I will be the new Queen of charting on this thread!
No.. King, I mean King of Charting!
Nah, just wanted to share a little of what I've learnt about charting recently and what "I" am using to assess the market conditions..
I've never been a fan of it, always seemed a bit "astrological" to me, especially when people start talking about tea cup handles etc..
But I "discovered" Candles a little while back, a Japanese concept based on emotions and seeing as sentiment plays a large part in the market, I took them on a little bit.
Just in the last few days though, I have delved a little deeper..
I am using IG Trading (just for the charts) on both my phone and laptop (with dark theme, because its easier on the eyes)
There are hundreds of different indicators (some very similar) although only around 30 or so on IG (you need to choose which ones suit you, as anymore than 2 or 3 will make your charts very confusing).
View attachment 2482463View attachment 2482466View attachment 2482514I have chosen Heiken Ashi candles, which are a simpler version of the standard candles (they cut a lot of the noise out and show more clearly who is in control, they are also less open to interpretation)
The third chart is using standard Candles for comparison of the first chart.
Also, a Keltner Channel (popularised by a guy named Keltner in the 60's)
The Keltner Channel is a moving average band indicator whose upper and lower bands adapt to changes in volatility by using the average true range. The Keltner Channel is used to signal possible price breakouts, show trend, and give overbought and oversold readings.The channel changes because it's based on the moving average, but how it works, is the share price's "home" is in the channel.
The other indicator down the bottom is the Williams %R which is a momentum indicator (overbought and oversold)
Charting is an individual thing and I chose this setup and indicators, because they "spoke" to me..
With the IG charts, you can scroll back through the days and it really tells the story..
These are 3 minute charts and it also helps to switch through the time frames, to get a bettet perspective.
Just thought I would share and hope that something I've said can be helpful.
I'm primarily a holder, but even rusted on holders, should at least have a trading parcel, to take advantage of overbought and oversold situations.
BRN's gifts are more than in just holding.
All my opinion only.
(20min delay)