Dave, dont be shining my ass... TA secrets
next I see some coffee awaiting at 190... coffee is served at the reversals, simple as that
cup of coffee was really a couple days ago, at least that was long enough to relax and savor some roast... must admit to my unabashed openness in this TA stuff... otherwise people might think either that it is hocuspocus or that I am demon possessed or that I am some genius... none of above is true
there are no secrets... the simpler you make it, the greater the predictability
I reasoned that two weeks ago when QCOM first made an intraday high of 198, then closed at 190, it eventually stumbled down to 182 and bounced upward... the reversal turns are absolutely critical to TA since they mark very heavy buying & selling
when that Everen conman issued his report, QCOM fell hard, right thru that 182 point, settling in the depths below... the drop caught the buyers at 182 by surprise
after recovering one week later, I made the call that 182 would provide a cup of coffee on the way back up... here is the psychology behind it... tens of thousands of shares were bought at 182 on that original bounce... on the way up, those owners see a chance to remove the negative emotions by selling... THEY FELT PAIN... who cares about whether it might go higher... they get out even after being wicked down... emotion rules in that decision, PERIOD
so on the way up, we slowed down for hours at 182 and nobody seemed to notice... I did... tens of thousands of shares were abandoned by much the same people... on the way back down after getting to 190, the cup of coffee was waiting at 182... after getting to 199 today, more coffee was waiting at table #182
as Cosmo says "TA is most accurate when kept simple"
does this make sense, Molloy?
not important to longterm investors, but very useful to shortermers... 182 is a low risk, high probability point to enter a couple days ago
182 is simply a roadblock in high gear, and a rest point in slow gear
neat stuff, eh hosers?
later, jim |
