QOTD 2

29 07 2011

From the book I’m reading now:

What are Chart Formations?

Chart formations identified and analysed by the authors are graphic representations of unchanging human behaviour in complex multivariate solutions.

They are the depiction of multifarious human actions bearing on a single variable – PRICE.
On price converge a galaxy of influences: fear, greed, desire, cunning, malice, deceit, naivete, earnings estimates, broker need for income, gullibility, professional money managers’ need for perfomance and job security, supply and demand of stocks, monetary liquidity and money flow, self-destructiveness, passivity, trap setting, manipulation, blind arrogance, conspiracy and fraud and double dealing, phases of the moon and sun spots, economic cycles, and beliefs about them , public mood, and the indomitable human need to be right.

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