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Thanks, but I think I have it already. Trades About to Happen. ~Weis
Thanks, but I think I have it already. Trades About to Happen. ~WeisGB
Did you know a book has been written on exactly that!
Ill post up the Title and ISBN Number if interested.
Your on to something!
Why I use the 21d is lost in the mists of time. I have used it forever. I would imagine it was a MA which some of the chartists used when I was first teaching myself to chart over at IC. I have it set on 'Simple', Simple is what the S stands for because Stockcharts which is a massively popular charting program uses simple moving averages of 50 and 200 as its default. As I said at the start, I am attempting to look at what the majority looks at.Would you mind explaining the significance of the 21 day Smooth/MA.
Why not exponential or weighted?
Over and over I find the price appears to respond to this time period MA. However it is simply a personal choice and someone else may prefer a different time frame.Why is it selected as 21 periods and not some other?
42 might be very significant if someone is trying to time the markets ahead of others, I have never used it because the 50day is the popular one. Just want to keep in step.Why is a 42 day not significant.
It may be a coincidence but it is a regular coincidence.You mentioned once that it bounced off the SMA
isn't it just a coincidence that price hits that level and then moves away from it?
If not why not?
Moving averages can be used as a stop loss level. If it rises back above, that means the stock hasn't capitulated.It was breached a couple of days ago--what was the significance of that?
Today it trades at or above it ---what is the significance of that?
I chose $1.40 as a resistance after the price ran up and closed at $1.40 before it fell back on the following days. It had one day where the price closed above this line before it fell back again. This tells me the $1.40 support line is still weak and needs to be able to hold price levels above it. Until that time it remains as a 'resistance' line. I prefer to draw my lines on the End of Day price level. It is simply a personal preference, it has worked better for me over the years and it is often confirmed when Fibonacci levels are used. My support/resistance lines often correspond to Fibonacci levels. It is just a confirmation for me, that I am using a 'popular' line. As I said, I am trying to correspond with what everyone else is looking at.Why have you marked $1.40 as a resistance.
What is it resisting at that level? Why is this chosen.
IE what constitutes resistance can the reason for resistance change
in your view?
Currently you have this as a hold. In your view
Has that changed.
What would need to change if
(1) It became a buy
(2) It became a sell?
913 downswing is the largest on the chart. 272 upswing response is weak. Wyckoffians might look to exit that sort of pattern.
View attachment 95270
Verce.....Nooooo don't go! We need your smarts here.Good Evening
It is with great sadness and a heavy heart that I have decided to declare this thread over and done. I have many fond memories and have even made new friends (as well as people who have put me on ignore merely for disagreeing with them) - but it has well and truly run its course (and probably broken a new record at 25 pages!).
I will be contributing nothing further henceforth and wish you all the best with your investing.
Good Evening It is with great sadness and a heavy heart that I have decided to declare this thread over and done. I will be contributing nothing further henceforth and wish you all the best with your investing.
Thanks, but I think I have it already. Trades About to Happen. ~Weis
Good Evening
It is with great sadness and a heavy heart that I have decided to declare this thread over and done. I have many fond memories and have even made new friends (as well as people who have put me on ignore merely for disagreeing with them) - but it has well and truly run its course (and probably broken a new record at 25 pages!).
I will be contributing nothing further henceforth and wish you all the best with your investing.
Wow! Great news for TNY verce! I am so pleased you are not going, you are a pleasure and a delight, we need you here.
I am going to put up a chart for TNY which shows a Head & Shoulders pattern which is very bearish at the top of a chart, rarely do they fail to resolve in my experience. However, who knows with TNY, it may be a bear trap!
Perhaps it isn't a head and shoulders pattern at all, maybe it is TNY's golden crown being worn at a jaunty angle!
View attachment 95293
This sounds a bit like the theme from Rocky at the beginning!
I have a lot to add but before I do (relative to the analysis) Do others think it should stay here or move out of the TNY thread?
Why I use the 21d is lost in the mists of time. I have used it forever. I would imagine it was a MA which some of the chartists used when I was first teaching myself to chart over at IC. I have it set on 'Simple', Simple is what the S stands for because Stockcharts which is a massively popular charting program uses simple moving averages of 50 and 200 as its default. As I said at the start, I am attempting to look at what the majority looks at.
Over and over I find the price appears to respond to this time period MA. However it is simply a personal choice and someone else may prefer a different time frame.
42 might be very significant if someone is trying to time the markets ahead of others, I have never used it because the 50day is the popular one. Just want to keep in step.
Moving averages can be used as a stop loss level. If it rises back above, that means the stock hasn't capitulated.
I chose $1.40 as a resistance after the price ran up and closed at $1.40 before it fell back on the following days. It had one day where the price closed above this line before it fell back again. This tells me the $1.40 support line is still weak and needs to be able to hold price levels above it. Until that time it remains as a 'resistance' line. I prefer to draw my lines on the End of Day price level. It is simply a personal preference, it has worked better for me over the years and it is often confirmed when Fibonacci levels are used. My support/resistance lines often correspond to Fibonacci levels. It is just a confirmation for me, that I am using a 'popular' line. As I said, I am trying to correspond with what everyone else is looking at.
I am not buying into any stocks from now on until the overheads have been resolved on the Aussie and US Indices. I may be stopping too early and lose a bit of the top, but I look for my comfort spot, if the major indices fail and there is a scramble to sell, I have no desire to be caught in the middle.
I am not going to comment on TNY but I will say that when any of my stocks are breaching the 21dsma I am making an orderly exit.
All this is totally off topic and time consuming so I won't be repeating lengthy posts like this in the future.
None of this is off topic in my view infact its very important that analysis is explained.
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