Thanks a lot for taking the time to comment Mate, i really appreciate you doing so.I'll be sure to go in with this mindset
Btw what did you think of my TA , i recently did one for OMG does it look valid to you.Seeing that you might be more knowledgeable about these markets i would appreciate you're feedback.Cheers bud following you for more quality content.
https://steemit.com/trading/@jsonkidd/omg-usd-technical-analysis
Thanks! Had a look at your analysis, it follows rules of TA, however I don't see patterns that give me overwhelming confirmation one way or another. I don't see reliability in what OMG is showing on EMA's, MACD, or even consolidation (triangle).
When my analysis yields "direction inconclusive" I've learned to accept that I just don't know and stay away until I do. Even if I love or am emotionally charged by a given asset.
Thanks a lot Bud , follow up question for EMA .Is 55 EMA a good indicator for support and resistance on a daily chart?
As mentioned it all depends if the security is respecting it. :) If there's been no correlation between the 55MA and the security in the past, I'd ask why the future would be different.
For example I did analysis on BTC that showed it respecting the 150MA. I coulda thrown in the 140 or 160 and it would yield the same result because the averages are very similar.
That gets into the art of TA. Find the nugget for each security that has shown reliability and forget the rest of the indicators until they do as well. :)