I wanted to point out what I use from a timing standpoint. I wait until the daily Dow charts have readings of oversold ... then I use the 60 minute chart to "time" my purchases. Note I call it "the zone" in the 60 minute chart above that is boxed in blue. I try to wait for a high probability trade and for the market readings to measure an oversold condition here on the 60 minute chart before I pull the trigger. You can see other times when this has been the case on the above chart. I'm not advising anyone to do this ... I'm just giving an example of what I do to time the market.
Remember use your stops.
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