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Kelly Heros Sgt. OddBall philosophy to read stock charts

Courtesy of Read the Ticker.

kelly-heros-sgt-oddball-philosophy-to-read-stock-chartsSgt OddBall said these famous words “Don’t hit me with them negative waves so early in the morning!”.






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readtheticker.com PnF charts allows the chart reader the judge price waves of both positive and negative.



Waves are judged 3 (power), 2 (significant), 1 (above average). Blue is up, Red is down.



For each PnF wave you should judge: breaking into new ground or not, thrust, volume, net volume, strength (3, 2 or 1).



In an uptrend (mark up): You wish to see blue positive 3s and 2s controlling the trend, breaking into new higher ground with supporting volume on each bar. On any red negative waves you wish to see them fail (no further red negative bars), hopefully they are on lessor volume compared to the blue positive waves, if they do have higher volume then you wish for the volume to be absorbed and the blue positive waves take control again (as the selling was really buying, as the big boys accumulate on down bars). You do not wish to see red negative waves breaking into new lower ground on high volume and good thrust. If you do, and you are bullish, you must wait for the chart to repair.



In an downtrend (mark down): You wish to see red negative 3s and 2s controlling the trend, breaking into new lower ground with supporting volume on each bar. On any blue positive waves you wish to see them fail (no further blue positive bars), hopefully they are on lessor volume compared to the red negative waves, if they do have higher volume then you wish for the volume to be absorbed and the red negative waves take control again (as the buying was really selling, as the big boys distribute on up bars). You do not wish to see blue positive waves breaking into new higher ground on high volume and good thrust. If you do, and you are bearish, you must wait for the chart to repair.



In a sideways trend: A mix of the above, if the sideways action started on a down trend, and you hope for a reversal (accumulation) then you should to see the up trend logic appear. If the sideways action started on a up trend, and you hope for a reversal (distribution) then you should to see the down trend logic appear. If the sideways action started on a down trend, and you hope for a continuation (re distribution) then you should to see the down trend logic assert it self. If the sideways action started on a up trend, and you hope for a continuation (re accumulation) then you should to see the up trend logic assert it self.



The Sgt Odd Ball thinking of avoiding negative ways fits well with Richard Wyckoff logic










NOTE: readtheticker.com does allow users to load objects and text on charts, however some annotations are by a free third party image tool named Paint.net



Investing Quote…



..”Being in the market at all times is not the key to profits. Being in the market when there is a clear, unconfused technical signal, and the trader’s judgment is not swayed by emotion, is the method for trading success”..



Richard D Wyckoff





..”The first rule is not to lose. The second rule is not to forget the first rule”



Warren Buffett





The minute you get away from the fundamentals – whether it’s proper technique, work ethic, or mental preparation – the bottom can fall out of your game.



Basketball Legend Michael Jordan.





..“Because of the extreme challenge, one must commit full attention to it.” Market speculation is “no different than trying to be a successful doctor or lawyer … you simply must devote yourself full-time to the study of your craft”…



Bernard Baruch





..”The stock market is filled with individuals who know the price of everything, but the value of nothing”..



Philip Fisher








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