re GGE -Brilliant chart @Phoenixx – far better than those Commsec provides, for at least 1 very goodreason. ( See 3rd para.)
However I have reservations about using 3-period EMA’s.
I do not use such low period EMA’s, as IMO you can get whipsawed in &out,
on intra-day time periods certainly,
and possibly on Daily charts too.
(Note too,@Patterns uses 8 & 34-period EMA’s for all the stock chartshe posts)
The 1, at least, very good reason, for using Heiken Ashi charts is :
On stocks that have intra-day periods of say from 5 minutes upward
without
any trades occurring in those periods
a Commsec chart
will provide a defined width space for the vertical time period
which of course will be blank, i.e. not show any trades’ prices, nomatter the pattern being candle or otherwise.
However that vertical blank space willstill be taken into account in determining any
trend line angle/direction illustrated
e.g. for an SMA or EMA or WMA, or a Bollinger Band mid-line.
but I note from @Patterns’ - &your - Heikin Ashi charts (per TradingView)
that no such blank space shows, for a time period in which no trades took place,
i.e. every vertical bar will always show a pattern – either line,candle, OHLC or whatever- for such trades’ prices.
As for 07 Sep. being thepredicted date that this stock will reach 4.0c – is that a Heiken Ashi chart indicator line (the 70deg. blue line with the white circles on each end) or a line you have drawn yourself on your chart?
I’m intrigued about that line’sangle – it appears to be drawn at a similar angle to the decline angle for the period20 May to 14 Jun (4.4 down to 2.0).
Back in 1999 BTW I learned – ata charting package training course thenprovided by now Bourse Data) - that that is a generally recognised pattern touse to determine just the angle of the forthcomingrising line, but not necessarily to predict the date & price that the Sp will reach its previous peak.
A further point – that couldbe considered – by anyone who likes to learn a bit more about charting techniques – as to where & when that 4.0c resistance will occur, is by
applying the latest applicable
Fibonacci pattern
to the
last
significant decline’s hi & low prices,
which in GGE’s case, would againbe for the period 20 May to 14 Jun.
(from the high of 4.4 to the lowof 2.0)
Subtract the low from thehigh = 2.4; div. by 2 = 1.2, add this to the 2.0c low and voila! you get 3.2 – today’s breakout price @ 12.30pm – and
= to a 50% line either fromthe top down or the bottom up on a Fibonacci pattern!
That 50 % level is widelyregarded by learned chartists as a timehonoured crossover point which if held, determines the near-term future directioneither way from that level.
(PS sorry for the diffs. in font boldness & sizes in this post). Was copying from a Word file).
