4 replies to this topic

[mss]

HERE IS THE LINK TO THE CHARTS. BEST TO ALL, mss
MARKET WIZARDS & CRYSTAL BALLS

[hiker]

thank you!

[thoughtpwr]

MSS; I have not used this type of chart before, could you take 5 min and explain the essentials of how to use it. What are each of the elements plotted; S1, etc.? Also, what is BOP? I intuitively have the idea that the market will use the pivot level to turn on or break through on some basis. What is the essence I want to get out of the data in order to make better decisions? Thx EJ

[hiker]

tpwr - mss explained these charts a few weeks ago....if you search his previous posts, you will find the explanation. This may save you waiting for mss to see your ? Have a good weekend!

[mss]

MSS;

I have not used this type of chart before, could you take 5 min and explain the essentials of how to use it. What are each of the elements plotted; S1, etc.? Also, what is BOP? I intuitively have the idea that the market will use the pivot level to turn on or break through on some basis. What is the essence I want to get out of the data in order to make better decisions? Thx EJ

You are correct in that the index/stock has a high chance of turning back up/down at these points. "S" is support, "R" is resistance, "P" is the "center of rotation" for a given period. There are many levels of "S" & "R" and traders use these points to enter/exit a trade. If you will review my postings starting with 5/17, 5/22, 5/30, 6/1, 6/8, you should get a good understanding of what each means. How each is calculated is posted on at least one chart in this series. How to use them to trade or make money, every man for himself , best to you. mss