Hi Hoop, what software do you use to generate the charts you had? Or did you add the annotations yourself?
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Hi Bowman.
I add the annotations (trend/s&r lines , patterns) manually...using Paint.net (its an open source software) over incrediblecharts free version. I then save the annotated chart to my pictures in my computer for uploading to the ST forum via photobucket.
Adding to the charts manually is time consuming ...not the actual drawing of the paint art work but analysing the charts to find various formations (for example the possible patterns). Even drawing a simple trend line can create issues. Do you draw a trend line including a freak EOD flash crash point? do you add intraday lows and high points to your trend line.... when to do it when not to do it methods.....
Looking at a published chart on a forum looks very simple because things rightly or wrongly are highlight for you...but....analysing raw charts takes practice of many months to years to finally get an eye for it.. your basic requirement is the ability to recognise all the possible chart formations and tell your brain to concentrate on finding them and be careful to realise that if there is more than normal visual information on a chart your human mind may automatically blind out parts of visual data so to cope with the mental processing****...(you are not aware of this happening)....
If some charting programs have simple pattern features built in these would be of tremendous help. Unfortunately the more sophisticated chart programs work off servers and most are not free. Working with servers can be a problem because if they don't pay their domain bills they get shut down and all your stored information is lost. I see that we can't connect to with imageurlhost atm????
Also a problem is many chart trading programs have limited, incomplete (e.g no volume) to no available NZX data at all...
****At what point is your Mind blocking out visual data...try this ultra simple very low visual test first...this one is very easy:)
How many f 's in the bold type sentence below
finished files are the result of years of scientific study combined with the experiance of years.
One would assume this low visual info (the above sentence in bold type) should not cause the human mind to overload and block out any visual data...however the chart shows a third got the answer wrong.
Go here and click the answer. Once you know the answer and reread the sentence you instantly see all the f 's and you feel foolish at just how easy it was,,If this was too easy try something harder and find the your own personal limit,,,,,,,,,,,,,,,,,,,,reading charts is similar, once you know for example all the available patterns possible your brain knows what to look for and it become easier to spot patterns on a chart.
Get to know chart patterns here at http://www.chartpatterns.com/
I'm not sure that anything's up with TWR - other than that the whole world knows that GPG is in wind down mode and that their TWR holding will be sold sooner or later. It could be that one or more interested parties (insurance companies?) are building positions just in case whoever buys GPG's stake decides to go the whole hog and mount a takeover bid.
Pure speculation, of course. Any other wild guesses out there?
No idea!!!
What scenario's exist with high volume period, little movement in price until today (downwards)?****, small accumulation since Wednesday 2nd (not shown on my previous chart) maybe not after today though..neutral momentum....
Only two I can think of Macduffy mentioned one . The second is swapping accounts via the market.
Maybe, just maybe an outside third factor.. 7 May is provisional tax day and is forcing sellers with plenty of buyers in the wings... but doubt it.
**** the best way to effect a change is to buy some shares and then watch them fall...bought a token amount (toe in the water 4000) for 166c at 1.40pm today then watched it drop to 164 20 mins later...It's been one of those years so far, I can't seem to do much right (except for SUM and swapping some of my cash NZ$ to US$).
Belg..Time is the key ingredient with TWR if no-one is going to tell us anything (announcements)...hopefully we may know something within 3 weeks..half year results due??
This is truly mysterious. TWR keeps churning out huge volumes frequently but price is going no where. is someone doing the selling and buying all by him(hel)self for fun and keep the broker rich?!
They cant go abouve 5% without notifying.
It could be speculative buyers in anticipation of selling into a higher takeover offer. I know there are funds in the US that specialise in that (look for companies that expected to be taken over). Given this is well sign posted, you should expect someone is doing it.