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Major critics is that it only tells about market trend whether it is bullish or bearish based on the demand and supply. It doesn’t offer insight on price behavior. Also, it can’t be used for short term trading.
It remains on top of any analysis because it is the base (concept of demand and supply) for all the technical analysis tools.
Charts used – Line chart (Daily)
Minimum look-up period – 2 years
Duration of trend forecasting – 3 months to +1 year
Support – It is a demand zone where the buyers are aggressive.
Resistance – It is a supply zone where the sellers are aggressive.
During the bullish trend, identify the price crossing the previous top with high volume to create a long position.
During the bearish trend, identify the price crossing the previous bottom with high volume to create a short position.
Market trend can be determined by identifying the particular sequences in the line chart:
1. Higher bottom – higher top (with significant volume) = Bullish trend
2. Lower top – lower bottom (with significant volume) = Bearish trend
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