Chart Forum: Posting Images
A number of members have difficulty posting chart images to the forum. Here is a brief guide:
1. Use File >> Save Chart As Image to save the chart as a PNG image (suggested size: 651 x 406 pixels).
2. Save the image to your desktop or a convenient folder.
3. At the end of your posting to the Chart Forum, type \image{name}
For convenience, use the stock code as the name, eg. \image{XAO}
The name does not have to match the filename from 2.
4. Preview your posting and a box will be displayed showing the position of the image.
5. Save and you are prompted for the location of the chart image.
Use the Browse button to locate the image from 2.
Trading Diary
November 28, 2002
These extracts from my daily trading diary are
intended to illustrate the techniques used in short-term trading
and should not be interpreted as investment advice. Full terms
and conditions can be found at Terms
of Use .
USA
The US markets are closed for Thanksgiving
holiday.
The Chartcraft NYSE Bullish % Indicator signals a bull alert at 48% (November 27).
The Chartcraft NYSE Bullish % Indicator signals a bull alert at 48% (November 27).
Gold
New York: Spot gold reversed up 70 cents to $US 317.60.
New York: Spot gold reversed up 70 cents to $US 317.60.
ASX Australia
The All Ordinaries rallied 39 points to close at 3007 on
above-average volume, threatening the upper border of the
symmetrical triangle.
The primary trend will reverse if the index rises above 3150.
The Slow Stochastic (20,3,3) is below its signal line; MACD (26,12,9) is above; Twiggs money flow has reversed up without crossing the zero line, a bullish signal.
The primary trend will reverse if the index rises above 3150.
The Slow Stochastic (20,3,3) is below its signal line; MACD (26,12,9) is above; Twiggs money flow has reversed up without crossing the zero line, a bullish signal.
Aristocrat Leisure [ALL]
Last covered on September 20.
ALL formed a bearish descending triangle over the last 2 years with a base at 5.00 before experiencing a downward breakout in September, accompanied by rising volume. Price has since reversed back sharply, breaking above the 5.00 resistance level. Relative strength (price ratio: xao) is rising.
Back Issues
Last covered on September 20.
ALL formed a bearish descending triangle over the last 2 years with a base at 5.00 before experiencing a downward breakout in September, accompanied by rising volume. Price has since reversed back sharply, breaking above the 5.00 resistance level. Relative strength (price ratio: xao) is rising.
Twiggs money flow has completed a bullish trough above zero
[$], while MACD is rising.
After breaking through support at 5.00, ALL pulled back briefly to [B] before falling sharply to the low of 4.21. However, the rally to [C] broke above the low of [A] and the ensuing 3-day correction failed to close below the same support level, confirming that the down-trend had weakened and was unlikely to carry much further. The next rally [D] tested resistance at 5.00 before the breakout at [E], after a series of higher lows.
After breaking through support at 5.00, ALL pulled back briefly to [B] before falling sharply to the low of 4.21. However, the rally to [C] broke above the low of [A] and the ensuing 3-day correction failed to close below the same support level, confirming that the down-trend had weakened and was unlikely to carry much further. The next rally [D] tested resistance at 5.00 before the breakout at [E], after a series of higher lows.
Days with very low volume can tell as much about a trend as
days with volume spikes. Volume dried up on each of the
rallies from [1] to [5], signaling trend weakness and the
likelihood that ALL will re-test October lows. The latest
up-swing has made a better start, with increased volume, and
should be watched for further developments.
A break below the lower trendline will be bearish while a
break above the upper trendline would be bullish.
Market strategy
For further guidance see Understanding the Trading Diary.
For further guidance see Understanding the Trading Diary.
Short-term: Avoid new entries. The Slow Stochastic and MACD
are on opposite sides of their respective signal lines.
Medium-term: Avoid new entries. Use stop losses to protect
yourself against a sudden reversal.
Long-term: Wait for confirmation of the
bottom reversal signal.
Colin Twiggs
Keep it simple.
Simple is best.
- Monty Roberts: Horse Sense For People
Simple is best.
- Monty Roberts: Horse Sense For People
Back Issues
Click here to access the
Trading Diary Archives.
Back Issues
Access the Trading Diary Archives.
Author: Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters.
Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis.
Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008/2009 and 2020 bear markets well ahead of actual events.
He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.