RLT 2.56% 76.0¢ renergen limited

RLT CHART, page-380

  1. 3,004 Posts.
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    The anti chartists are gotta hate this one. I got told not along to eff off with my lego building Ibiza towers in another thread.
    Not for a second did they ask the fundamentals of reading a P&F Chart. It was called Lego, Ibiza, dumb as shyte etc.
    What the anti TA didn't get was my description, so for the benefit of RLT shareholders, I offer the following,

    Point and Figure reduces noise. A P&F chart only takes into account incremental price movements, my parameter's are set at .025 with a reversal of .075, in other words regardless of time, i am only looking at price movements, not volume, daily fluctuations. My noise is reduced.
    And for an entry or exit you are only following the previous 5 columns, nothing more nothing less, however P&F can and does show trends but thats getting complicated so lets KISS.

    Lets look at the last columns activity prior to todays column. What do I see? A double bottom supported by a triple bottom. Ouch
    What do I see after market close today? Clearly the triple bottom has retraced, is it bullish? No, it has not finished higher than the previous green column, IMO a retracement is a previous column must overtake the last column to be confirmed as a double top or bottom. All in all my chart says hands in pocket should it breach the previous green we have a double top. Tops can be false but I will say highly accurate for entry.

    Just for interests sake guys n gals, it has been comforting to have some retracement for us all. Its not strong though.







    https://hotcopper.com.au/data/attachments/3467/3467211-4fb373e48b67ada3c7a30a423c534c69.jpg


 
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