for the charts and commentary you posted. They provide a great summary of what has happened and glimpse of what may. Will a test of the midline (20 dma) on the 60 minute chart be what you are looking for today?
Hi Tennis . .it is called Technical Analysis of Financial Markets . .called the bible of TA . .but I think he updated it and changed the named to Technical Analysis of the Futures Market . .not sure :-)
What is the name of the book by John Murphy that you like?
I am reading a book called "High Probability Trading" by Marcel Link. It has a chapter on using multiple time frames. It seems like a real solid book.
Mary..hi.. I did sign up for stockcharts and Dan's too( thanks)..I cant wait for the Murphy book to come in the mail.. there were 100 reviews on amazon w a score or 4.8!..lots of mentions on its readability..i will do the informed trader trial too..i've loved what i've read of Jack's so far( your posts-thanks again) so i really have no worries about it being too TA..I will follow your advice and read jack and Dan and John and papertrade my way to comfortability.. i really am impressed that you were determined to find an system that works for you and you've found it.. i want to and will do the same..you give alot of people on here not just help but encouragement..thank you..peter
Peter, I do love Informed Trader. I have been there for over 5 years now and the chartists are excellent. It is TA land though so you would have to really like that approach. Do the trial run for free and see how you feel about it. I was with Dan for a couple of years as well but my independence in making my own trades came from Informed Trader. Both let you test drive so you should make up your mind.
Hi Tennis, just to be clear . .the midline on a 60 minute chart is not the 20 day moving average. Midline on a daily chart is the 20 simple day moving average :-) The lower bb on a 60 is closer to the midline on a daily. Unless a 60 is breaking down, that lbb will be close to midline on a daily. That is why a breakdown on the 60 min chart usually takes out the 20 mda on the daily chart :-)
Welcome, Tennis . .previous pullbacks have either held at midline or gone on to the lower bb. I think the 5, 15, 60 toggle dance is the only way to go. I have no idea what to do until I see it firm up. But I would not rule out an intraday fill of that gap that is on the chart. Let's see how we do. I will post an updated chart after it gets some direction. Good luck :-)
Mary..hi.. As a beginning day trader,I was looking for something to read up on three lane highway trading.. i ordered the john murphy text on TA ..its TOC on amazon showed a chapter on trading different time frames.. a search on the web picked up an article on three lane highways by a trader named Jea Yu..founder of undergroundtrader.com..he also has a book on amazon, title escapes me for the moment, i believe more specifically on a style similar to yours.. i was wondering if youve ever heard of him or could recommend some reading? hope youre doing well...thanks for all your help..peter