Practising Charting Skills

[bonkerrs]

Just practising my chart skills. How does this look for using a support/resistance line and BBand?

From the chart:
It looks like the SP has bounced off the support line 3 times indicating that it looks to be a strong support line.

A triangle is forming... I'm not too sure about this one though - a little wide on both ends.

Bollinger Band - widens on the bottom where there is an up trend and widens on the top where there is a down trend. Gets tight when in a sideways trend. Left the setting as it appeared. Don't know what settings to change to (for short term).

How did I go?!:

 

[beamstas]

my opinion...

 

[saiter]

my opinion...

Beamstas, are you using elliot waves? If so, I thought wave 3 was meant to be the largest?

bonkerss, I don't think there is a "correct" way to read a chart (apart from the really basic stuff like what is an upwards trend -> higher highs, higher lows etc.)

I too would say that the pattern is too wide for a triangle...

I'm not too sure about the support being really strong either. My interpretation would be that people are buying the stock at the "support" thinking that the price is going to break through the "resistance". There also seems to be evidence of the stock trying to break through (wide ranging bars approaching the resistance) but its just not getting there (it has done this twice by the way). This leads me to believe that there is heavy selling at the resistance and that it's heading downward...


Btw which stock is this?

 

[beamstas]

Beamstas, are you using elliot waves? If so, I thought wave 3 was meant to be the largest?

Nope
It just can't be the shortest

It's not EW anyway (well... theoretically)

Its just a PPS triangle

 

[bonkerrs]

Btw which stock is this?

BSL

On the weekend, I looked at charts for hours. Just trying to figure out when patterns form and trying to work out how to look for it.

 

[Sean K]

BSL?

This may all depend on the charting service. For posting here I use Big Charts.

I'm confounded how EW was made to fit this, but anyway.

Potential double bottom for a start. Good news. Looks like good support at $2.00 ish.

Clear downtrend line is looking to be attacked. Potential breakout.

I don't think this is going anywhere but down or sideways until the significant horizontal resistance at $3.00 is breached.

WTF! with the volume?

 

[beamstas]

I'm confounded how EW was made to fit this, but anyway.

Who said anything about EW?

 

[kam75]

I use Price, Volume and OBV to gauge the market. I'll look at support and resistance zones and see what the volume is doing. OBV tells me whether it's buying pressure or selling. Rising OBV tells me accumulation is taking place. Don't use any other indicators except a simple MA on the occassion.

I think your Bollinger Bands may definitely be of use. They're not a bad indicator.

 

[Sean K]

Who said anything about EW?

So, it's a PPS triangle?

OK

 

[beamstas]

So, it's a PPS triangle?

OK

Maybe it's time you read a book

 

[Sean K]

Maybe it's time you read a book

Thanks. I'll read that one. Everyone else will be too, I'm sure.

 

[Aussiest]

Thanks. I'll read that one. Everyone else will be too, I'm sure.

Yeah, i'm champing at the bit to read whatever book that is. Of course, fundamentals and news items have nothing to do with a share price. Not to mention the supply and demand (of steel in this case).

 

[beamstas]

If you are insisting on making stupid remarks about eliott wave before even reading the thread then at least make sure you are familiar with what you are talking about?

Im sure you have enough fingers to count 5 internal points there

If not i can post another very basic chart for you that you may be able to understand

 

[Aussiest]

If you are insisting on making stupid remarks about eliott wave before even reading the thread then at least make sure you are familiar with what you are talking about?

Im sure you have enough fingers to count 5 internal points there

If not i can post another very basic chart for you that you may be able to understand

Wow, all i said was there is more to the SP than historical data. Eg, supply and demand of the particular commodity and the companies fundamentals.

No need for the childish remarks.

 

[Sean K]

No need for the childish remarks.

He's making childish remarks toward me Aussie, so no drama.

Seems a simple question can't be answered with a simple answer.

I'm seeing a pattern forming.

A PPS pattern....

 

[beamstas]

He's making childish remarks toward me Aussie, so no drama.

Seems a simple question can't be answered with a simple answer.

I'm seeing a pattern forming.

Yes, i labelled a pps triangle, which as you would know (since you are the authority who either accepts a chart or makes a smart **** comment about it) has 5 internal points and then breaks continuing with the trend.

I'm confounded how EW was made to fit this, but anyway.

Simple - it wasn't
Your assumptions were wrong.

Yeah, i'm champing at the bit to read whatever book that is.

PPS trading strategy by curtis arnold

 

[Sean K]

PPS trading strategy by curtis arnold

Ah, OK. One of those. Thanks! How hard was that?

 

[beamstas]

Post #4

Nope
It just can't be the shortest

It's not EW anyway (well... theoretically)

Its just a PPS triangle

Post #6

I'm confounded how EW was made to fit this, but anyway.

Post #17

Ah, OK. One of those. Thanks! How hard was that?

 

[Aussiest]

(since you are the authority who either accepts a chart or makes a smart **** comment about it)

Wow, i am entitled to my opinion! And you want to talk about antagonistic comments? You're one to talk.

Refer to WEEP0's "view to a kill" thread:

Beamstas: "ASF is full of bull****
This is one such example of it"

and


"Now go back to never doing anything with your life other than spending the rest of it trying to pick bottoms and getting sadly dissapointed

You can really tell who are the big swinging dicks on this forums and those who arn't

Those who arn't start threads claiming that they are the best thing since sliced bread and they can't make a wrong call

Those who are actually spend time trading and ignore bull**** posts like this

If you want respect
Go to hotcopper

Because you won't get any here
The people here have seen your type 1000's of times and are not impressed"

This is hardly manners is it?

 

[beamstas]

Don't even know why you are on this thread aussiest
None of my posts have been directed at you