Rock solid at the line Peter - Rock solid at the line! But yep, IF the line cracks, things could get REALLY interesting ...
The support lines are calculated by chartists.
My question is:-
Are the support lines real or are they there because chartists have enough of their own religious zealot followers to create a critical mass that support their forecasts.
Any expressed market opinion is my own and is not to be taken as financial advice
Are the support lines real or are they there because chartists have enough of their own religious zealot followers to create a critical mass that support their forecasts.
Chartist certainly talk a load of crap. All those charts covered in lines, triangles, flags, supports, resistances and strangly named formations mean absolutely nothing. This is just another profession that's likes to pretend that they can tell the future but can't. The very best that can be said is that, as you say, sometimes enough religious zealot followers can create a critical mass to support their forecast. Professional traders love these set ups, they get you to believe one thing then take the market in the opposite direction. I'm always amazed by the vast number of gullible people that believe any rubbish that's put in front of them.
Chartist certainly talk a load of crap. All those charts covered in lines, triangles, flags, supports, resistances and strangly named formations mean absolutely nothing. This is just another profession that's likes to pretend that they can tell the future but can't. The very best that can be said is that, as you say, sometimes enough religious zealot followers can create a critical mass to support their forecast. Professional traders love these set ups, they get you to believe one thing then take the market in the opposite direction. I'm always amazed by the vast number of gullible people that believe any rubbish that's put in front of them.
Correct - unless you are just happy to be gambling with volatility, chartistism is an absolute meaningless waste of time. As an investment philosophy I'd put it even with horse racing or sports betting (unless you have inside information on horses or sports teams in which case those are better investment strategies than following stock charts).
“You Keep Using That Word, I Do Not Think It Means What You Think It Means” - Inigo Montoya
Chartist certainly talk a load of crap. All those charts covered in lines, triangles, flags, supports, resistances and strangly named formations mean absolutely nothing. This is just another profession that's likes to pretend that they can tell the future but can't. The very best that can be said is that, as you say, sometimes enough religious zealot followers can create a critical mass to support their forecast. Professional traders love these set ups, they get you to believe one thing then take the market in the opposite direction. I'm always amazed by the vast number of gullible people that believe any rubbish that's put in front of them.
I can see why traders would love them. The support lines will hold for a while as the believers hold them, but traders will know that when they blow they will really blow.
At which point the chartists can say "I told you so"
It's much better than Christianity where they have silly rules like no adultery or telling lies.
Any expressed market opinion is my own and is not to be taken as financial advice
Chartist certainly talk a load of crap. All those charts covered in lines, triangles, flags, supports, resistances and strangly named formations mean absolutely nothing. This is just another profession that's likes to pretend that they can tell the future but can't. The very best that can be said is that, as you say, sometimes enough religious zealot followers can create a critical mass to support their forecast. Professional traders love these set ups, they get you to believe one thing then take the market in the opposite direction. I'm always amazed by the vast number of gullible people that believe any rubbish that's put in front of them.
I can see why traders would love them. The support lines will hold for a while as the believers hold them, but traders will know that when they blow they will really blow.
At which point the chartists can say "I told you so"
It's much better than Christianity where they have silly rules like no adultery or telling lies.
Agreed.
Professional taders also love stop/loss. Can you believe that they actually sell you a product that involves you committing to a trade in advance at a price lower than the market? Unbelieveable. I once saw details of someone who put in a large stop/loss substatially below the market price on a thinly traded stock. The market makers then just sold all the way down to the stop loss then bought back cheaply when it triggered. The stock finished the day unchanged but someone got fleeced.
Australian Property Forum is an economics and finance forum dedicated to discussion of Australian and global real estate markets and macroeconomics, including house prices, housing affordability, and the likelihood of a property crash. Is there an Australian housing bubble? Will house prices crash, boom or stagnate? Is the Australian property market a pyramid scheme or Ponzi scheme? Can house prices really rise forever? These are the questions we address on Australian Property Forum, the premier real estate site for property bears, bulls, investors, and speculators. Members may also discuss matters related to finance, modern monetary theory (MMT), debt deflation, cryptocurrencies like Bitcoin Ethereum and Ripple, property investing, landlords, tenants, debt consolidation, reverse home equity loans, the housing shortage, negative gearing, capital gains tax, land tax and macro prudential regulation.
Forum Rules:
The main forum may be used to discuss property, politics, economics and finance, precious metals, crypto currency, debt management, generational divides, climate change, sustainability, alternative energy, environmental topics, human rights or social justice issues, and other topics on a case by case basis. Topics unsuitable for the main forum may be discussed in the lounge. You agree you won't use this forum to post material that is illegal, private, defamatory, pornographic, excessively abusive or profane, threatening, or invasive of another forum member's privacy. Don't post NSFW content. Racist or ethnic slurs and homophobic comments aren't tolerated. Accusing forum members of serious crimes is not permitted. Accusations, attacks, abuse or threats, litigious or otherwise, directed against the forum or forum administrators aren't tolerated and will result in immediate suspension of your account for a number of days depending on the severity of the attack. No spamming or advertising in the main forum. Spamming includes repeating the same message over and over again within a short period of time. Don't post ALL CAPS thread titles. The Advertising and Promotion Subforum may be used to promote your Australian property related business or service. Active members of the forum who contribute regularly to main forum discussions may also include a link to their product or service in their signature block. Members are limited to one actively posting account each. A secondary account may be used solely for the purpose of maintaining a blog as long as that account no longer posts in threads. Any member who believes another member has violated these rules may report the offending post using the report button.
Australian Property Forum complies with ASIC Regulatory Guide 162 regarding Internet Discussion Sites. Australian Property Forum is not a provider of financial advice. Australian Property Forum does not in any way endorse the views and opinions of its members, nor does it vouch for for the accuracy or authenticity of their posts. It is not permitted for any Australian Property Forum member to post in the role of a licensed financial advisor or to post as the representative of a financial advisor. It is not permitted for Australian Property Forum members to ask for or offer specific buy, sell or hold recommendations on particular stocks, as a response to a request of this nature may be considered the provision of financial advice.
Views expressed on this forum are not representative of the forum owners. The forum owners are not liable or responsible for comments posted. Information posted does not constitute financial or legal advice. The forum owners accept no liability for information posted, nor for consequences of actions taken on the basis of that information. By visiting or using this forum, members and guests agree to be bound by the Zetaboards Terms of Use.
This site may contain copyright material (i.e. attributed snippets from online news reports), the use of which has not always been specifically authorized by the copyright owner. Such content is posted to advance understanding of environmental, political, human rights, economic, democratic, scientific, and social justice issues. This constitutes 'fair use' of such copyright material as provided for in section 107 of US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed for research and educational purposes only. If you wish to use this material for purposes that go beyond 'fair use', you must obtain permission from the copyright owner. Such material is credited to the true owner or licensee. We will remove from the forum any such material upon the request of the owners of the copyright of said material, as we claim no credit for such material.
Privacy Policy: Australian Property Forum uses third party advertising companies to serve ads when you visit our site. These third party advertising companies may collect and use information about your visits to Australian Property Forum as well as other web sites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here: Google Advertising Privacy FAQ
Australian Property Forum is hosted by Zetaboards. Please refer also to the Zetaboards Privacy Policy