Your post seems rather technical for a newbie, so can I assume you are a chartist that forgot to provide a chart ?........
Do you study EW ? I just dont to assume thats all.
The very simple explanation as to why I use a ZIG ZAG indicator is this, I invest / trade in 15 stocks or more at a given time, so its all about the time factor, it gives me the wave count in seconds and is eerily accurate, you should try it sometime, i hardly ever have to adjust it and for a newbie , its an excellent tool to use to get a good entry, so for the newbie, they should be trying to get on the end of the wave 2, 4 or abc post wave 5 down ( marked in red ), of course you dont just hop on willy nilly, you dont chase , just let the downtrend run its course, let it base build, then hop on when you see a lovely long green with VOLUME!
As you can see, with the " minor support & resistance zone ", good base build going on / accumulation, volume has dropped to virtual nothing, so SP just biding time for the NEWS FACTOR.
Once I see volume pick up and the 5 & 9 ema starts to curl up and SP breaks 10.5c, then that will be my cue to top up ( upper green arrow)
I hope this helps
IMO
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Open | High | Low | Value | Volume |
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Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
18 | 8874638 | 0.8¢ |
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12 | 8451140 | 0.007 |
8 | 5483500 | 0.006 |
2 | 2300000 | 0.005 |
2 | 1750000 | 0.004 |
Price($) | Vol. | No. |
---|---|---|
0.009 | 3289777 | 4 |
0.010 | 3116464 | 8 |
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