IMUGENE CHART. TA only, page-31686

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20/04/24

04:02

Post #: 73434764
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Originally posted by slick: ↑

Frustrated by watching a very low standard footy game so will add my 2 cents to your post. Please take it in the right way it was intended.

First of all good on you for putting it together. It’s an exciting time when starting out.

What do we see in your chart you ask? First thing I see is that Fibs haven’t been effective which is disappointing as I’m a big fan of them. But it fell right through your first fib, didn’t advance in the second and has fallen right through in the third.

Could I suggest when starting out that you stick to a daily time frame. The daily is a great time frame to learn TA indicators, monitor momentum and practice and hone systems on. (Hourly is too fast and the weekly is too slow).

Is using TA properly, we are wanting the ability to achieve 3 things. 1, identify a good/ safe entry. 2, be able to monitor the uptrend / momentum and 3, have appropriate signals that identify exit signals.

I’m not sure those Fibs have been able to do any of that. Therefore you might want to work on another set of indicators that provide some probabilities regarding where the SP is heading . Either upwards, downwards or sideways.

TA can be a fairly intense and complex topic so try and break it down into sections. If wanting an entry into a stock focus only on the indicators that signal an entry. And once entered, switch all of your focus onto only the indicators that signal an exit regardless of time frame ( days, weeks etc). It’s a mindset set thing but very helpful IMO.

Cheers.

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Heya Slick
Thanks for taking the time.
Yep, I hear you. I'll try to adapt the changes and see how they unfold.
A bit like two different set of coaches.
One for the offence and one for the defence.
Makes sense to me!

Cheers

IMU Price at posting: 7.1¢ Sentiment: None Disclosure: Not Held
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