"Five minute bar charts are used by day traders, hourly or daily by swing traders, weekly charts by investors."
How exactly does the investor use the weekly chart? Should he see that the price is above the 30 week moving average or greater than 200DMA in the daily chart? What else should he see? Any oscillator? Looking at it one way, investing is nothing but trading on primary, isn't it?
"Monthly and weekly charts are chiefly used for determining important support and resistance levels and making long-term trends" How exactly does one use them?
During intra-day trading, I learnt that one is supposed to use end of day charts to mark support and resistance and see whether or not they are penetrated during the day.
Simmilarly are the supports and resistances marked on weekly charts monitored non a daily basis for end of day trading-whether they are penetrated or not?
Monthly charts are strictly for primary trend I suppose but they seem quite useless for end of day trading.
Please clarify, Traderji. Thanks
How exactly does the investor use the weekly chart? Should he see that the price is above the 30 week moving average or greater than 200DMA in the daily chart? What else should he see? Any oscillator? Looking at it one way, investing is nothing but trading on primary, isn't it?
"Monthly and weekly charts are chiefly used for determining important support and resistance levels and making long-term trends" How exactly does one use them?
During intra-day trading, I learnt that one is supposed to use end of day charts to mark support and resistance and see whether or not they are penetrated during the day.
Simmilarly are the supports and resistances marked on weekly charts monitored non a daily basis for end of day trading-whether they are penetrated or not?
Monthly charts are strictly for primary trend I suppose but they seem quite useless for end of day trading.
Please clarify, Traderji. Thanks