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Strategies & Market Trends : Technical Analysis - Beginners

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To: Christopher who wrote (10464)	6/3/1999 7:29:00 AM
From: Dick Brown	Read Replies (1) of 12039

I'm sure there are better ways but when I have selected trading candidates I do this, assume long and I am trading with eod data.. I always draw a weekly 'close line' chart and make sure I have higher highs and higher lows..I want to be in a retracement that doesn't violate the previous low..Then I switch to daily charts and look for the same pattern on the daily line charts..as soon as that retracement starts to move up, without violating the previous low I will buy and my stop is a tic or two below the previous higher low.. This technique can be used using moving averages instead of a close line..I also look for these basic patterns to occur in stochastics and macd lines.. Also on minute charts, all timeframes..Really important to me that the next upper timeframe trend be in the same direction as my trade.. So my definition of a trend is higher highs higher lows, lower highs and lower lows..look at different timeframes to confirm..There is more to it than this as I like healthy retracements ..if not you end up entering at higher risk areas and your stop can be too far away.. Dick.

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