Hey Slick, I found your comparisons very interesting. I think I might have been referring to my MAs as SMAs all theses years. On my charting platform there is no Moving Average (simple) option for the indicators so I assumed the MA must have been the simple one. There is a smoothed moving average though which is now obviously the one I should have been looking at (I won't, because these are the MAs I like to work with regardless of what they're called) So thanks for that!
The current trajectory is still looking pretty good, I was watching closely yesterday to see the market reaction, there was some disappointment to no new data being released, not a massive sell down, but a test of support on many time frames which is promising
1 hour chart has support on the 50s (white). 200s are sitting at that significant 10.5c, in the case of a retrace this would be something to watch in this time frame
1 day chart. Here the support comes from the 8s (blue). Note the MAs below and compare them to other timeframes. And yes, the golden cross which is definitely worth paying attention to in conjunction with other indications
1 week chart. The 50s here are quite interesting, look at those 4 wicks that pushed through and got rejected and pushed back down below. The last three candles have now all closed above and the 200 is being tested at 13c. Support on the 8s again and now the 50s, look at where they are sitting at that 10.5c mark
Looking at my support/resistance lines, this is where we are sitting
There has been some comments about charts being irrelevant now compared to in the past, Obviously to me this is a ridiculous statement. I will say that it is a lot more complicated though and you need to calculate in many more factors which might be a bit much for some whether it be because of time constraints, lack of interest, or simply lack of ability. I think psychology plays a very big part in price movements and you should try and play through some scenarios in your head, most recently, the hope/expectations of more data being released. There was some disappointment but it doesn't change much except the need for a bit more patience, what will happen between now and then in peoples heads? Depends on their timeframes, if this happened a few weeks ago would that reaction have been different? Why? Are people looking at charts and seeing indicators that make them feel a bit more comfortable to hold? There is always a bit of herd mentality that is worth considering. Also you have to consider the way social media has had an impact on the way the world works now. It can cause a big shift in the way people think, there are endless examples of this with conspiracy theories, hatred, flat earths, 5g and all sorts of other things. Here we are talking about money so no surprises. There will always be trolls that will try to manipulate others, some are very clever but others are quite obvious, peoples reactions are their reward. I find the best way to work with this is to have a bit of a think about everything I have said above and try to figure out intent. If it is blatant trolling, I imagine the kind of person it takes to use the internet in this manner, I must say, my imagination gets pretty creative and it just makes me have a chuckle to myself and move on with my day.
Anyway, those are my thoughts for today
GLAH
All the folk here will chip in for it, it's bugger all.
(20min delay)