When you mention “higher lows and higher highs” you really referring to a new trend, which in my books follow a bottom. However the bottom is the lowest point following a down trend or correction. Even though it could be difficult to foreshadow, establishing a bottom early has a distinct advantage for traders and investors, as it establishes the point of largest possible gain, especially if the security is oversold/undervalued. The bottom also allows to a degree to forecast the next move and therefore establish a possible risk/reward calculation , a possible trade and a point to take profit.
However if one isn’t the least bit interested in a stock the question arises what is the motivation for charting it at all, other then for purely academic purposes, criticising others opinions and voicing suspicions of wrong or worse biased chart interpretations. Naturally from the moral high ground of being independent and totally unbiased!
BTW, I am not talking about traders/investors having done their research, who have a genuine interest in a specific stock to eventually enter by following its decline to an eventual bottom, establishing a bottom and planning to enter following their very own trading plan and risk profile.
New TA/Charting, page-13561
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