open
I don't see a gap at 2.23? Where abouts are you seeing that?
Also bounced off the ema200 on the hourly (nicely on the 62% Fib as well - some kind of unholy Trinity)
Ophidian
Actually you're right - I hadn't spotted that gap. Great spot !
Ophidian
....onwards and upwards.