You raised an interesting issue this week: are stock charts really required to be a successful trader… or are they just a waste of your time.
Here’s the deal…
While there are some charts out there that look fancy – they don’t actually provide any useful information that you can use to time your trades.
But there are others that do – and are crucial in timing your entries and exits.
Here are the only two charts you really need…
Here’s Your Video Recap:
- OHLC (Open, High, Low, Close) Chartstrack the open, high, low, and close of each trading day. This is the most important type of chart out there because it reveals the patterns that identify trends, such as reversals and inversions.
- Candlestick Charts trackthe open, high, low, close, and shows the range between the open and closing prices as well as the highs and lows of the day. Like the OHLC chart, candlestick charts can help you identify trends that are forming or reversing.
- The last hour of the trading day is the most important one because it gives you clear clues as to where a stock (and the overall market) is heading.
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To your continued financial success…
Tom Gentile
