PRX 0.00% 0.2¢ prodigy gold nl

chart, page-60

  1. 9,981 Posts.
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    "I think too many indicators are too misleading if not confusing."

    The more that group together, the higher the mathematical probabilities. Though there are some that do not interpret them correctly.

    "For example Vulture's chart has around half the indicators as bullish and half bearish"

    That's incorrect Chuk lol. Perhaps you should recount them. More negative indications than positive ones atm..

    "Where does that leave a trader?"

    Which one? lol..

    "Stay out because not compelling enough to buy?"

    You hit the nail right on the head Chuk.
    Or buy (if you must) at an acceptable level of downside risk.

    "I find most indicators (for smaller to mid size less liquid stocks especially) are not much of a guide."

    Most novice TA buffs lack experience in deciphering indicators to their full potential.
    They are used in conjunction with chart formations and trendlines to give a broader perspective of what might occur..

    "I think the overall price trend and volumes are much more reliable"

    Incorrect, spoken like a novice TA enthusiast lol. It's all about probabilities. The more ammunition at ones disposal, the clearer the overall picture.
    Did I suspect trendline support was going to collapse a few weeks ago? You bet! That's why I aborted the trade before it occurred lol..

    "as well as watching the buy or sell action on screen."

    That's the worse thing a tekie can do Chuk lol..

    "When I see a stock up 4% on good volume on a day when the sector is down heavily, I see that as overiding any chart indicators."

    That means squat. It could be testing resistance before another selloff too, you know?
    So you need to ask yourself, is this the level I'm willing to risk my hard earned on? Or do I wait for a safer entry? (after a breakout/or a retrace)

    Anyway, that's my two cents worth. All the best with a breakout today guys, it should certainly turn more indicators to the positive side lol..
 
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