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Thread: SCY Chart

  1. #1
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    Default SCY Chart


  2. #2
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    Phaedrus,

    I like your charts, which charting package do you use? Do you mostly trade off your technical analysis?

  3. #3
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    Thanks Phaedrus, to a TA newbie like myself your charts speak volumes!

  4. #4
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    PHEADRUS I will give you a laugh from a scotty charting system. I go to stocknessmonster.com which is free. I log in the company plus the moving average required then print it. The chart is to small so i go down the road to my mates place and get it enlarged. I copy out at home and stick whatever treadlines in place. It might not be the best way but its free.
    THANKS FOR YOUR INPUT THIS YEAR CHEERS MACDUNK.

  5. #5
    Member whiteheron's Avatar
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    MACDUNK

    Have a look at the charts ( NZX and ASX )available free of charge via www.fatprophets.com.au

    They may or may not be suited to your requirements
    I use them a lot and find them to be very useful , with a heap of different options available

    They show up clearly on the computer screen but they dont seem to print out very clearly --- maybe they are designed that way or maybe it is my printer , I dont know

    Cheers
    Time is the great revealer

  6. #6
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    The expected support at 80 cents has appeared (albeit at 79 cents) giving a new reaction low which nicely confirms the previously tentative trendline. Note that while support at 80cents was Expected, it was NOT predicted. - a subtle distinction, but an important one.



    Cragga, I use MetaStock software and trade solely from TA. I use FA to select the stocks that I am "allowed" to trade. I do not hold SCY - the chart was posted because it was such a good example of how support and resistance work.

  7. #7
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    Phaedrus can you define the difference between expected and predicted?

  8. #8
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    K1w1,
    A prediction is a forecast of an event that you are confident will happen.
    An expectation carries less certainty. If you have a reasonably good transport service, you expect trains to be mostly on time. It would be a little rash though to predict that the 10.00 train would arive at 10.00.
    There is no point in getting hung up on semantics here. Whatever the odds were of SCY finding support at this level, the important thing is whether it did or not, regardless of the words you use. Had SCY continued on down with its 2 month downtrend, I would have written a very different post. Something like "SCY has not found support at around 80 cents as expected. (Resistance, when broken, often becomes Support) This is significant, especially since it also takes price action below the current trendline that had held good for 7 months. If I held this stock I would Sell. Now."
    There is also the important matter of ego involvement. If anyone makes a prediction, they then have a vested interest in that event occuring. Their reputation is at stake. This inevitably leads to a loss of objectivity ("I'll be proved right, just you wait and see")
    With an expectation, the focus is on the market action - something either will or will not happen. You, as an impartial observer, simply react to the market. You are not right or wrong, you just take action A or action B depending on whether something has or has not happened. No emotional involvement at all. Anyone who has trouble attaining this degree of detachment could try an interesting experiment. Take a trade and tell NOBODY, not even your spouse. You will most probably find that you feel much more free to buy/hold/sell than you would had you posted your Buy decision on ShareTrader, for example. See, you can be "wrong" and no-one would even know. You have no vested interest in proving yourself "right". There are all too many examples here of people who have "nailed their colours to the mast" and then felt compelled to strenuously uphold their chosen stock regardless of how badly it has performed. I believe that if they had not made their position public, they would have quietly sold just as soon as it became evident that they had made a mistake. Never underestimate your ability to deceive yourself. It is only too easy to project your hopes and preconceptions onto your "chosen" stocks, thus losing your objectivity.
    It pays to make your trading as ego-free as you possibly can.

  9. #9
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    SCY has failed to sustain the support postulated at around 80 cents. (Resistance, when broken, often becomes Support) This is significant, especially since it also takes price action below the current trendline - one that had held good for 7 months. In addition, price action has breached a 7x ATR trailing stop and a 35 day Variable Moving Average. The plot at the top of the chart is a 30 day Directional Movement Indicator. This fairly conservative trend indicator gave a Sell signal early last month. None of these indicators have triggered any previous Sell signals.


  10. #10
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    THE KING says even though the chart shows the trend of prices the value of turnover is next to nothing,, your sell signals is at the Ex-Div time of the company as most Co`s is there weak time,, like a lot of NZ stock its just a plain week MARKET.. this is a GOOD stock.. [^]

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