** What do the color areas in your charts mean??
They are simply visual cues, Chris. During the trading day, I keep track of the currect price and volume "bars" by drawing them on my chart printouts. The colours reinforce my perceptions of resistance and support. For example, today I grabbed some LU when it touched the magic line at 74. On my printout (but not on the web page), the region below this daily chart UpTrend line is yellow, which reinforces my perception that, below 74, this UpTrend is broken. From 72 to 70, there is a green colour, indicating that this is where the weekly chart UpTrend line is; ie., "stronger support". I would buy twice as much LU at 72 (weekly UpTrend) than I did at 74.
Weekly and Monthly charts are very uesful to me. For example, COMS looked like it had broken its essential daily chart UpTrend line, and was heading down under tremendous selling pressure after earnings. However, the weekly chart indicated an UpTrend line coincident with horizontal support at around 43~44. When I saw the climactic volume on 01-JUL, I took a position on COMS @ 44. Other than the horizontal support line on the daily chart, there were no indications of any apparent UpTrends in this area.
It would be VERY interesting to see you run that CSS box on some of the belwether's WEEKLY charts, Chris.
-Steve |
