To prove my point that there is more than one way to look at a stock. Some people may be playing with the level of this yellow line. A break above it would be a buy signal for some. A break above my consolidation from the previous post would be a buy signal for others. The trick is...which do you think is more valid? What are other traders looking at?
The reason chart patterns work is that they are self fulfilling prophecies. Others are all looking at the same patterns and entering or exiting based on rules that everyone agrees on. Just food for thought on a Friday.
As always, not investment advice. Just things I have learned along the way.
Have a great weekend!
The reason chart patterns work is that they are self fulfilling prophecies. Others are all looking at the same patterns and entering or exiting based on rules that everyone agrees on. Just food for thought on a Friday.
As always, not investment advice. Just things I have learned along the way.
Have a great weekend!