I've been doing a lot of reading lately into stocks and trading and the subject of charts interests me. I've been tracking different patterns to see where they take me but it takes a lot of time to get a good selection of the patterns I want to watch. So, I thought I'd ask all of you. In your trading experiance can you tell me if there is a reliable pattern(s) and if so, which ones are they? Right now I'm focusing on the Bull side of the market.
Thanks for any feedback.
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Chart Patterns. Are they reliable?
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There are a million technical analysis studies and tons of patterns they are based off. If you're trying to use them on a major company, there will be soo many people using different techniques that one of them is bound to be correct. However many (if not most) of them could be wrong. At the end of the day, OF (or maybe it's Otter) says it best:
Up, down, I predict with 100% assuredness the market will move one of those directions.
Up, down, I predict with 100% assuredness the market will move one of those directions.
Golden Flow is the only one I trust.
That is a great question.... Here was my crystal ball going into today....
null
There goes the 'nulls' again.
What chart pattern is probably the most popular? I want to use one that everyone uses. Could be as simple as drawing a line connecting two peaks...
My last post of the day.... Good night... Going to concert to see Reo Speedwagon, Styx, & Ted Nugent.... My trades paid for a box 4 rows back from the stage...
I'LL DRINK ONE FOR YOU ALL......
I'LL DRINK ONE FOR YOU ALL......
read Technical Analysis of the financial markets. by John J. Murphy
and trade something that everyone is going to trade technically, like an index. I think it is disrespectful when people trade single stocks technically, but im a gentleman.
and trade something that everyone is going to trade technically, like an index. I think it is disrespectful when people trade single stocks technically, but im a gentleman.
Ok, thanks for the responses. Something to think about and I will look for the book.
Regards
Regards
I have said it before and it bears repeating: charts are a representation of where a stock or index has been, not necessarily where it is going. I remember in late 2009 one trader saying how AMZN was overbought at 100. Now it is in the 225 range. Patterns do not predict future prices. Prices are determined by two things: supply & demand.
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