| humblefarmer - 5/12/2023 09:52
I’m not a chart guy but 2 things lead me to believe they have value. Number one and in my opinion the most important. History often repeats itself, so why all the uproar about it only tells where we’ve been. Good chance we will return. Number 2, a chart is no different than a financial statement, it is based on the facts at hand. If I have a few hundred thousand bushels of corn in the bin I put a value on it. Turn it in but a day later something moved the market the limit up or down, is it a worthless statement. No we have to adjust. Same with charts , draw lines and study, a day later some unknown changes market direction, we have to adjust. Too many farmers/marketers like concrete. Nothing concrete about the market, it’s always moving.
Hi Humblefarmer,
I appreciate your comments. I would however suggest that if price turns at any given point in time, it has already been turning and giving clues that it is. I won't say never....but very very rarely in fact I cannot think of one time that price turned that was not telegraphed ahead of time. Sometimes it's not even on the frame we are looking at but, there's always a tell someplace because the other dimensions in price have are already heading in the opposite direction and those forces are telegraphed in price ahead of the turn.
Take care.
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