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Indicators and Charts used for daytrading and swing trading

 
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roniwu



Joined: 25 Aug 2007
Posts: 5

PostPosted: Sun Sep 02, 2007 12:49 am    Post subject: Indicators and Charts used for daytrading and swing trading Reply with quote

Hi,

I am new to the technical analysis area, please can someone help with the following question

Which charts (5minute or 15 minute or 30 minutes) and indicators(RSI, stohastic, or others) often used for day trading?

Which charts (60minute or day minute or others) and indicators(RSI, stohastic, or others) often used for swing trading?
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Harry



Joined: 11 Jun 2005
Posts: 128
Location: midwest

PostPosted: Mon Sep 03, 2007 11:00 pm    Post subject: Reply with quote

Roniwu, with what you said about being new to trading with candlesticks, I would strongly recommend you spend the rest of the year studing and paper trading. There are thousands of books out there but two of the ones that I like is Steve's book on candlestick trading and Alan Farley's book on the master swing trader. If you can digest everything in these two book you will have a good basis to start from. You have to be willing to work hard and spend a lot of time studing the markets. Smile
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roniwu



Joined: 25 Aug 2007
Posts: 5

PostPosted: Thu Sep 06, 2007 4:32 am    Post subject: Reply with quote

Harry, thanks for your opinion. Does Alan Farley's book on the master swing trader give any clues on what charts to use for swing trading?
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trade350



Joined: 03 Apr 2006
Posts: 21

PostPosted: Fri Sep 07, 2007 6:30 pm    Post subject: Alan Farley's book on the master swing trader Reply with quote

I don't recommend Alan Farley's book on the master swing trader for anyone NEW to technical analysis. It goes deeper into it and is very wordy. On Amazon people rate it either they love it or hate it. I believe those who hate it do so because they are new or just dont like the wordiness. If I had read this book before reading John Murphys book TA of the Financial Markets, I would have been lost.
There is information about swing trading in his book. "Apply Bollinger bands, fibonacci, and trendlines to all chart views. Use narrow range entries to limit losses. Toggle time frames to uncover tool convergence that cross-verifies promising setups."
That is just from one section. There is a lot more. But as you can see it is different from regular straight forward TA. Learn the basics first, then you will understand his wordy explanations. Otherwise you will be confused and disappointed.
John
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