So my response got modded but your flame didn't ? - Oh well fair enough let me try to respond in a more civilized manner - I presume sheepherder is a derogatory term and not a compliment ? in a bygone era sheep herders were considered very valuable members of the community.
I can assure you I have no agenda here and I am not trying to steer any "sheep" in any particular direction I have nothing to gain from that I dont not own PLS - I have never owned PLS and I have never shorted PLS.
I am now predominately an index trader my systems are pretty much automated I get alerts on my screen to either buy or sell - a lot of days I am finished trading by 11am some days I sit here all day without getting a buy signal- I can tell you that gets pretty boring.
To keep my mind stimulated I post charts on
" the chart forum " on a handful of stocks that interest me - I have been a member of hot copper for well over a decade in that time I have learnt a lot from other members who gave freely of their time and answered my newbie questions - That continues rarely a day goes by I dont learn something from the other T/A luminaries here on Hot copper there are to0 many to thank individually but they know who they are.
All I am doing is paying it forward - I have almost 600 members who follow me a lot of them dont know much about T/A - I try to keep the charts simple so non T/A investors can get a handle on what the charts are indicating . I try to dumb it down to basics to give a bit of help with possible timing entry and exits
Charting is a tool for investors and the engine for traders - It isn't a panacea it wont consistently get you out at the top or in at the bottom the whole point of it is to try and capture the bulk of the up trends and get you out as early as possible in the downtrends - it can also be used to keep you out of stocks that are going sideways for long periods of time locking up your capital
Some T/A indicators are statistically extremely reliable others are not - PLS was approaching a major resistance zone at 59c/60c right at a time it was showing a massively high RSI overbought level, a level it hasn't seen for well over a year. This was off the back of a stellar rise from 35c in a bit over 3 weeks - The statistical chance of it busting straight through the resistance zone and continuing north without a pull back and profit taking was around 25% EG a 75% chance it would trade the way it did.
Hopefully the pull back is done now RSI is getting back to normal levels and it went with a pip of filling the gap. Speaking of statistics I also posted charts on AVZ and CDU showing an ascending broadening wedge - statistically these breakdown 73% of the time
Post references below. as you can see the T/A nailed it again
AVZ wedge post !
AVZ pattern completion post !
CDU wedge post !
CDU breakdown update pattern not yet complete !
(20min delay)
