DAYTRADING Fundamentals Message Board

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Strategies & Market Trends : DAYTRADING Fundamentals

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To: James Strauss who wrote (437)	6/10/1999 12:02:00 PM
From: James Strauss	Read Replies (2) of 18137

Comparing The Daily And Weekly Charts For Trade Confirmations... **************************************************************** For those who position trade, it would be useful to use both the daily and weekly charts in your analysis... Many times you will see a good buying oppty in a stock that is declining on the daily chart but is in a solid uptrend on the weekly chart... The key is being familiar with the support and resistance price areas... As the price starts touching its support price areas people start buying again and shorts start covering... The key is the direction of the weekly chart... If it's up, the ultimate resolution of the daily chart will be up... If it's down, the ultimate resolution of the daily chart will be down... An example of this can be seen in the PCLN charts: Daily: PCLN has been in a downtrend in the daily chart but recently turned up after finding support in the 90.00 area... iqc.com Weekly: The higher lows in the weekly chart show a defined intermediate term uptrend... This gave confirmation that the primary trend for position trading purposes is up... iqc.com Jim

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