Some people believes the market is rigged and very few people made money out of it, perhaps the top 1% of the people.
In charts, there are support and there is resistance. Sometimes, the price action bounces up precisely upon hitting the support line and reverse when it hits the ceiling/resistance line. Over time, it manages to "SELL" the notion that this works. And more people starts to believe in it and go LONG or SHORT. And the more money they made out of it, the more they share/exaggerate/boast about it.
I leave you to be the judge yourself. Go find a company you are currently vested and take a look at the chart. How many times does it work on the support and resistance concept , say out of 5 years ? The longer time frame the better !
So, when you look at my chart, it makes sense, doesn't it? Hit resistance plus there is a nice gap to be filled up. So the price action SHOULD rightfully close it first before the rally. Who said so ? And I have said many a times, trying to predict the market moves no matter how alluring it might be or make you looks like a guru/expert, it is futile if you had not taken any concrete action with it.
You could be just lucky once, twice or even three times. And when you finally gives in and decide to put in cold hard cash into it, the market turns against you. And your world turns upside down. Historical patterns is one thing and the future is another. How many economists with PHD and renowned university degrees got their predictions wrong about the market, years after years?
In charts, there are support and there is resistance. Sometimes, the price action bounces up precisely upon hitting the support line and reverse when it hits the ceiling/resistance line. Over time, it manages to "SELL" the notion that this works. And more people starts to believe in it and go LONG or SHORT. And the more money they made out of it, the more they share/exaggerate/boast about it.
I leave you to be the judge yourself. Go find a company you are currently vested and take a look at the chart. How many times does it work on the support and resistance concept , say out of 5 years ? The longer time frame the better !
So, when you look at my chart, it makes sense, doesn't it? Hit resistance plus there is a nice gap to be filled up. So the price action SHOULD rightfully close it first before the rally. Who said so ? And I have said many a times, trying to predict the market moves no matter how alluring it might be or make you looks like a guru/expert, it is futile if you had not taken any concrete action with it.
You could be just lucky once, twice or even three times. And when you finally gives in and decide to put in cold hard cash into it, the market turns against you. And your world turns upside down. Historical patterns is one thing and the future is another. How many economists with PHD and renowned university degrees got their predictions wrong about the market, years after years?
Note
moving towards 711
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.