Weekly Charting - 17th November 2017, page-11 - HotCopper | ASX Share Prices, Stock Market & Share Trading Forum

Originally posted by mirren ↑

Here is a chart that burst onto the scene and took off into outerspace - Now one of the interesting things - that we often encounter on the DT thread - stock goes up to ridiculous levels on day one - a lot buy it up there - and inevitably it reverses the next day - then the catcalls come in - See it's a dog blah blah- day three comes and it reverses up again- takes out the high of day two and closes on day two high - just looking at the volume on day three - which is equal to day two -
Notably not a mention today (I think I was not watching ) daytraders have a short attention span- however there is now a flag formation going on here which will inevitably swing to a point - which can also provide great trades - just thought it might be a study piece - I have short attention span too
So much going on that you can't have eyes on everything - however one point with stuff like this - is it pays to watch how it plays out- given that it had such a powerful rise - Mr market is not 100 % stoopid there may be a bit of substance to these ones - guess it pays to check the FA on such rises - they can also land in the trade trash bin - that is always the risk -
I will tip my hat as usual to Jako for giving insight to how he categorises his scanning choices - CR pumps I do know he ignores - Rightly so if not paying attention during the day- however I welcome any comments and theories insight - and just a note when I looked at the homework chart got me to thinking - it has taken 13 years for the chart to play out ...
It looks the same to me as any chart - they all look the same - just thinking out loud -
Here is the chart anyway -
Just best to mention that I have done NO FA homework - the more I use charts the more I am not really bothered to do all that reading either - I used to - and more and more I am finding it just disrupts my thinking -
However I don't recall we had these types of problems a few months ago either - or ?

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Yes, the analysis should be the same, no matter what the timeframe is.
So whether is is an intraday chart, or a weekly chart, the analysis is pretty much the same within that timeframe.

Yes I see those downbars regularly as well, and sometimes a variation is that the initial bar closes low (the two in one, so to speak).
When price really accelerates strongly like that it is usually then targeted by the day, short term, and momentum traders, as it pops up on their scans.
So I feel this type of bar is mostly used to absorb some of the supply that the rise in price draws out, and it also serves to wrong foot and flip out some of these traders, as they will cause difficulties as price moves higher, by selling into a future rise in price when they take profits (usually in the wrong place, making the chart levels messy).

cheers