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Strategies & Market Trends : NetCurrents NTCS
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To: Paul Viapiano who wrote (6134)3/16/2001 1:08:50 PM
From: Teresa Lo   of 8925
 
My Charting Setup:


Each chart, in whatever timeframe looks like this:

ottographs.com

Bars are color coded. 20EMA in red. 20EMA from one timeframe up is in white. Yellow lines I draw by hand. Swings are plotted automatically with the OttoGraphs programming. Volume and 14 period ADX.

As for your question, on the daily charts, you will find extremes in price action typically above 40 - this is why we can start "looking" for a bottom - because we know that it is "stretched". In parabolic moves, I have seen ADX on daily charts at 50 or more.

Ultimately, we will need price action (reading the bars) confirmation to get into a trade. Never use an indicator alone because they just tell you where the "zone" is, not exactly where to get in - hence the name "indicator". Otherwise, it would be a "signal".

T.
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