OK.... as promised some thoughts on ChartingSome general thoughts on charting.
· Forshort term holds and day trades less is more for Technical Analysis, ascrowding a chart can simply obfuscate.
· Onemay consider not using depth of market (that is buyers vs sellers) asoff-market orders are typically what move markets. They are the ones that magically appear when you least expect them.
· VWAPwill give you the price right now, if you are using up to the minute live data.
· Howto typically use VWAP – if the price is breaking out of a pattern and headingup to VWAP it is approaching a buy level. Conversely, one may consider settinga sale point just below the VWAP.
· Eithersimple Trendlines or Support and Resistance levels can present a decentpicture. As the great @Patterns once said “trendlinesneed to touch 3 candles either body or wick to be valid. Once you have one sideof the trendline, duplicate the line to see where it fits with at least threetouches on the other side of the trend channel”. Post #43756444 (29/3/2020)
I hope some find some benefit in these.
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