CHANGING CHARTS IN A CHANGING MARKET 6/6/13

WHEN  we have volatility swings (a changing market) it can be beneficial to view PA with different chart time frames.  While the 5 minute seems standard in the chat rooms, it is rare a trade is made based upon a one dimensional look.

Prior to the open, scan the weekly, daily, and hourly for trends, trade bias, and/or trading ranges as an overview.

The next level, and the watch (all or a mix per personal choice) while trading, will be some combination of the following:

• A 1 to 2 point range bar chart
• A 1028 tick or 2056 tick chart
• A 5 minute, 8m, 13m, and a 21m  Fibonacci values
• Other options: a 5m 15m and 30m

Today the run down (bear) was profitable but a reversal was noted that seem to have the strength to run back to the 1612 as a target 1  with the upper resistance around 24.25-24.75.

Bears win, bulls win.  No counter trending today, the trends were simply too strong and were more than happy to force traders out.


30 minute look