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Hi Nicodemus,
A lot of the institutions and quant-driven hedge funds using algorithmic trading systems are actually really just chartists, though they prefer to pump the data into a black box and just follow the output (in my view, a very dangerous strategy, because it has a propensity to amplify herd behaviour, oftentimes when even a modicum of commonsense would suggest the herd has lost the plot - I really do think the counsel of many experienced border collies on this matter would be far more valuable than that of so-called professors at business schools).
Many of those asset managers and quant fund managers would probably reject the notion that what they are doing is charting and they probably don't directly follow people like Mir but the end outcome is pretty similar.
Frankly, I think it is similar to watching a dog chase its tail - endearing but mad. But, since many people do do believe this stuff, I agree that it may not be unhelpful that chartist types are writing about PRD.
However, the lack of statistical validity with a very thinly traded stock like PRD becomes very dangerous when these people and their lunacy try and extrapolate from very few data points. Just because you saw one swallow does not not, ipso facto, mean it is summer - he/she may well have just been lost/blown off course and it would be better to call in a professional twitcher to assess the situation than to immediately pronounce the arrival of summer.
Hi BDT,
At least you are suggesting an Antonov for carrying the wallet(s)...if it were a Boeing, we should make preparations to send out the search parties now.
Agree Sefton, but all the chancers and rainbow chasing chartists I know don't buy big footsie companies. They are into commodities or the very type of stock that Zak Mir charts , hoping to hit big. Zak's tips become a bit of a self fulfilling prophecy as many non believers and agnostics chance their arms on his words as well.
Anyway, all publicity is good publicity, with Noel B giving us a shout out as well it promises to be another great week...
I myself do not place any value on chartist stuff but I would certainly second Nicodemus's view that, whether one does or doesn't oneself would be to ignore the reality that quite a large section of the market does believe that stuff and therefore it can be a factor in some stocks.
In micro-caps that are tightly held and little traded (like PRD), I think that charting stuff is utter garbage and has no statistical validity.
Where I believe charting does potentially have some relevance is in larger, much more liquid stocks and then only because it is actually proxy gaming the algorithm trading systems that are being heavily used by many institutional investors - in other words, set an algorithm to catch an algorithm.
For myself, I always use fundamental analysis coupled with a serious dose of intuition about both the stock itself and the market in general. It may not sound scientific but it works for me.
And I do not intend to sell out of PRD until this whole baby has come home in full, no matter what temptations may lie ahead. I seldom set hard targets for stocks in my portfolio but, on this one, I have set a hard target (it is very, very far north of where we are now) and I won't even think of selling a single share until we are there - and, even then, I suspect I would still stay in.
I agree with GRH that this stock could be a once-in-a-lifetime situation and I intend to stay the course right to the very peak.
Given the choir analogies here, I intend to stay until the fat lady sings....
Interestingly enough another popular Twitter user called ‘Noel Borg’ who has over 8 thousand followers did a post on PRD this morning and it’s rising uptrend.
https://twitter.com/borg74/status/1365948199404523521?s=21
You are going to need familiarisation on an Antonov to carry your wallet :) sorry fellow posters for off topic chat.
Re earlier posts of mine....have bitten bullet and transferred money into isa ready for cunning plan to take shape...
Gla
Bdt
Afternoon GRH,
I am not here for Pennies either, (anywhere from 300p to 900p+) but to get there we have to move forward a penny or two per day initially, on the journey !
Nicodemus beat me to it... and i forgot to add link.
Here it is
https://www.share-talk.com/share-talk-bulletin-board-heroes-friday-26th-february-2021/#gs.usxdz5
Good evening Grh....here is the link, quite a bit of the "charting stuff" which i hinestlh don't understand....bit of a long video , and all done in alphabetical order so you can fast forward it using drag button on bottom to find Prd bit ....
Hope this helps
Gla
Bdt
https://www.share-talk.com/share-talk-bulletin-board-heroes-friday-26th-february-2021/#gs.uswkp0
Here's the link, that is very positive indeed GRH. I'm in RBW and we've jumped more than once on Zak's recommendations.
Even if you don't get charting like me or think it's a bit of a dark art, Zak has many followers. Some are true charting believers, others like me are agnostic but follow because the believers will follow...
Must admit, most chartists I know are very impatient and would rather jump around chasing the candlesticks rather than stick patiently with a company with fantastic fundamentals. A fellow called Mr Market Maker, who could be a little eccentric was one such dude he was in PRD and RBW, great companies but ends up chasing quick wins elsewhere.
Afternoon all...
I don 't go in for charting stuff ...never have done
but I know that some might be interested
Apparently ,someone called Zak Mir (sic?) had posted the other day
that, if PRD closed at/above 8.6p (I assume bid price) last Friday, it would go to 14p in March
PRD did close as 8.7p on Friday I think
Sorry...I do not have a link
forgive me if I am repeating what others have pointed out
BTW
if anyone gets excited about 14p, I say good for you
Always nice to see things moving up
There are VERY few folk on here or elsewhere today who will hold their PRD shares
yes I know what the intents are ... I respect those
but it is one thing to convince oneself
and another to do it...
when each movement in SP is no longer measured in decimals /few pence
The gonads required (even at my age)
are truly off the scale when you get you arms around a big one
OK...health warning
I am just another poster
we have not met
you know little about me
I might be insane
I might be wrong
No guarantees in E&P
DYOR x10
ATB