Dominick.
nope, Castle's level 2 and ATFI application are not tied. I don't use charts at all. There is one seldom occasion when I check simple chart for couple weeks or so: if some not regularly active stock gets attention on news, I want to take brief look to make sure there was no unusual activity that would indicate sellers waiting to dump shares on news. Otherwise, all I am interested in is current action:
intraday range, Level2, Times and Sales, Thomson indications.
The rest of what you see on the screens - tools for finding the play, like couple scanners and chatrooms. Chatrooms present separate topic
for discussion - years of using them showed all their advantages and traps.
About charts: I am not trying to say they are of no use. It's just a matter of personal preferences, I believe. Some people need graphic visuality, others can trade just by numbers. If I watch stock closely I can remember all it did during the day and feel it's support/resistance levels, breakout points. Trying to apply some of TI to intraday plays, I found that I tend to rely on their indications too much, and they make my relationship with market somewhat mysterious. It's like some guru tells me: hey, don't worry, I know better and I promise you everything will be OK. On the contrary, when I use the tape as only real time indicator of what's going on, I tend to rely on myself only, and responsibility is all mine. May be it has to do with following: my opinion is, trading is not about predicting, it's about reacting (it's one more big and quite interesting topic to discuss). And when I watch technical indicators, I look for prediction... but when I watch the tape - I just react.
I realize all this sounds arguable... well, this is what makes market :)
Vadym |
