Everyone charting is "guestimating" based on historical evidence.
Merely looking at a chart, everything is historical, which is how it becomes data for the chart.
Gee, the 5 minute chart is historical.
However, looking at the chart, and the thought process of most retail trades, you have time to consider what they might be thinking.
Then, account for the professional money, where you have less time to consider their thought processes, as much of it is programmed movements.
So, who knows what is going to happen.
But looking at all options, you might, and only might, gain a better understanding of where the share price will be.
In a day, month, hour.....
But just a guestimate.
Some people are good at it, as the sheep follow the flock, and you have an idea of what will happen.
Some people are not so good at it, make mistakes, and lose money. That certainly changes their perception of charts.
I like charts, because they give you an idea of the mindset.
But if you don't also have an idea of where the company is going, and just think "check out this candle...", you might end up with a bad perception.
So I wouldn't write off charting, and only say, look at the bigger picture with all the tools available, and what works for you.
IMU thread really does have some clever charters. And some crayon eaters. You just have to work it out.
Even a comment today, tells me, someone who I regard as being quite knowledgeable in charting, has "bought early and waiting".
And that someone, I will read what is said multiple times the words, and review the charts provided, to try and get a better understanding of how they are thinking, to expand on what I know.
Because, clearly, it is a person who uses charts to create wealth, has been around for a long time, and can provide information which put together with other information, I might, be able to do something for myself.
Stocks which I am long on, that is, they are on to something and might just get somewhere, no point looking or commenting, as it can be months or years away. NEU is the best example, very low starting point, just sat forever, then someone here hinted it was time to move on, and they were right. $25 to $15 drop. Charts were telling me, and so were the ones with the knowledge. So it has its uses, if you bundle it with the balance of knowledge available.
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