Ok NC. You are a non believer in charts and I know you aint having a pop at me, so lets just say I am trying to convince you that you can, and people do make extreme amounts of money out of reading charts alone, without even bringing fundamentals into it. See the attached 1hr chart on CVN.
Uptrend -
Point 1 - just nothing really Trend dont exist at this point,
Point 2 - possible trend and bounce off support also,
Point 3 - further confirmation of an uptrend
I then made an earlier post with chart showing the blue arrows as one scenario, or if the trend did not hold then it may even go down to 40 ish. As it was up trend held and followed the blue arrows. This isnt luck of tossing a coin its TA.
If I was 'trading' this (cant as I sleep whilst your market is open) I would possibly of entered as shown with a trailing stop loss, going with the trend and using the resistance level of 47 as target. The doji candles just after Point 4 showed indecision and the marabusa candle just after the doji's would have put a smile on my face so I could have moved my stop loss up to the base of the marabusa meaning that the result would either be win or virtually no loss taking into account margin etc.
There were then 3 candles that could not break .475, if you are a risky trader you could have entered for a short position down to the trend line.
Point 5 - again uptrend confirmation. Now for me RVR would not be there for a further long position, so I would let it pass and look at another market.
I would suggest now that from here on the price has to break and hold above .47 or just go sideways, I dont really feel it will drop but TA more or less used up and you would be better with a crystal ball . Now this is an area where your coin toss would come in, and thats for sure, but up until now pretty easy trading really and quite good signals. We all know that news is coming but not yet so trading is a very good option. Trading when news around the corner is where you can get in the sh"te.
Yes agree a lot of manipulation does happen but thats tough luck it happens and we cant do anything about other than go and work in Mcdonalds.
Please say I've convinced you at least a little then I will stop posting.
CVN Price at posting:
46.0¢ Sentiment: Buy Disclosure: Held
. Now this is an area where your coin toss would come in, and thats for sure, but up until now pretty easy trading really and quite good signals. We all know that news is coming but not yet so trading is a very good option. Trading when news around the corner is where you can get in the sh"te.
(20min delay)