From your chart, it looks like BKC is bottoming. It put in a higher lower, and is on its way to making a higher high. <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=2911860"> However your chart appears to be a few days old. Here's the latest: <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=2911862"> It didn't make a higher high. It seems to be forming a triangle and it's sitting on support. If someone put a gun to my head and told me to take a position, I would go long at this point.
Hey Retief, gtizzle101 doesn't believe in technical analysis. Thus, I wouldn't bother with replying to his questions about the price action on a chart...a chart that's TA regardless if it only has price all by itself or layered with indicators. He may be another TraderZones, crgarcia or Daal that believes chart analysis isn't TA if it doesn't have any indicators. These cats think chart analysis without indicators is useful to them for illustration purposes only (closet TA users afraid to come out).
Dude, there are a lot of us that think pure price action and TA are not the same thing. Sorry if that upsets you. in my book, TA is some kind of derivative (indicator) or pattern that is applied to price action. And most of those fail pretty miserably. Anyone who grasps rigorous backtesting will not find much luck playing with standard moving averages, RSA, MACD or other similar stuff. Of course, there is a lot of theories about what pure price action is and whether it works either.
I can't nor debate with you on that because I don't know what your definition is of pure price action. However, here's my definition... If someone is using a chart (dotted, line, bar, candlestick or whatever) to derive any kind of analysis about the price movement on that chart...they're using technical analysis. I won't lose any sleep if you disagree with my definition. Thus, it's funny to see these folks bashing TA one day and then explain their opinions or trades via something they saw on charts another day. In contrast, if someone is deriving an analysis from price quotes in a DOM, time & sales screen...I do not consider such to be technical analysis and it's possible that's your definition of pure price action. Thus, we may actually be in agreement. Mark
Did you ever take out the meat itself and look at it. I would say worse than prison food, or whatever they feed dogs although their fish sandwich is ok. As for the chart, you drew a ton of lines that don't matter and did not draw any that do matter.