hi MissusB, okey dokey lets first start with an area that imo is quite important and that would obviously be ones knowledge (level) of charting basics..... if you believe that your level is 'just' okay...... well, I would spent 10fold the amount of time on it until you believe you can state the basics blindfolded... must know second hand the simple everyday things like how volume reacts at support.. how differently volume may react at resistance.... how spread reacts at support.. how price spread reacts at resistance... wait for it
one more... how the close of a bar/candle reacts at support and of course blah blah at resistance.... now if you can blend those three different things together and cite them off at the drop of a hat, real time. ..... you will be well on your way to understanding a bit about the basics of charting..
you should endeavour to become almost like a master that can second guess what is going to happen next just by watching (the above three criteria) how the bar/candle is developing ... you chuckle to yourself saying haha I know what's going to happen
a few simple examples found on the net
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next, one could learn some of the basic charting patterns ... I would first up just keep it simple and maybe just go for some of the consolidation patterns - any of the triangle patterns and maybe just learn the more popular candlestick.. like engulfing/morning star etc...
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When after doing all of the above, you find that some of these seem to gel and you feel confident with them.. just stick with those ones initially and make them part of your trading plan...
Next.. you have to find them
... that is where your scanning comes into play.. that is where your candidates are selected from.. if you cant find any candidates, well maybe don't even bother looking at the markets that day.
After scanning for my potentials. I would place them in a watchlist.. both in my charting program/s as well in my trading platform (Iress).. I would likely set news alerts for them.. price alerts as well volume. I mostly only day trade, so after selecting my candidates for that day, would normally only be watching them for a positive reaction .. sometimes this does not happen but if no damage was done to their credibility that day would obviously continue to follow them until they either moved or if not just discard them forever.
I never ever have a weekly chart open.... if your analysis has been correct, all you are watching for is the day bar to develop into the beginning of a positive (bullish) move.. (that is where your low risk entry is taken...bing bing, money now in play)...and that can mostly be done off just watching the daily build.. I also follow them on the 20min chart.. that's all I find that I need.. but sometimes I will crank it down and look inside the 20min on something like an eight or twelve minute. I sometimes flick between using (analysing) on a candle or the bar, does not worry me..
Those books that you've mentioned seem okay to begin with.. just keep reading them until its second hat stuff.. watch as many of the YouTube videos out there, lots of choose from... no need really to spend a dime in your education.. maybe later but now imo there is not.... do all the above if you can and all the best
