I just read one of the other threads on SI that is now more focused on market direction. I continue to be surprised at some of the chart pattern and trend line reads.
Since the inception of the MDD thread in Dec of 98, chart pattern and trend line analysis has been a major part of the analysis expressed on this thread (especially in log-scale). I use them, as do several of the regular contributors to this thread. As of late, it has become obvious that more and more SI members are using chart pattern recognition and trend lines in their analysis. However, I am seeing what in my opinion are some on going mistakes. In some cases the mistakes IMO are being represented authoritatively.
I am self taught and have never seen an Edwards & McGee book, nor any other traditional TA book for that matter so, I can relate to calling them as you see them. However, some of the formation reads and statements of fact I have seen as of late have me concerned enough to address them by stating my opinion. In addition, an important question I have not seen asked nor answered is how do you deal with what may seem to be diverging indices that address the same exchange or market segment. IE: NDX, QQQ, NQ00Z & COMPX
I was not planning on updating my web site this weekend, but I have decided rather than just posting a couple of charts on SI, I will update my charts and address my concerns regarding chart pattern and trend lines reads and address diverging indices on my commentary page. All in my opinion of course. Those on my email list will receive a notification when I have updated the site.
I trust all are having a great weekend!
Regards,
LG |
