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I re-iterate my view that "appearances are deceptive". Looking at history and finding 'similar' charts is entertaining. But I see it as a major impediment to remaining objective towards the market. I remember a number of similar compariisons (Nikkei and the Dow). Trade what you see, not what you think/hope etc.
leeshindig
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bonsai...hi mate...
4450 to come soon..?
looks like your going to be correct after all..(as if you wouldnt be)
from being the only bull in the field at one point a few months back, could you then be the first bear out the trap once target is touched?...
Regards
Lee.
4450 to come soon..?
looks like your going to be correct after all..(as if you wouldnt be)
from being the only bull in the field at one point a few months back, could you then be the first bear out the trap once target is touched?...
Regards
Lee.
jonnyy
it wasn't one of my charts, I picked it up from another bulletin
board. (Cant remember which one)
edit
but if you can go back and find the chart and tell me the posting number, I might be able to back track and find the up to date chart .
it wasn't one of my charts, I picked it up from another bulletin
board. (Cant remember which one)
edit
but if you can go back and find the chart and tell me the posting number, I might be able to back track and find the up to date chart .
Last edited:
leeshindig
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quiet on advfn without gobby hooya....lol
Yes, I have seen the chart. But it is like looking for shapes in the clouds. If you are bearish you find 'bearish' patterns and vice versa. It is bad enough trying to stay objective without adding potential confusion to ones trading. As you so clearly pointed out: Trade in the present, not the past or the future.
Or as another member has said:
Trade what you see, not what you expect to see or what someone has said will happen. Just go wwith the market's f;ow to make money.
To me the real questions we should be seeking include:
Is the market still making higher highs and higher low? YES
Is support holding? YES.
Charts are very useful in identifying and possibly answering these questions.
Of course, the second quality of trading is flexibility. Once support fails and lower lows appear one has to be flexible to recognise the nature of the market has altered.
Or as another member has said:
Trade what you see, not what you expect to see or what someone has said will happen. Just go wwith the market's f;ow to make money.
To me the real questions we should be seeking include:
Is the market still making higher highs and higher low? YES
Is support holding? YES.
Charts are very useful in identifying and possibly answering these questions.
Of course, the second quality of trading is flexibility. Once support fails and lower lows appear one has to be flexible to recognise the nature of the market has altered.
Jonnyy40,
"tarting" charts up inevitably means that the only reality, price, gets hidden by all those colourful indicators (which are derivatives of the price anyway.) That is why i look at pure price and use support/reistance etc.
Re "boring"- that iis exactly how trading should be. Your system should be predictable (boring).
If you are after excitment, financial markets are a very expensive way of getting "fun". Instead, go and have a flutter on the horses or go to Alton Parks.
PS I am not being evangelical (though the reply does sound that way), just passing on hard won experience.
"tarting" charts up inevitably means that the only reality, price, gets hidden by all those colourful indicators (which are derivatives of the price anyway.) That is why i look at pure price and use support/reistance etc.
Re "boring"- that iis exactly how trading should be. Your system should be predictable (boring).
If you are after excitment, financial markets are a very expensive way of getting "fun". Instead, go and have a flutter on the horses or go to Alton Parks.
PS I am not being evangelical (though the reply does sound that way), just passing on hard won experience.
lol
bit more to it than that, but yes.
its the same with all 'support'.
but not only was the price on the 1 day but also touched
lockstocks old trend line from 4219 which still seems to be in play.
but it doesnt mean its the end of anything, it was just a good place to take profit , imo
bit more to it than that, but yes.
its the same with all 'support'.
but not only was the price on the 1 day but also touched
lockstocks old trend line from 4219 which still seems to be in play.
but it doesnt mean its the end of anything, it was just a good place to take profit , imo
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