By John J. Murphy
ISBN-10: 1883272599
ISBN-13: 9781883272593
Here's a treasure trove of simple to take advantage of instruments for mapping your direction via modern-day industry. even if you are utilizing on-line charts or a qualified charting software, those innovations from grasp technician John Murphy can elevate your buying and selling luck.
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Readings below 30 often identify market bottoms. Charts powered by MetaStock and oversold levels) are at the 80 and 20 levels. In other words, readings above 80 are overbought, while readings below 20 are oversold. One added feature of stochastics is that there are two oscillator lines instead of one. (The slower line is usually a 3-day moving average of the faster line). The time period used by most chart analysts is fourteen days (See Figure 13-2). That means they can be used on weekly, daily, and intraday charts.
As a rule, heavier volume (marked by larger vertical bars at the bottom of the chart) should be present in the direction of the prevailing price trend. During an uptrend, heavier volume should be seen during rallies, with lighter volume (smaller volume bars) during downside corrections. In downtrends, the heavier volume should occur on price selloffs. Bear market bounces should take place on a lighter volume. Charting Made Easy 29 Figure 9-1. PRICE AND VOLUME JDS Uniphase (JDSU) Volume An example of price and volume moving in harmony during an uptrend.
The measuring technique for all three triangles is the same. Measure the height of the triangle at the widest point to the left of the pattern and measure that vertical distance from the point Figure 5-7. ASCENDING TRIANGLE AG Edwards (AGE) Flat upper line Rising lower line An example of an ascending triangle. The upper line is flat, while the lower line is rising. This is usually a bullish pattern and is completed when prices close above the upper line. Charts powered by MetaStock Charting Made Easy 19 where either trendline is broken.
Charting Made Easy by John J. Murphy
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