No worries.
I thought it may be helpful to list what I use most commonly when charting, pretty much in order of importance...
Identifying trends from price movement, and drawing trendlines and channel lines.
Also using Moving Average lines to complement this,
particularly 20 EMA, 50 MA and 200 MA.
(Daily chart, where each candle represents 1 day's trading, is the standard. A Weekly chart would be the next most useful for a 'Swing' trader. I wouldn't suggest day-trading at this stage.)
Support & Resistance can be seen by looking at where price has turned around on a chart, going higher or lower.
Support & Resistance can also occur at Moving Average lines and Trendlines.
When you have 2 or more indicators coincide, expect that to be a stronger point of support or resistance.
Flag patterns - either consolidation before continuation of a trend, or before reversing a trend.
You can search these things on YouTube or Investopedia.
The more you look into it, the more you realise there is to know. :
But the tools I mentioned above I still always use, and are a good place to start.
Full disclosure - I'd say it was several years before I was actually good at this to the point that it felt like an intuitive skill, with a decent success rate.
But all traders lose a fair amount of the time.
The trick is to make that the smaller percentage, and to lose small.
Another tip:
Don't just look for reasons to take the trade. Look for reasons to NOT take the trade.
Good luck!
- Forums
- ASX - General
- Charting Education online
Charting Education online, page-9
-
- There are more pages in this discussion • 1 more message in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Featured News
The Watchlist
CCO
THE CALMER CO INTERNATIONAL LIMITED
Anthony Noble, MD & CEO
Anthony Noble
MD & CEO
Previous Video
Next Video
SPONSORED BY The Market Online