chart, ta thread.

The other thread was getting cluttered and off topic. I'd like to keep this one on topic. The title says it all. If you're not interested in TA or charts this isn't the thread for you.


This chart points out more succinctly what I was saying in the previous thread. In that thread I pointed out that the 38.20% Fib was a major level to be held otherwise this is going to drop much lower. imo.

Looking at this chart you can see with area 2. that the most recent breakout was halted. The indicators have still not changed and are still bearish. Area 1. was a sign of strength. A + B are both bearish signals that need to be rectified prior to this moving anywhere. The only small glimmer of hope is area C.

It’s not a matter of where I hope it’s going. It’s about reading the chart accurately enough to try to ascertain it’s direction to take a position.

Until I saw further strength in the charts I would not take a position in this bar a day trade as my very first analysis stated on the 4/9/12. That analysis is still valid and it's been 100% spot on.

“Messy chart with gaps everywhere. I'd like to see it hit the recent former high of 0.097. Looks more like hitting the the recent lows of 0.061 to at least fill that first of the lower gaps. Gap up and two days of battle with the bears taking the victory on the second day. I'd be carefull before I took a position here. If I entered I'd want to see that top gap filled on a real body at the least. imo.”