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The job as a trader is not to predict what is going to happen next. The job is to react to what IS happening.
Charts are there so we can anchor our risk on a particular trade. Support and resistance are something we can all see!
Clues of whether or not a chart will run into supply or demand has more to do with the ENVIRONMENT we are trading in and the GROUP which a stock belongs to.
A chart alone has no real predictive value and that’s because the markets are very fluid. Environment and industry group determine success of a chart pattern more than the chart pattern itself.
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