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[sharechat] Swing Chart


From: Phaedrus <Phaedrus@techemail.com>
Date: Sat, 26 May 2001 14:01:01 -0700 (PDT)


Nick,
There is no way you would have bought on 26/2 using Technical Analysis. Prices were still falling. However, lets say you got lucky and did. (Following the advice of your broker, maybe!) The low of 19/3 was not a sell signal. It was a swing Low, higher than the previous swing Low, and after a higher swing High. Higher Highs and Higher Lows? An Uptrend!!!!! All you have to do at this point is hold on as long as the Uptrend lasts. Until you get a Lower Low, after a Lower High. The date you buy has no bearing whatsoever on the interpretation of the chart. The stock does not know you have bought it.
What hint was there that the stock was going to resume its upward trend? None whatsoever. In fact, only the price movement of the following day revealed it as a swing Low. We are merely following the price action, and interpreting it using simple, predefined rules.
Phaedrus.

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