The markets are showing the kind of strength that has not been witnessed in the last 2-3 years. I have been saying for the last 4 months that the markets are going up, up and up. It was not an opinion, we never one when it comes to the markets. It is the kind of reading of charts that comes with understanding their language. Learn to listen to charts and you will never have to listen to anybody else. Chart reading is a science which becomes an art when you perfect it. But the problem is that people often do not want to listen to what the charts want to say, they listen what they want to listen. Charts are tools which are as important to traders as X-rays and MRIs to doctors. Just like the x-ray tells the doctor everything that the doctor needs to know, charts tell the trader everything he needs to know. The doctor starts his diagnosis after thorough understanding of the reports. But traders start their analysis by applying indicators and oscillators (I don’t know what they mean nor have I ever used them ) without even first understanding what the charts want to tell them. This is because they think they already know and they have already made up their mind as to what their next step would be. If you need to draw lines and waves to read charts then you don’t understand what chart reading is. If you can’t tell a man from a woman just by looking, then there is something wrong with you or with the other person. Let’s say you look at a person and you are not able to say whether it’s a man or a woman, would you be remotely interested in that person? Most likely your answer is ‘No’. Similarly, when we look at charts which are neither here nor there, we say ‘Next’ and move on to the next chart. The Science of chart reading becomes an art when you can hear the charts talk. I know it sounds overboard for many people but it’s a fact. Charts can talk, there is no doubt. The doubt is whether you are capable of hearing or listening or understanding their language. Learn the language of charts and you will never need an expert for your trading. There is no greater expert than the market; and it tells you everything. But again, the question is ‘Who’s listening’? You tell the markets “Go to hell” and the markets are sure going to send you to hell. I hope you don’t need an outlook on the market. The writing is on the wall. All you need to do is buying and following the stop losses. The markets will take care of the rest.
Posted on: Thu, 20 Mar 2014 16:21:47 +0000
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