Well if you lurk a little longer you'll also become "unimpressed by my ability to pick reversals"!!<gg> Much like the market, talent goes thru cycles, I happen to be on an upswing lately, it usually is followed by a certain degree of cockiness, soon followed by a huge dent in my bank acct.!<gg>
I use a 5-10 representation of a stock as well as intraday, I am always refreshing what I believe to be redundant resistance and support levels and adding new ones as the day wears on. I plot volumes against time, as it approaches the resistance level, to determine its resistive strength, then place a 1 to 5 rating against that level. If the next attempt at that resitance level is a higher number, then I evaluate the overall momentum of the stock and try to determine when the next attempt will occur.
Had the rumour of BII's TSE 300 listing started earlier in the day, it would have never hit its triple bottom of 12.10-20, but I was convinced it was going to test the level, because of the significant weakness at all resistance & support levels, the day before.
I use candlesticks occassionally but spend most of my time with pad & paper plotting advance and decline lines as well as resistance and support levels. No major math or science involved....I can't give you the secret "algorithmn", sometimes it works, sometimes it doesn't!!
the Chief
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