Gottfried, thanks for sharing your technical analysis thoughts. I think the difference between candlesticks and PnF charting is that candlesticks allows you, provided you analyze it properly, to get in at the beginning of the trend reversal where as PnF seems to me, that you have to wait until the trend is well under way.
I haven't followed PnF closely, it was just my observations.
The important thing is to keep things simple. Get used to one system and follow it. You won't succeed all the time but you will learn what works and what doesn't.
---------------------------------------------------
To the thread,
I'm 8 for 10 using my system so I think I'm getting it down pretty good. A trade or two worked out for me via luck. I'll take it. I think my confidence level has increased and my latest trades have been based on my experience with the charts as opposed to luck.
For what it's worth, I wouldn't have bought ESV based on the sticks yet. However, the sticks haven't said you've made a big mistake if you have. I'm trading reversal patterns as opposed to continuation patterns.
Keep an eye on GADZ. My analysis said yesterday was a good time to take a position. GADZ is at the point DQE was two weeks ago when I took a position in them. Here's their chart.
stockcharts.com[h,a]dhclyymy[pb50!b200!d20,2][vc60][iUb14!Ua12,26,9!Lc20!Lk14!Lh14,3!Ll14]
I love catching the RSI indicator crossing up over the 30 line. Below 30 indicates oversold. I also love catching the MACD line crossing the 9 day EMA line from below the zero line. This is where a lot of your big percentage gainers come from.
Everyone has different systems and different systems will give good results. I'm just explaining mine for those who don't have one or would like to try another one. The important thing is to keep it simple and consistent. Don't try to be too smart. Let the market tell you what to do. This is where being a good follower pays off.
JMHO,
dabum |
