My Brush with Technical Analysis

[burglar]

I so enjoyed thinking about something new.
Not to say I'll trade this way, because I am a gambler.

 

[burglar]

Way back in June 2012 I posted this:

Wow!

I am not trying to trade on this info.
Just trying to gain some insight!!

Recently, I tried to read the chart on Azure Minerals (ASX: AZS)

With my limited knowledge, I concluded:
*a.) perhaps it was running sideways in a channel,
b.) support at $0.028,
c.) resistance at $0.031.

There were many buyers queued on $0.028, so I paid $0.029.
I sold at $0.031, hoping to rinse and repeat.


Then yesterday, out of the blue, an ASX announcement:

Up from AUD$0.031 in the open, to AUD$0.045 intraday high!

http://www.asx.com.au/asx/statistics...idsId=01543325







*Mr T says "Remember your ABC, Always Be Cool!"

 

[tech/a]

Burglar

Your trying to read a flatline

It has no character.
Not everything has a story to tell.

 

[burglar]

Burglar

Your trying to read a flatline

It has no character.
Not everything has a story to tell.

Correct!!
I have reached a turning point.

I tried to read a chart.
I tried to "recognise a face in the crowd".

Don't know yet, if it was a good thing or no.
But I tried to find that story.

I got it wrong, but I did not lose money.
Just foregoing a breakout, not for the first time, I might add.

 

[tech/a]

Burglar

It didn't have a story.
It was dead.
The current bar is the first
bar of any story likely on this page.

Not one Id start learning on.

In fact not one Id ever look at!

 

[pixel]

Correct!!
I have reached a turning point.

I tried to read a chart.
I tried to "recognise a face in the crowd".

Don't know yet, if it was a good thing or no.
But I tried to find that story.

I got it wrong, but I did not lose money.
Just foregoing a breakout, not for the first time, I might add.

Congrats, Burglar.
At least you tried. And I wouldn't say you got it wrong. The sideways channel was definitely there, so you snipped a few points.
Where I agree with tech/a is on the fact that AZS may not be the most rewarding stock for this kind of trades. But you'll only find other more promising ones by either browsing through lots of charts, or employing some search routine that scans the entire market for particular setups, then check their daily movements.
I do the latter, running some Market Analyser scripts that work for me.
Others may be more fundamentally inclined and build up a watchlist of stocks in their favourite sector/s.

Keep trying; I believe you're on the right track.

 

[burglar]

... Keep trying; I believe you're on the right track.

I don't want to stop gambling.
It's my hobby.
Thus far, it is cheaper than boating!

But I do want to stop losing.
If a little T/A helps, then I'll learn a little T/A.



BTW pixel, I had a squizz at your presentation and was truly imprezzed.

pixels Presentation:
https://www.aussiestockforums.com/forums/showthread.php?t=28829&page=2&p=837327#post837327

 

[Craton]

Good onya Burgs for having a crack.
T/A is certainly hard work from my poor old clunker brain cells point of view but, the more one looks, the more one sees in them there charts.

Having the balls to carry out the conviction is another matter entirely.

Good luck. Oh, and isn't everything in life a gamble anyways?

 

[burglar]

Good onya Burgs for having a crack.
T/A is certainly hard work from my poor old clunker brain cells point of view but, the more one looks, the more one sees in them there charts.

Having the balls to carry out the conviction is another matter entirely.

Good luck. Oh, and isn't everything in life a gamble anyways?

When I arrived here in ASF, I thought I was an investor.
But the good humans here quickly put me in the correct pigeonhole

 

[burglar]

MY POINT IS, I had a look on a chart to exit.

For the second time Tech/a, you are correct!

If your gonna rub me down,
please use cutting compound or fine grade wet & dry, ...


Three reasons why I am here:
To Learn:
To give back:
To have fun:


Just for the record, I have been watching Azure Minerals
since they were spun out of Nickel Australia
which were in turn, spun out of Croesus.

I am often in and out of AZS.
It is a penny dread.
Not a worthy candidate for a serious trader.

It is unloved.

When the commodity boom returns, it will be undervalued.
I wanted to be in, rather than out.
(My past usual strategy! Hold in faith)
Meanwhile, when the AllOrds dipped dramatically,
I had a change of heart.
I thought I was wrong.
I didn’t want to stay wrong!

I don’t even know why I am justifying this?
Just weird!!


AND MY POINT IS, I had a look on a chart to exit.

 

[Boggo]

Trying to apply technical analysis to a bottom dwelling speccy is like putting a Ferrari spoiler on a Barina and then calling all Ferrari's crap because it didn't work.

 

[burglar]

Trying to apply technical analysis to a bottom dwelling speccy is like putting a Ferrari spoiler on a Barina and then calling all Ferrari's crap because it didn't work.

Hi Boggo,

I did not say all Ferraris are crap.
Far from it.
I gave one a test drive!

I already had the Daewoo, and it owed me nothing!

 

[Boggo]

Hi Boggo,

I did not say all Ferraris are crap.
Far from it.
I gave one a test drive!

I already had the Daewoo, and it owed me nothing!

Good work burglar

 

[burglar]

Trying to apply technical analysis to a bottom dwelling speccy is like putting a Ferrari spoiler on a Barina and then calling all Ferrari's crap because it didn't work.

And I didn't say it didn't work!

In fact, it worked a treat.

I was in.
I thought I was wrong.
I used a chart to exit.

I have the capital back in the war chest.
I am looking for a better chart.
But not the perfect setup.
Coz then, I'll be in the grits again.

Meanwhile, a second cuppa!

 

[pixel]

And I didn't say it didn't work!

In fact, it worked a treat.

I was in.
I thought I was wrong.
I used a chart to exit.

I have the capital back in the war chest.
I am looking for a better chart.
But not the perfect setup.
Coz then, I'll be in the grits again.

Meanwhile, a second cuppa!

Again, Burglar: Congrats on persisting;

there is no such thing as a "wrong" method to assess a stock, nor is there a "wrong" stock to analyse with a stock-standard chart.

Most here at the ASF want to help each other.
Most here at the ASF want to learn.

If that is true, it seems to me that you're with the majority

btw I like your byline, but would add a slight variation:
"Make funny mistakes, then learn from them. That way you can still have the last laugh."

 

[burglar]

Like I said earlier, I am in and out of AZS a lot.
So I looked at the chart.
I can't see a story yet, but then, I never could before.

If I can muster a few shekels, I will try for a rinse and repeat!

 

[tech/a]

Try these.
HSK
PSY
RFX
for pennies with momentum.
Lots to learn from these.---Right now and looking back and forward.

 

[burglar]

... for pennies with momentum.
Lots to learn from these.---Right now and looking back and forward.

Thank you tech/a,
I will give them close inspection!

 

[notting]

MEP.

I Just wanted to leave it at that.

But have to say something else, it's just announced a capital raising after a run on a new discovery.
Will surely throw up some opportunities in the near term 15.5 being a level to watch for what may happen next!

 

[burglar]

MEP.

I Just wanted to leave it at that.

But have to say something else, it's just announced a capital raising after a run on a new discovery.
Will surely throw up some opportunities in the near term 15.5 being a level to watch for what may happen next!

Hi notting,

Glad you spoke up.

MEP has a long and glorious history.
They found Mt Woods/Prominent Hill.

Oxiana Limited decided to develop the mine in August 2006, having first got involved in the project in 2003 and having bought its partner, Minotaur Exploration Limited in 2005

Read more: Prominent_Hill_Mine