If each day in the market were in fact an independent event then it would be impossible for you to make money from it consistently.
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Prices seemed to follow a random walk as he observed them.
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It is essential that trend lines be drawn correctly.
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Simple moving averages give equal weighting to each time period’s price.
The first piece of evidence that this might be a top was when the 9 period moving average crossed the 18 period moving average.
As you can clearly see from the diagram, the trend line can change slope as the trend may move at different rates and it is mandatory to adjust the trend as necessary.