I'm a chartist and a technical trader. I believe that the first line of analysis is to locate patterns. Line drawing and straight line analysis is the standard.

It has been and continues to be the base line tool. Moving averages and even range bands are more recent developments and are observatory.

Straight line charting has modeled and been employed to define patterns and set targets for an awfully long time, and I believe that you can't throw a pile of lumber of a cliff and have it land within the shape of a house. If it looks like home, someone has been manipulating the lumber.

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In our Trader Talk Live sessions we chronicled this as it occurred and had opportunities to trade the many stocks that were doing certain dance steps.

This morning we're right at our predicted target. We moved there in the first hour and stopped. It has been an hour and it is still there.

Gosh, do you believe that maybe the traders already knew that 1995-2000 was the limit of the current pattern and that several traders would be extremely ready and willing to take profits here at a clear pivot point? Now will they? I'm not sure.

I am not on the floor. But I don't need to be there to see the targets. When they get there, there is going to be a struggle to test the waters. If the buying frenzy will not give way to some shorting or profit taking there may be a test above the mark to see who wants to play.

Either way the pattern speaks volumes to the premise that in the midst of what may seem like randomness there seems to be a guiding hand. Look folks, there is too much funds on the line not to have serious efforts to create some predictability.

Most all indicators, averages, etc., are following and at best fascinating after the fact. Some are predictive and extremely accurate in reflecting behavior, but Pattern Analysis of the price action and targeting the next likely TEST of the market sentiment may be the closest and most accurate way to get close to the game.

The masses take their cue long after the test and subsequent direction has started and your participation in the end will probably be necessary to move the stock or market on towards the testing point.

While I do use very few indicators (MACD, WRSI, Stochs) they are consultants and are never the reason I trade. The specific movement across a trigger price, whether it agrees with the indicators or not, dictates the trade.

Now the indicators I use are very accurate but guess what folks, they are not as accurate as the price.

Having said that, there's one tool I insist on trading with and that is Candle Sticks. It's not an indicator; it is my hidden camera in the competition's board room. But that discussion is for another day.

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