Price Channels & chart reading

Discussion in 'Trading' started by D'ya_think, Mar 24, 2002.

  1. Yes I'm relatively new to this - embryonic stage. Yes I've lost more than I've made but no where near the amounts I've read about on threads here. There is no comma in my loss amount.

    The short question is:

    I'm trading with Datek - one to seven dollar stocks usually. Datek offers 'Real--time' Bigchart charting. I tend to hold a position for less than a week - less than a day if I can walk away with a profit.
    Will USUALLY sell before I loose over 10%.

    Problem is I keep selling by my gut feeling for the stock and what percentage of profit would 'make me happy/can I live with'. The results just ain't cutting it.

    Recently 'discovered' that price channels on the upper chart, MACD and DMI charts for lower indicators would have shown me on my last few trades that it was not time to sell the position when I did.

    I've been reviewing stocks that I've been following with 2day/five minute charts and can't believe how easy it is to see a price trend setting up. This info alone could save me from some really bad choices. Hind sight IS 20/20 so one should learn from it.

    Any suggestions on other readily available charts and chart combinations that could improve my odds of getting in at the bottom and/or how to tell the top.

    Thanks, this could be an educational thread if the replys only come from traders - not wanna-bes and 'I read that this should work'. :D