Weekend Charting 28th July - 30th July 2017, page-4

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28/07/17

16:58

Post #: 26147370
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Originally posted by Jako8557 ↑

Something I posted late on last weeks thread may have been missed by the majority of weekend visitors, so I repost it here because it maybe helpful to those who use indicators,
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I don't use indicators very often (if at all), I just look at the price action and volume within horizontal support and resistance, and let the chart tell me what might be going on........that said, @Wayward1 once gave me some important info to consider when using indicators.........

"I'll give you two rules that will put you miles in front.

1: Make the indicator fit the chart. The philosophy of one parameter fits all is a stupid one, it assumes that all stocks move in identical cycles. Find the right parameter for that chart, and expect it to be different on the next chart.

2: Price doesn't give a rats what an indicator is doing. Only use indicators to support or rebut a price structure, so you could apply a stochastic to assist with entries/exits on a H&S for example, or OBV to assist with trend strength. Never take a signal from an indicator and expect price to comply with what the indicator says."

cheers

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Just because I was staring at this today.
I see ascending triangle (upside), AND triple top.
very interested in what comes next.

ASXish thoughts from another thread

XTL Value at posting: 3,261.1
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