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Msg  488744 of 501485  at  3/18/2023 8:43:36 PM  by

Luckyone581

The following message was updated on 3/18/2023 8:51:00 PM.

 In response to msg 488733 by  sfsorrow
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Re: 66.26 is important today

Your question about "never having been wrong" shows the lack of knowledge that you have. First of all, reading charts has no right or wrong involved given that you are not evaluating the chart but reading it.
 
What I give is a probability opinion based on reading the charts and probabilities are never certainties, meaning that the stock/commodity/index does not always do what the charts suggest it will do. As such and when trading, losses occur and often. Think about it this way, like a baseball manager. A good baseball manager knows the strengths and weaknesses of his players and those of the opposing team. The score is 3 to 2 and the bases are loaded and the batter that is coming on to bat has shown a weakness for lefties throughout his time. You pitcher has failed as the bases have gotten loaded and you need to come up with the best relief pitcher against batters with that kind of weakness. You put him in so that he gets the last out and you win the game. The probabilities are strongly in your favor as the batter has a weakness against lefties and your left handed relief pitcher has a great history of getting people that are weak against lefties out. Does this mean it is a guarantee that it will happen. No, there is no guarantee.
 
See me as the manager of that team and one who knows the statistics well. I am not the batter and I am not the pitcher and I have to depend on my pitcher and that batter to be true to their tendencies. Can I be right or wrong? No, I cannot be right or wrong, as all I am doing is reading the statistics. Nonetheless, that does not mean that this batter will not hit this pitchers pitch and the game be lost. That is what I do with charts and why right or wrong is not in question. It is all data and statistics and not opinion. 
 
I hope you understand what I am saying. The worst thing that can happen between people is misunderstandings and misconceptions.  
 
One thing I do have a lot of knowledge about is what the computers and algorithms use as support and resistance levels, especially when those levels have a long history of being pivotal. This means that if a level becomes support or resistance on one occasion it is not as strong as if it becomes support or resistance additional times. When a specific area becomes support and resistance for a total of 9 times (like oil at this price), I do know that the computers and algorithms give is additional strength and as such, the probabilities of holding up go much higher. Nonetheless, probabilities are exactly that, which means not certainty. 
 
As far as the closes are concerned, like I said "I have not done the research on why the close of Oil is at 2:30 but the chart continues to show trading until 5:00 pm. Nonetheless, it is clear that there is some form of trading going on given that the price at 5:00 pm and at the start of the next day are the same and rarely is that at the price seen at 2:30 pm. 
 
 
 


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Msg # Subject Author Recs Date Posted
488769 Re: 66.26 is important today billmax 2 3/19/2023 8:22:14 AM




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