And it made me mad, to be honest, because you are so smart in how you do things that I knew you would be listened to. I wanted to have people consider the fact that there were too few data points. I thought that using your excellent skillset as regards technical analysis was a mistake becasue of this and that it was an accident looking for a place to happen. I wanted to give people something else to take into consideration.
I think your techniques are generally well done, but in a case like this with so few data points, people should never employ them.
Never.
Only volume imbues support and resistance with the substance of which they consist.
You can't just draw lines and call them support. There has to be something there, and in the case of MIMV, there just has never been enough volume to draw lines looking back, except for the three days in July 2012.
Support and resistance are not theoretical concepts. They reflect points at which volume happened. Volume is needed to make for meaningful support & resistance levels. Simple as that.
And let me reply to your assertion that I'm a trader, so you and I are comparing apples to oranges.
Thats not true either.
I said first support was at .4495. You said .51 was first support.
If I bought at .4495, I could have made a profit yesterday but if I bought at .51, I could not have.
And if I were accumulating for a long hold, I'd be better off at .4495 today that a person who used your first support yesterday, wouldn't I?
On top of which, if they had bought using .51, they would have been trapped yesterday afternoon, wouldn't they?
Thats the reason it matters. Using my first level of support, people at least have a chance to escape. .
So, whether I trade it for 8.888% profit, because I'm not trapped and can get out, or if I should hold it overnight, I'm still better off right now using my first level of support (.4495) instead of using yours (.51).
So I think I gave people something to consider that allowed them to not be trapped. Even if they held, they would be better off right now having used .4495 than .51, IMHO.
Now as to the matter of whether .37 is better than .3857 for the next support level, I think they are close enough to make very little real difference for a long term holder.
At least my approach gave people a chance to not have been trapped.
Imperial Whazoo
"Just my opinions, folks. Do your own due diligence & make your own decisions. DO NOT... I repeat... DO NOT make any investment decisions on my comments. They are my opinions. That's all they are... OPINIONS."
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