I see you all drawing very impressive charts but may I say this. I suspect there is an inverse relationship between the amount of time and study that goes into chart reading and the amount of money one makes from the markets
Remember the program traders with the big money who can move the market, knows you all looking at the same thing, overemphasis on price charts is anther sign of following the crowd
CJ
Remember the program traders with the big money who can move the market, knows you all looking at the same thing, overemphasis on price charts is anther sign of following the crowd
CJ
Cm
Big thanks for the diagram have printe ot off to have a better look, also found your 1 & 10 min charts with the text on very helpful.
Tradesmart
I also found your chart showing the flags etc great it really helped to point a few things out to me.
Gruntnoway
What moving averages are on your chart?
Hampy
Thanks
Kathy
Big thanks for the diagram have printe ot off to have a better look, also found your 1 & 10 min charts with the text on very helpful.
Tradesmart
I also found your chart showing the flags etc great it really helped to point a few things out to me.
Gruntnoway
What moving averages are on your chart?
Hampy
Thanks
Kathy
CJ,
There are a thousand different ways to make and lose money in the markets.This is just one.No one is claiming it is better or worse than any other.
There are only two criteria that are of importance :
1. does this style suit the personality of the people practicing it.
2.does it result in RR that meets their needs.
Re your comment of price action and the 'big boys'. If their action is not in the price action perhaps you could tell me where it is?
I am not having a go at you. My comments are simply a balancing of views to your own and if you think my views intrinsically incorrect then I am always open to a counter view.
Cheers
There are a thousand different ways to make and lose money in the markets.This is just one.No one is claiming it is better or worse than any other.
There are only two criteria that are of importance :
1. does this style suit the personality of the people practicing it.
2.does it result in RR that meets their needs.
Re your comment of price action and the 'big boys'. If their action is not in the price action perhaps you could tell me where it is?
I am not having a go at you. My comments are simply a balancing of views to your own and if you think my views intrinsically incorrect then I am always open to a counter view.
Cheers
GruntnoWay
Active member
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rustic1 said:
I usually use fibonacci numbers. 21 and 89 minutes on this chart.
GruntnoWay
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Yes. I run 4 different charts at the start of the day with different fib aves and then decide which to use for that day. I always use the Tracker chart for confirmation.
for kathy
kathy
try this
www.stockcharts.com/education
re:chart patterns etc
hope i'm telling you that which you already know!!
kathy
try this
www.stockcharts.com/education
re:chart patterns etc
hope i'm telling you that which you already know!!
On the daily chart, yesterday ended up being a Doji, Indecision.
about immenent direction although the price is consoladating below the long term daily trend line, so again I have a bearish Bias looking out the next few sessions, however I'll wait till the back end of the day to see how eveybody else has been thinking.
I think that yesterday was an attempted hook up but was hit with down with a small hammer, at this stage 10700 is the top.
10430-40 has held well so that seems to be the range bottom and looking at the last 60 minute bar it has the makings of a beautiful spike, see if we get positive development continuation or a failure today. 10650 upside potential would take us to the underside of the bottom 60 minute channel line and beyond that could challenge the 10700.
jd
about immenent direction although the price is consoladating below the long term daily trend line, so again I have a bearish Bias looking out the next few sessions, however I'll wait till the back end of the day to see how eveybody else has been thinking.
I think that yesterday was an attempted hook up but was hit with down with a small hammer, at this stage 10700 is the top.
10430-40 has held well so that seems to be the range bottom and looking at the last 60 minute bar it has the makings of a beautiful spike, see if we get positive development continuation or a failure today. 10650 upside potential would take us to the underside of the bottom 60 minute channel line and beyond that could challenge the 10700.
jd
tradesmart
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Significantly and perhaps predictably the Dow hit resistance yesterday at around 10550/60, which has been a prior S/R level and is about the 50% fib retracement level of the big 10705-10420 move – also the top line of my downtrend channel (now upgraded from ‘notional’ to ‘confirmed’!? 
)
I guess that there are two likely outcomes:- the apparent rounded (rolling?) bottom formed over the last 4 sessions becomes the ‘head’ of an inverse Head & Shoulders putting 10700 in the sights; or a decisive tank to the lower downtrend line to test prior support at 10375….
Whatever way – as long as this big move volatility carries on, I’ll be quite happy……
)I guess that there are two likely outcomes:- the apparent rounded (rolling?) bottom formed over the last 4 sessions becomes the ‘head’ of an inverse Head & Shoulders putting 10700 in the sights; or a decisive tank to the lower downtrend line to test prior support at 10375….
Whatever way – as long as this big move volatility carries on, I’ll be quite happy……
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Hang on a minute on your chart tradesmart is that a clissic "cup with handle bottom"? looks like a tea bag would fit. the market seems to of had 3/4 good stabs towards 10400 and its not having it, the price travels the path of least resitance so at this stage i see it contradicting my downside bias and looking at the price action there seems to be more resistance to the downside over the last few sessions, pre market futures nudged down a few but i see it trading 10500 advancing towards 10536 for the action to kick up above yesterdays high..
should be a good session.
jd.
should be a good session.
jd.
In regard to some of you replays what im saying is you don't need charts to make money pit traders keep charts in they head. You really don't have time to fool around worth plotting lines x;s on tiny grids, when scalping intraday trying to figure the breakouts points besides that's what concentration is all about. When a market breaks and it stops, I remember where it stopped and when it rallies back,
I remember where it stopped rallying I remember where the big orders are, I keep this kind of information in my head, so I don't need a chart in for that just a ticker, I know one guy who used to draw a straight line random on a chart from the previous day, and trade of that and yes he made money anther guy i new used to only trade to the long side if we had 3 down days. and he also used to trade if you had a close down on all the 3 major indices he would only scalp the short the next day. so really you don't need to use charts as a crutch
CJ
I remember where it stopped rallying I remember where the big orders are, I keep this kind of information in my head, so I don't need a chart in for that just a ticker, I know one guy who used to draw a straight line random on a chart from the previous day, and trade of that and yes he made money anther guy i new used to only trade to the long side if we had 3 down days. and he also used to trade if you had a close down on all the 3 major indices he would only scalp the short the next day. so really you don't need to use charts as a crutch
CJ
CJ try not to close yourself to the idea of charts , you might even improve with the use of them, humans respond well to pattern recognition subconsciously we see the same info with tickers plus its presented visually, these form patterns and people trade them.but its still trading price at various time spans. and as for plotting lines these update tick by tick all automated so the user can sit relax and make judgements easier.
and it doesn't matter who you knew in the past or present its what you want to use that matters
jd
and it doesn't matter who you knew in the past or present its what you want to use that matters
jd