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Strategies & Market Trends : The Art of Investing
PICK 50.39+1.1%Dec 11 4:00 PM EST
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To: Sun Tzu who wrote (6299)2/3/2023 2:59:04 PM
From: Sun Tzu3 Recommendations

Recommended By
catou1
Lou Weed
skier31

  Read Replies (3) of 10691
 
Here's a chart of oil along with the algo's comments and lines.

To make it clearer, I've placed dashed lines at where you had straight stretches of algo drawn lines - which mark support and resistance levels. You can see how well these work.

When we approach the upper line (here the pink line), the ticker is likely on thin ice. When it crosses below it, the ice has broken it's likely to sink. The opposite is true when we are near the bottom. It's likely to bounce. So when you cross above the lower support, it is a good time to buy.

In between you need to defer to the previously identified levels (see the dashed lines).

Right now oil is at the bottom support level. So anyone who wants to be brave can jump the gun and buy it here. Personally I rarely ever approve of fighting the trend. So at the very least you want to wait to see some strength before buying. Furthermore, when a support or resistance level is hit multiple times, it is likely to break. You see the previous events like this on the chart. This is my way of saying don't be too eager to jump the gun here.

Those who think that I lie about making money on something that has been on a downtrend, simply fail to understand how this system works and probably suck at order management and stoploss. Everything you need to know about my system can be studied in this one chart below.

PS Next support level for oil, as marked on the chart, is 68.66 (and then 65.25) - all numbers are approximate as there is fuzzy band around them. This is what RSI is for.

PPS This is not your typical TA. As you can see, none of the support/resistance levels map to any high or low when they were drawn. In this sense, they are predictive because they tell you where the future tops and bottoms will be.


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