different style of chart., page-16

Soul Surfer, I remember the thread and thought you were a bit hard on the guy as he actually put a lot of thought and effort into the chart.

The chart was more of a hand drawn Gann Fan with angles and he was trying to get a chart of what El Capo (who was banned and so couldn't explain) had predicted. He never said he knew a lot about charting.

With the first chart on this thread its legitimate in the sense that its saying if the price gets down to that support line then it would be a buy signal. Looks just like a triangle and would be legitimate to trade.

I guess that's the thing with Technical Analysis, what might look silly to someone might actually get used day to day by someone else.

An example would be a year ago, if you asked me about Fibonacci Retracements when I was doing a bit of research about them at the time I would have told you they seem like hokum. However, in the last few months after about an hour or two of an expert showing me how to use them, I think they are a really great tool. The person who showed me is a private professional trader who does quite well and uses them himself to plan trades. I did a post in the last week or two in one of Mitta's charting threads showing LYC with fibonacci retracements and how 55 cents comes up as being a possible major low. I can plan trades around this and if Lynas starts heading back up I know where to plan my trades.