I was wondering which charts people find most useful in their trading and why?
I'm currently experimenting with the candlestick charting, with a setup of Last Traded Price over 5 seconds. I like this set-up as I feel it gives me a better visualisation of the market than the standard Bet Angel charts, which I don't tend to use.
Plus, I'm no candlestick expert but, having looked up articles and videos on reversal patterns, you do get some strong patterns appear that give good indication of a market reversal. The problem is that you have to be damn quick to then catch that reversal!
How does everyone else use their charts?
Charts
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darkpunter
- Posts: 33
- Joined: Wed Apr 15, 2009 8:04 pm
Here's the kind of pattern I'm talking about.
Looking at the 16:20 at Lingfield on the 8th.
At (1) we see a "hanging man", which is a reversal pattern. Then, at (2) and (3), we get some confirmation of the possible reversal. The price eventually reverses to its previous support level (around 2.5).
I know this is never going to be an exact science but, when added to a traders other tools and indicators, could help.
Is no-one else using charts in similar ways
Looking at the 16:20 at Lingfield on the 8th.
At (1) we see a "hanging man", which is a reversal pattern. Then, at (2) and (3), we get some confirmation of the possible reversal. The price eventually reverses to its previous support level (around 2.5).
I know this is never going to be an exact science but, when added to a traders other tools and indicators, could help.
Is no-one else using charts in similar ways
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I'm new to candlestick charting and I'm still trying to get my head around it all, I've been reading a book about technical analysis which has helped but I'm just trying to put it all together now.
There's a good blog I follow from Jimmakos that shows things to look out for that has helped me.
http://www.jimmakos.com/en/betfair-trading/index.php
There's a good blog I follow from Jimmakos that shows things to look out for that has helped me.
http://www.jimmakos.com/en/betfair-trading/index.php
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aligammack
- Posts: 104
- Joined: Wed Apr 15, 2009 2:49 pm
Hi
Due to the speed of the markets I have never been able to use the advanced charting to much effect. I seem to notice things too late.
What I can see from the graph is that when the price was going out at the start there was little volume, then when the market started to reverse is when the volume increased. As with financial markets a move based on high volume is a clear indication of which way the price is heading.
Hope that is useful.
Due to the speed of the markets I have never been able to use the advanced charting to much effect. I seem to notice things too late.
What I can see from the graph is that when the price was going out at the start there was little volume, then when the market started to reverse is when the volume increased. As with financial markets a move based on high volume is a clear indication of which way the price is heading.
Hope that is useful.
I tend to use the weight of money charts on my trading. This was an interesting post: -
http://www.jimmakos.com/en/betfair-trad ... harts.html
http://www.jimmakos.com/en/betfair-trad ... harts.html