Joe, I am deeply offended by the orange colour, particularly that shade. It needs cancelling, asap, and I take this personally.
LOL
Good to see someone applying a bit more of a historical context to the volume breakouts in terms of ascertaining future predictability- specifically to the one equity.
I'm for the most part heavily against TA in general though, and I get tired the ol' RSI and MACD being slapped on a chart to have a punt at future price action, particularly on a penny stock. If it were that easy, we'd all be retired in the Bahamas sipping pina coladas because the RSI was too far oversold on the daily, in confluence with the MACD crossing to the downside. I think any (very slight) edge with such TA might be applicable to blue chip equities on very specific parameters, and on different indicators. Robust edges do exist, as has been extensively researched by Tim Masters, and I'm surprised that people in general don't do research into the predictability power of indicators, for example, the ADX (on specific settings) and trend wave, where there are well defined edges over significant instruments + data ranges, particularly when their money is on the line. Going with the status quo indicators and winging it without any form of testing is lazy, and frankly is gambling when used on its own.
My 2c on the matter. People can make 20 wrong predictions, and when they make one right call, they are treated as TA gods and eventually lose-out over time like 99% of people relying heavily on TA.
*braces for impact from all TA traders*
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