A Lost Technique Rediscovered

Discussion in 'Technical Analysis' started by Joe Doaks, Feb 24, 2009.

  1. Most of you know that candlesticks were invented in 19th century Japan for use in the rice trade, and only revealed to the West nearly a century later. In a recent research sabbatical to China I discovered an even older technique used in the soybean trade to mark likely levels of price recession and panic selling. This technique transliterates roughly into Iccan-Obif, and has five levels, three of them remarkably similar to those used in the West: .83, .67, .5, .42 and .26. The attachment shows the astonishing performance of Iccan-Obif in the current leg of $NDX on the daily chart.
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  2. That's pretty amazine Joe.

    So what are the markets going to do tomorrow (is always the question), LOL. :D
  3. Okay, okay, how much money do you want ? :D
  4. As with all of my Nuevo-TexMex-TA tools, it is my gift to ET for inadvertently providing me with so many price research ideas over the years. For the discerning there is a subtle lesson here regarding the validity of perceived price levels.
  5. It looks as same as my R/S calculation.
  6. Don't make me think! How does that work? I think I invented it.