Jair:
Thanks for your compliment, but I don't consider myself an "expert". The expert on this thread is James Strauss and I usually call for his advise.
I have been looking at stock charts for some years. When I first became interested in the stock market, I subscribed to ST. & Poors Outlook, Value Line, Babson, and half a dozen others. My results were not bad, but not good enough on my judgement.
In the mid-sixties I first subscribed to Trendlines,which later became also a division of St.&Poors. I found it quite helpful and started to get its "Daily Action Charts" by special delivery. (I don't get that any more since it arrives too late) I still subscribe to their "Current Market Perspectives" which they publish before the middle of the month. It usually arrives with data more than a week old, but has good information as well as good charts.
Over the years I have subscribed to several other "chart services" including W.O'Neel's "Daily Graphs", some point & figure charts, commodity and options charts, etc.
When the Worden Bros. came out with their TC-2000 I started using it. I thought it was good that you could make your own formulas for the scans. It wasn't so good that in those days you had to spend a good amount of money getting the "old data". Now of course you get all that data when you first subscribe.
I think TC-200 is good, but lately I find I don't have the time to use it.
I no longer look at stochastics, Bollinger Bands, MACD, McClellan Oscillator, Williams%R,OBV,linear regression,candlestics,etc.
I try to keep things simple and have been using mainly three averages, short, long and middle range and look at charts on real time mainly on 60 minutes and daily perspective, although if I get a little heavy position on a stock I may watch it on the one minute or 5 minutes chart for a while.
I also look at Money Flow and Relative Strength Index, but do not give too much weight to that.
As far as books are concerned on TA the "bible" is Edwards and McGee "Technical analysis of stock trends" first published in the sixties and which I believe is out of print. I have glanced at it, but never bought it. There are quite a few on that subject and you can go into Amazon or Barnes & Noble and do a search for "Technical analysis" and will have more than a couple of dozens to choose from.
This days I am spending more time trying to learn how to use "Easy CD Creator 4" from Adaptec, that I got during the Holidays and still have not got around to organize my music CDs and on putting some pictures on CDs.<g>
I thought after I retired I was going to have plenty of free time, but now trying to do some rose grafting and orchid hybridizing, sometimes I feel glad that it has been too windy to go fishing, so I don't "loose" too much time on that.<g>
I don't know if I gave you any helpful info., but you can always ask J. Strauss since I know he still does some scans and has delved into TA more deeply than I have.
Bernard |
