I follow Saragian as well Forever Newbie and consider him to be a dear (ephemeral) friend and helpmate of years, and a technical analyst par excellence!
For other ‘newcomers’, I also agree TA does not give 100% accuracy
… But it sure beats lots of other systems, and in my experience that IS something you can count on … and possibly invest in too!
What to do when it goes wrong?
I looked back to that code you mentioned and saw two posts.
In the first [see for yourself here], the chart explained a key holding point and, as I read it, Saragian as a non holder took the view a ‘bear trap’ market response would ensue when that level was reached, ie there would be a bounce before the fall continued.
The next chart [here it is] disclosed a holding status and an estimate of a possible bounce level.
So what happened next?
I’d say (with, I expect, about 99.5% accuracy) that that friend to chartists and non chartists, newbies and oldies, alike kicked in; His Stop Loss Tactic.
For me my own ‘SLT’ is a more difficult friend to commit to although she’s helped me in the past and that comes down to my psychology and lack of wit.
I hope you are right in your predictions ForeverNewbie but for me as a complete outsider arguing the case for a TA prognosis by someone I respect, the odds are against this company turning into one of the ‘exceptions’
…. and if it turns out you are right and the tide has turned, then you have cash in hand and the sister of SLT, BBI (Buy Back In) is just an index finger away!
Easy to give opinion isn’t it
DYOR.
Accept the consequences.
Enjoy the thrills?
cheers
WR1 Price at posting:
55.0¢ Sentiment: None Disclosure: Not Held
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