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Monthly chart reduces ALOT of noise… looks MUCH better now. Lets see how November closes for Kirkland Lake Gold.
Edit: adding weekly chart.
If this can close up another 2.30$ (cnd) tomorrow, that would mark one hell of a comeback!
Nice chart. Thanks Patrick.
Yeah. I love monthly candle charts. No noise. Just need to sync my “trading” life style to it… less posting… less social media … a whole lot less trading.. and more patience.
Less Fun too
🙂
KL.TO was a good buy at $50 Loonies
Something to bear in mind is that price can make false moves above and below a support or resistance line. When drawing a chart pattern e.g. descending wedge, it’s sometimes a case of drawing the ‘line of best fit’. That can mean your support/resistance line passes over the top of the ‘wicks’, but some wicks may extend above/below the line. As long as the daily/weekly/monthly closes are on the correct side of the line, the chart is valid.
Agree…candlesticks offer this tweakability
Exactly! Concerning support and resistance, wicks don’t matter as the close defines the actual support or resistance line (for that time frame). The wicks gives you insight what happened on the smaller time frames, the volatility within that candle, how the buyers might of been in control at one point… but only got reversed eventually, etc. Here is one of my goto examples combining this + multi-time frame analysis http://badcharts.com/2015/01/how-to-quiet-the-noisiest-chart/
Edit: Adding another post from my blog site… showing why looking at higher time frame will help you lower chances of getting whipsawed on the time frame you like trading on! http://badcharts.com/2018/08/using-tesla-to-demonstate-the-importance-of-hidden-resistance-and-hidden-support/