123Tom's TA study group

[123tom]

Using technical tools on a chart....AVXL

everybody discovers different tools that appeal to them, and it doesn't matter too much what set of tools you choose, as long as they work well to show you some trustworthy vision.

With trading,using technical analysis,the whole objective is to find targets to buy at the bottom and targets to sell at the top of any wave.

The tool set I use,is the result of about 10 years of study and practice. It really came together for me a few years ago when I refined the tool set and started working with it in more complex ways. I'm still refining the skill all the time, but this tool set has become the way I always set up charts now.


I start with the 200ma,50ma and Bollinger bands, on the daily and weekly chart and see what the picture looks like.



now with the Ichimoku cloud(full)



I do the same task on the weekly chart.
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To this basic chart I start placing the Fibonacci retrace tool and the Fibonacci Arc tool. I may find several points where I want to draw from. to measure all the different waves from top to bottom.
This illustration shows the retrace levels for the rally that went 2.43 to 6.64



















a steady