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Beginning Charting Questions
Posted: Thu Oct 23, 2008 11:08 am
by Trader Question
I started charting the daily S&P with a dot, as an exercise to get a feel for the material. I am wondering if I should add a termination point of support/ resistance, say a 5/9 or 6/1, but I don't want to mess up my charts. Any suggestions?
JA
Re: Beginning Charting Questions
Posted: Thu Oct 23, 2008 11:09 am
by pldot
People differ in their charting preferences. I like to see the envelope and dot, and I use the "nearby" and "furtherout" zones which are a collection and extrapolation of the various support/resistance tools - 5/1, 5/2, 5/3, 5/9, 6/1 and 1/1's. (We talk about these zones in Lessons 16-20 and thereafter). In the old days with hand charting we would chart the 1-1's, the 5/9's and 6/1's, and could see the 5/2's and 5/1's visually without much need for charting, but often charted them as well. I do like to see higher time period key points on the lower time period chart. I can send you a picture of my workspace if you like. But bottom line, every one has a slightyl different approach and your personal comfort level is what counts.