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The World Is In The Charts
News is not of relevance to me, I keep things very simple, I feel that news is typically in the charts already. There are people out there who know something that we don't know or before the news hits the wire and I feel it's already in the chart. So I don't put as much emphasis on news that a lot of traders may do. So, my number one focus is always the chart, I don't look at fundamental analysis at all. It's all technical and volume. That's pretty much my main concern.
When I am looking at charts typically what I am looking for off the open is relative strength on the first 5-10 minutes, a huge move up whether it be 50 cents, a dollar or a couple of dollars or huge move down. After that, maybe a small bounce, definitely and the bounce has to be less than 50% or a consolidation near the low or the high. That's typically what works for me.
I know my risk is small and is clearly buying or selling off the open that's dictated in terms of the chart. So it will be, if your charts are green along up bar or along down bar and then a couple of bars coming back to maybe round as a "U" shape pattern and try to get in at the top of that "U" or like I said before a consolidation, maybe four or five, ten, fifteen minutes as long as it's near the low or near the high.
What's also very important for me when I am looking at charts is, I have the stock, I have all my stocks on top of the SMP's. So if the SMP's have a huge move up and a stock doesn't make a new high, I can clearly see it on the chart, and engage my own relative strength without any other indicators.
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