You should avoid indicators in technical analysis

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We had this stock in the Bottom Fishing strategy by VectorVest on the night of 2nd June.

Most people like different indicators, but they may not know how much successful rate of their favorite indicators give.
Most of the indicators are calculated by using moving averages. I still remembered my coach taught me to avoid these moving averages as named “MOVING” many years ago, and he also force his students to understand “Price action wins all indicators”.

As you can see from the Support and Resistance of this stock AHY .AX
R5 is a pretty strong resistance since March 2015.
S2 is a pretty strong support since December 2016.
Simply draw a Fibonacci Retracement from R5 to S2 will give you a resistance level somewhere near Fib ratio 23.6%, where the candlestick of 2nd June closed
MACD crossover FAILED because there was almost the same volume of BEARS near that resistance level .

For those VectorVest users, you have to understand what the meaning of bottom fishing strategy, and also the story of the price actions talking to you.
Again, do not just simply focus on any crossovers signals to buy any currency pairs or stocks.

評論: Not S2. It should be S3
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