Fast_Money: Charts - keep it simple

Wednesday, May 27, 2009

Charts - keep it simple

Yes I use charts; my favorite chart to use is a 5minute showing 15 seconds bar. In the first 60 minutes I will go from 5 minutes, then to 15minutes with 1minute view and finally 1hour with 1-minute view. Other time periods are wonderful for longer-term periods.
I want to know where strengths (RSI) are; volume and I have a fondness for Fibonacci. It is that simple. Yes the following are also important, Breakouts, Bull Traps, Buy Points, Channeling, Gann, Cup & Handle, Double tops, Doji, Head & Shoulders, Moving Averages, Pennants, Pullback, Pre Holiday effects, Resistance, Support, Trend lines, Zig-Zag, Breakouts. It is good to know those patterns but how can you keep all that in your head and apply to every single position that your interested in and have invested in? I can't.

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2 comments:

UnknownMay 28, 2009 at 7:21 AM
What do you look at before market opens?
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UnknownMay 28, 2009 at 7:24 AM
Just saw you trading today (dima_klgd). That's was awesome!!!
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I hope you will learn from my years experience as a professional trader.

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Wednesday, May 27, 2009

Charts - keep it simple

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