It's always hard to know when a stock will pull back and when it'll take off. If we knew then making money would be easy.
All we can do is to manage trades that has higher probability of going in our favour.
Thanks for your thoughts Boggo, I think you might be right and a bit more pull back may be in play here.Just me thinking out loud...
Looking at the weekly that is not a pattern that I like, ie, a down bar after a significant upthrust with high volume. It is only Tuesday and the volume may pick up to last weeks level but I tend to look at these patterns as an opportunity that sellers are on to.
Today's overall sentiment may have had an influence too though.
Don't take this as any sort of prediction, just my thought process of a pattern that I avoid.
Hi Boggo, I too am not sure which way it will go in the near term, however they are to announce their start mining date in this quarter.Just me thinking out loud...
Looking at the weekly that is not a pattern that I like, ie, a down bar after a significant upthrust with high volume. It is only Tuesday and the volume may pick up to last weeks level but I tend to look at these patterns as an opportunity that sellers are on to.
Today's overall sentiment may have had an influence too though.
Don't take this as any sort of prediction, just my thought process of a pattern that I avoid.
Looks as though you were spot on Boggo, hopefully the fall continues and I will have another bite.Just me thinking out loud...
Looking at the weekly that is not a pattern that I like, ie, a down bar after a significant upthrust with high volume. It is only Tuesday and the volume may pick up to last weeks level but I tend to look at these patterns as an opportunity that sellers are on to.
Today's overall sentiment may have had an influence too though.
Don't take this as any sort of prediction, just my thought process of a pattern that I avoid.
Looks as though you were spot on Boggo, hopefully the fall continues and I will have another bite.
Where do you feel the bottom will be? Tinhat suggests 59c may hold.
Funny that, but in the end it's worth it to input the End-Of-Day data and have the charts displayed the way you want in the charting platform of your choice.Thanks guys, I am trying to get my head around charting, downloaded incredible charts, all I've got up until now is an incredible headache.
Thanks guys, I am trying to get my head around charting, downloaded incredible charts, all I've got up until now is an incredible headache.
Not much to work on with MCR daily. @rnr has pretty much identified what there is in post #407 above.
@sptrawler what rnr and I are looking at is points of resistance on the way up can and often become points of support on the way down. There are many ways of interpreting what happened at those points on the way up but from a charting approach they can be of interest either as a stop level or a point of reversal/re-entry on the way down.
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Thanks Boggo, rnr and Tinhat, I am starting to use the charts and with the info on ASF it is making the learning process much easier, oh to be young again when the gray matter worked.
With regard MCR I will be holding for the longer term so it shouldn't matter too much, however I was looking at the MACD last night and I can see that my timing was terrible.
So thanks for the info and don't hesitate to tell me when I get it wrong.
Now to start on points of resistance.
I like your thinking tinhat. I am no technical guru either but what you have said applies to me. I like to look at price primarily then volume for additional evidence. All other indicators are derived from either price or volume, so have lesser priority/weight given to them.When it comes to TA I would defer to Boggo (EW analysis) and many others here before myself as I am not a disciplined follower of TA (yet!).
As a TA ignoramus, may I suggest looking at price charts without looking at any other indicator, volume, or any study such as any MA, MACD, RSI etc. I like weekly charts because that suits my ability to give weight to analysis and buy/hold/sell decisions. Just looking at the price chart over time (sometimes going back over a few years) are there points where the price seems to hold then move one way or the other? Support/Resistance. At what point does resistance become support or vice-versa indicating a change in trend?
I would then suggest looking at price action in combination with volume as professed by Tech/A (The Duck) (VSA) but not necessarily worrying about his break-out trading style at first. My suggestion is to observe price and volume in terms of accumulation, distribution, up-trend, down-trend and failed break-outs, exhaustion of buyers or sellers.
That's brave, you do know I hold, so that has already put the mockers on it.After waiting for a long time reading all of the fellow ASF member comments, decided to buy some shares for my spec portfolio. Details of the purchase are in Speculative Stock Portfolio.
Yes, I waited for the price to get to those support levels suggested by the members with better charting skills than us.That's brave, you do know I hold, so that has already put the mockers on it.
Yes, I waited for the price to get to those support levels suggested by the members with better charting skills than us.
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