Cup and handle pattern for chart analysis
Cup and handle , type this 3 words then google it found many of chart show to be cup and handle,I laugh and talk to myself why now cup and handle have became like that , did all those charts are cup and handle ? then go to investopedia
http://www.investopedia.com/university/charts/charts3.asp
It said :
The construct of the cup itself is also important: it should be a nicely rounded formation, similar to a semi-circle.
well that is the cup and handle I know to be.
I think this is a new chart pattern if you add the uptrend to the start of the cup and handle. Looks obscene though. I think we see what we want to see. For me to use an item as the pattern mush stick to the pattern not to abuse it , when we say this creature look like a dog but it totally didn't look like a dog can we use the term look like dog? That is what i always said force to become a pattern. A cup does not necessary look like a conventional cup shape or a ball not necessary to be round tongue emoticon .
Price is the one most talked about. Volume is also something people do not talk in depth these days. Time, well its a more complicated thing. But you would have heard of it even in Wall Street articles - EW, Gann Analysis, Tick charts, these are all Time concept of the equation
Nope nothing about intelligence. The issue here is 2 folds
1. You have not see enough charts to feel where your settings of MA are.
2. There is a fixation that the price is to respect your MA setting, i.e. that is how you derive your support/resistance.
Well some people can read chart without MA just because he had been drawing his own charts for some time, you see the wonder of draw your own charts , in this world there will have no free lunch, read book or articles was just reading what people came across or the book creator copy and paste , when they interpreted the charts wrongly mean you get the massage wrong you learn the wrong knowledge.
Sure price action is the most important other tool are just a add-on, some pattern are just for easy remember of the price movement but some are just to showing the beauty of price movement can be from the artist , may I say was created by those guy who are not good at chart reading (price movement).
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Self made trading system formula
At Herman Magic Room after saw Neo Mui Kian system make me recall my 20 years ago uncompleted and give up project, they are still in my formula folder. Neo one is so much better than mine and had cut out all the noise, she had really put lot of effort in it but I just give up.
This system will never ever be use by me again for me this belong to her.
My friend Eelyn said : Hi I don't really understand much from this chart. I feel very confused n messed up with all the lines.. At Herman Magic Room .
Was "very confused n messed up with all the lines" make me gave up to construct this project.
A good system must be easy to understand and simple not confusing. After gave up about 20yrs now I see people construct this system. This show what was in my mind workable is just how efficient it is.
Well, everyone should make your own trading system with buy and sell signal which can backtest using software like metastock and also historical data. These data may come with 1min, 5min, 30min, 1 hours or even 1 day (EOD) interval. I always used 1 hours as the time frame for backtesting. Thus the best profit is your formula for future trading. You should 100 percent follow your system with involvement of emotion. The things you need to pay attention is the commission fee charged by your broker and the drawback at your system. It will turn your profit to lose.
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What is Candlestick chart?
Candlestick chart with volume in it, it was found about 20 yrs ago, Candlevolume chart do not need to have another row for display volume cos the candle itself have shown the day volume. candle volume is fill with fat and thin candles fat candle mean high volume thin candle mean low volume. Any software will supply you free and provide this function.
As its name suggest, the CandleVolume charts adding volume value into candlesticks. This allows chartists to conclude both price action and volume move with a look at the price chart. Candle Volume charts just like Equivolume charts, but offer more information than it as candlesticks are used instead of the high-low boxes. This means we can see the daily open and close for each period, as also the high and the low. CandleVolume charts can be implemented just like normal plotting charts. Chartists can look for candlestick movement as well as chart patterns, such as triangles shape and wedges, to generate buy and sell signals.
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Chart tell every thing
Time Cycle (TC) .Any price movement will have high and low ,if we can get the cycle point mean the % of gain will be high. This is a tool that need to practice to understand and know how. From this chart you able to see get some article about TC.
I learn to use TC(time cycle) never read from any book so nothing for me to tell you, in my life on learning TA I seldom read book , I dont believe on reading books cos many books was just one copy from another then change some and public it out to make money .Nelson learn from Japanese the candle stick then he wrote about candle stick, a western learn eastern art if he have wrong interpretation on candlestick who read his book about candlestick sure will pick up wrong idea , My candle stick not from Nelson too was from a Taiwan long before Nelson book is out. So my philosophy of learning TA was read to know then forget it . My aim of learn TA is to learn the skill try to understand the chart language to understand it try to tell . if a pattern really always dose it way that pattern we should know else what the use > if the pattern will mislead us what the use, pattern at chart not for the beauty of the chart , but for tell us what is going to be. So far from my point of view lot of pattern lover cant have strong feeling on price movement , as their time had spend on learn the pattern.
I learn to use TC(time cycle) never read from any book so nothing for me to tell you, in my life on learning TA I seldom read book , I dont believe on reading books cos many books was just one copy from another then change some and public it out to make money .Nelson learn from Japanese the candle stick then he wrote about candle stick, a western learn eastern art if he have wrong interpretation on candlestick who read his book about candlestick sure will pick up wrong idea , My candle stick not from Nelson too was from a Taiwan long before Nelson book is out. So my philosophy of learning TA was read to know then forget it . My aim of learn TA is to learn the skill try to understand the chart language to understand it try to tell . if a pattern really always dose it way that pattern we should know else what the use > if the pattern will mislead us what the use, pattern at chart not for the beauty of the chart , but for tell us what is going to be. So far from my point of view lot of pattern lover cant have strong feeling on price movement , as their time had spend on learn the pattern.
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awesome tools
FBMKLCI STILL SO TERRIBLE LAG BEHIND WORLD
Dear All,
The FBMKLCI shut higher at +5.12 point or +0.31 to close at 1630.96.
FBMKLCI still sideways at base, turning green finally minute just to show enchantment minute still exist in Bursa Market.
After new home deals information discharge yesterday in USA, market is by all accounts super bullish, take after by Hong Kong market, right now DJIA demonstrating a continuation of bullish, take after HSI fates, this affirmed our premium approach HSI-Call warrant yesterday a major right decision.
Back on our bursa market, I can just say it's shocking and a large portion of the organization post poor result, just a couple that doing great resemble, get more forecast & recommendations on potential stocks:: ECONBHD, CAB, TM, TSH, KRONO.
Most likely because of absence of good result organization, our business sector get to be falling behind the world business sector. In spite of the fact that there are a couple stock show bullish, I would counsel to stay cautious.
Market forecast for KLCI:
The FBMKLCI spent the trading session on Thursday oscillating between the levels of 1638 and 1628 before closing at the level of 1631; with the majority of trading range being on the lower extreme before market closing. In-spite of two consecutive positive closings, we suggest cautious trading tomorrow due to it being the last trading of the week and traders as a rule prefer to stay on the sidelines, in order to check the market opening next week. A bearish move is expected to go till 1721, whereas a bullish swipe might touch the level of 1640.
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KLCI
Market FBM KLCI Outlook, 1 Sep 2015
After bar [a] denoting spring, sign of strength, we have like an outside bullish setup [b].
Incidentally, our forecast to the support of 1500 price level was tested and the lower prices are rejected indicating strong support at 1500 by the smart money.
Should the market close above 1640-1650 successfully, the downtrend has temporary ended. At best, expect sideway.
See you next week...
Watch Video Market Outlook YouTube:https://youtu.be/
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KLCI
Market FBM KLCI Outlook
Continuing from last week market comment, the down wave to break below 1600 price level was done with substantial volume. Any breakdown of price with volume denotes large institutions selling are involved.
The KLSE market bar [a] is likely to continue until we see moderate sign of strength eg. Spring or stopping volume which may be 2-3 week from now.
Expect more selling to come.
See you next week...
Watch Video Market Outlook YouTube:https://youtu.be/
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KLCI
