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Pastimes : Market Gems - Gigantic Humanoid or Lame Ripoff?
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To: smchan who wrote (14)5/22/2001 10:00:49 AM
From: Don Pueblo  Read Replies (1) of 25
 
You bet!

"This price pattern displays two prominent peaks. The reversal is complete when the middle trough is broken."

-"Technical Analysis of the Financial Markets" John. J. Murphy.

I assume you are referencing my message to Jenna. She put up a chart that had one top, a move down, then a second move up to the high at the first top. The chart did not pull back a second time, but continued to go higher than the level of the first top (after a close one day at the level of the first top.) She called that a "double top" - because, I assume, the second up move closed at what she thought was resistance. But there was no second move down.

The reason I objected to strongly to her "analysis" was she had labeled the chart a "double top" and anyone who didn't already know she was wrong could have easily believed her. Those people could easily have remained confused forever.

It is my personal opinion that this sort of obvious misrepresentation of an old and easily understood TA pattern not only demonstrates her lack of understanding, but points to a possibility that she is intentionally trying to confuse people so they will listen to her rather than try and understand how to read a chart themselves. She recently inserted a P&F chart on one of her charts, and I am quite confident that since she cannot read a traditional chart pattern, she has no friggin' clue on Point and Figure...which is too bad for anyone that accepts what she says as rational.
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