MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

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Nov 14 4:00 PM EST

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To: HairBall who wrote (7464)	3/4/1999 10:03:00 AM
From: StockOperator	Read Replies (1) of 99985

LG, If one were using monthly charts for alerts, the July 98 drop would have been close over before one would have noticed. In my opinion there is nothing one can see on the monthly or weekly charts that cannot be seen or charted on the daily. I have been charting for many years and have totally migrated to daily or intraday charts. I rarely find weekly charts useful, much less monthly charts. We all have our own methods of analysis. And I would never tell you or anyone else that my way was either better or a more profitable way to analyze data. But because I also have been charting for a long time, I will say that I couldn't disagree with you more. The patterns that develop on charts: double top, bottoms, head and shoulders, triangles, flags are present on all time frames. From a 5 minute bar chart to a much longer monthly scale. Longer term support and resistance lines are just as critical on a monthly chart as for a daily. I think its very important know that the recent price collapse on xyz corps. daily chart can be traced to a multi-year head and shoulders pattern on the monthly. Because daily charts by themselves only offer roughly one year's worth of data, all the price action prior to that year is missed. I believe that the daily action in prices builds into the weekly trend - which build into the monthly - which becomes the entire chart itself. Pointing out that DOW has a series of higher lows from its Oct. bottom was just an observation and was not meant to place more emphasis on this time frame. Each time frame at one time or another can be helpful in determining which way prices may go. Just my opinion. Good trading. SO

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