I totally agree. But let me offer you my non professional, amateur opinion: In the last couple of months often, when I was staring at a live chart, by the time a trend line showed up and I drew the line, the trend was mostly over or worse reversed, especially for min. charts. So, one has to look for other indicators - leading indicators instead of lagging indicators (trend line). For longer time frame charts (daily, better still weekly), the trends develop slower and I am beginning to develop some sense or just lucky guessed (GILD)?
Upcoming obvious levels on gold??? My take is 73 and then if we can break that up to 84.5. Is 59 the new support now?
I have been watching the market intently with the "123" and the levels progression in mind and I think I finally understand what you are trying to show me here. No more predicting... just follow the price.
It is interesting how they are all linked. These are all 5 min charts: AAPL: GOOGL: MSFT: So, after staring at them all day, I think I am getting a feeling there are information within the price movements that perhaps I can extract and use them to trade. And if I am successful, I can move back to shorter time frame trading. By the way, if I watched GOOGL and trade MSFT, I would get a jump on MSFT price move yesterday and make a killing. And, if I am day trading, news and events happening in real time will move the price so I have to pay attention to everything. A lot of work!
marketsurf was a longtime ET resident charlatan and our Mr Scalper was a confederate of "surf". As surf had a number of aliases, his confederates are often taken for him.