T4:
I pretty much use only daily charts myself, with weeklies and monthlies for confirmation of support and resistance.
The beauty (and limitation) of TA is that everybody, even if they are using the same tools, ends up with a little different result. TA stands for Trend Art-reading, btw, not Technical Analysis. There's nothing particularly "technical" (scientific, difficult) about it, and reading the price & volume data is more an artistic endeavor than an analytical one. FA, on the other hand, yields much more measurable and definable results. If you only buy stocks with p/e: sector p/e of X, and PEG ratios of Y or better, then you can measure your analysis.
Steve Nison in a recent copy of Technical Analysis replied in a letter that a candlestick is only a candlestick if it's in the proper trend.
In any event, I was taking the 4.20 as the 200 dma (now it's 4.16) and not thinking about a trendline. In fact, I've now tried about 16 times and can't draw a trendline to 4.20, but that may just be my problem. Each time I draw one it ends up much higher than 4.20 (sometimes 5, sometimes 4.60 or so).
A chacun son gout,
Kb |
