@bosco222 just read you post requesting a chart - very unusual for the OGX chart thread! I have studied, coded and incorporated into my charting software just about any indicator you can imagine, so it only took about 5 minutes for me to create the chart you described. As this is a chart thread I can't see why everyone else shouldn't suffer as well trying to interpret these indicator signals. See below a plot of OGX daily chart with Heiken Ashi candles, Dochian Channel (21 period setting and in thick blue-green-red lines), and the Ichimoku Cloud indicator and lines (standard period settings). You asked for it!
Some points to note:
- You do realise don't you that a "
a reverse inverted cup
" (never heard of this before!) isn't a recognised price pattern. If it is in fact an inverted cup pattern the price target is 2c.
- Dochian Channels are pointing down (indicating a down trend).
- The price action is now in the Ichimoku Cloud. Best case is a trendless sideways move until the SP brakes out of the cloud.
- The Heiken Ashi candles are red indicating a down trend. And the best thing about Heiken Ashi candles is that there are no gaps for the uneducated to fixate on!
I have added the fib range retracement levels to the chart. It always amazes me how these spec stocks, the ones that have inherent value that is, when they correct always seem to stop around the 50% retracement level, which for OGX is around 8c.
I think I can remember Mr q*9
@qqqqqqqqq commenting recently re the value of charting when considering trading of spec mining stocks. Well the truth is in the picture, you just have to look. Using any one of these three indicators to trade OGX would have resulted in profitable trades. TA for trading spec mining stocks works well as long as the target stock is trading with relatively high liquidity. The price action for these stocks seem to have a low level of noise, i.e. they trade purposefully. If you want to immerse yourself in random, wishful thinking FA, and spam noise just read through the OGX threads, and even the chart thread unfortunately.
I was a holder of OGX but have sold. Looking at the chart I think I'll wait until the Heiken Ashi candles turn blue again. Keep it simple I think! Don't worry about the Ichimoku Cloud or the Dochian Channel.
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