i trade short term-former floor trader. what i do is use a 5 minute bar chart with RSI and MACD to look for markets that might be OBOS. I have the p&f up and change the parameters to get the bigger picture and such. I have my trend lines in and put stops to get into markets not on the first X or O breakout/breakdown-because it could be a fake out. I wait for the second square for confirmation of the move. I might be paying more but I "know" that I'm write in the direction. For pullbacks, the trendlines work very well for places to either stay in the trade or do get in on a pullback. The RSI & MACD will confirm the pull back. the b\catapult works very well for larger moves and the horizontal count is great for profit targets
i'm a former floor trader so it's intra day,but if you change all the parameters on the charts, say make the bar chart a daily and the p&f's for wider reversals it still works and you get bigger moves
Apple, apple, apple.... :-( So AAPL opens down alot AGAIN.... once leaders, will they lead everybody else down as well
AAPL had a catastrophic day. Plunged below previous support on the P&F chart. A technical analysis on a barchart would show AAPL at support is considering OHLC bars and not "close only". SP500 is at resistance and odds are we are in for a reaction, which could fuel Apples down move even more. Let's see what next week brings us. http://www.paf.am/?di=Z1G9