Time is valuable; every minute I waste is a minute I never get back so I try to get the most bang per buck possible.
Looking at any chart, I should be able to quickly identify a Buy/Sell/Hold by classifying the direction of the trend, flow of money, and knowing the levels of support & resistance. If I can’t do all of this within 1 minute, then I’m either wasting my time, or the chart is really messed up.
<O
So when it comes to charting I try to keep things as simple as possible. While in the past I’ve used a plethora of moving averages and technical indicators, I eventually learned I was doing myself a disservice by getting bogged down in over-analysis. A great looking chart doesn’t necessarily make for a great chartist and the majority of indicators will eventually tell you the same thing so the question for me is how much time am I willing to devote to what should be the obvious?
Looking at any chart, I should be able to quickly identify a Buy/Sell/Hold by classifying the direction of the trend, flow of money, and knowing the levels of support & resistance. If I can’t do all of this within 1 minute, then I’m either wasting my time, or the chart is really messed up.
<O
So when it comes to charting I try to keep things as simple as possible. While in the past I’ve used a plethora of moving averages and technical indicators, I eventually learned I was doing myself a disservice by getting bogged down in over-analysis. A great looking chart doesn’t necessarily make for a great chartist and the majority of indicators will eventually tell you the same thing so the question for me is how much time am I willing to devote to what should be the obvious?
