Chart looking poised again mate!

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Goldbull22

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20/02/19

19:10

Post #: 37505849
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Originally posted by sreeve ↑

Hi Rick

Everyone charts differently. Different indicators, time length, types of bars etc. Over time you will find which indicators work best for your type of trading. Trial and error. After time you should know within the first few seconds when looking at a chart whether it warrants looking into more closely.

I focus on weekly charts with minimal indicators (like I don't bother with RSI, MACDs etc). More often than not, people use too many indicators and it just creates noise. Likewise, weekly charts make it easier to see trends as day-to-day candles/bars create a bit of extra noise. Volume and price action is what is most important. Moving average can help identify short term and long term trends. eg. 5 & 10 day EMA can help see short-term bull runs, whereas 200 day SMA is a widely used LT moving average which a lot of charts react to for key Resistance and Support points.

With candlesticks they are best used in combination with candles around it. Sometimes one day can have a strong indication of trend change, particularly if there is strong volume. Your bearish harami is correct when it's combined with the green bar to the left. That was a ST caution signal for EAR, however, Friday's strong candle on solid volume was rather bullish and has created a 'Rising 3' sequence. This isn't to say that EAR will definitely go up on Monday or finish strong next week. Candlestick patterns do not always play out. Some patterns have better probabilities than others and market sentiment can change quickly (eg. AUD gold price could have a sharp pullback or profit takers move in).

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Chart looking poised again mate!

EAR Price at posting: 24.5¢ Sentiment: Buy Disclosure: Held
2 Upvote

0 Great analysis

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Chart looking poised again mate!

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