Thursday, January 4, 2007

FORG 10 min/60 min chart


I think doubleclick couple times to enlarge. Sheesh, this website and blog stuff is killing me!

FORG on the Scottrade daily chart. Now believe me, Scott intraday charts leave a LOT to be desired, but since I don't use, or want to use, any complicated intraday stuff it works okay for me. Muddy taught me "caveman" trading over the past few years, and I have to say it works for me. Keep it simple, price and volume is all. That's the beauty of watching the HOD list daily, you can catch the runners quick if you know them from the past, or you see them hitting HOD list repeatedly.

The chart settings we use are a 5 min candle, 2.5 day chart (hey that's all they have for a 5 min). Add indicators for 10 min sma, 60 min sma, and volume.

I have circled the 10/60 crosses. Note the first circle on the FORG chart is a possible indication to SELL and the second one near close today a BUY signal.

PLEASE, don't ask which line has to cross which line. If the price is going up and it crosses, it is a buy and vice versa. If one cross is a sell, then the next cross is a buy. That's the nice thing about this....a quick look gives you confirmation if you were considering entry. Don't make this complicated.........it's a simple visual method when things are moving quickly.

I'll post a few more charts on the weekend with some comments.

14 comments:

Ed said...

Excellent chart and description Elle. It clears the fog for me and I'm sure for others. Simple is better. Thanks for your post. Ed

Anonymous said...

I can only see the first chart...

Muddy said...

"I have circled the 10/60 crosses. Note the first circle on the FORG chart is a possible indication to SELL and the second one near close today a BUY signal."

Think you're smart huh?
Picking FORG as an example.
Up 22% today :)

Elle said...

Thanks Muddy,
Yes, FORG was nice today and great example of the cross. Geez, wish every 10/60 cross I saw did that. Nice, easy to use indicator though for your "caveman" trading style. Appreciate your tutelage and help over the past few years and thanks for letting me share your blogspace this week.

Regards, L
Smart chicks rock

Anonymous said...

How do you add 10 min and 60 min SMA to the chart on ScotTrade?

Thanks

Muddy said...

Click on "charts"
Pulldown tab "tools"
There click on "study tools"
Add on 10 and 60 min SMA

Also you should add volume and change the default chartstyle to "candlesticks",5 min timeframe and 2.5 day period.

Chris said...

very helpful thanks.

TomT said...

I'm using Scottrade pro.. and I only have two option to add in the charts/studys tools and its Volume and Simple Avg Move..

what gives?

dude75 said...

Hope I'm not confusing things but I believe this should read 10 day / 60 day. I'm pretty new at this but in setting up my Think or Swim charts to show the sma's I had a moment of confusion over the day vs min nitpik. Please correct me if I'm wrong :)

Thanks for your sharing of knowledge...

Laura said...

No, not 10 day/60 day.

This is an intraday chart so yes, it is 10 min/60 min.

L

dude75 said...

hmm...
Regardless of terms, in comparing charts between Scott & TOS I believe I'm set up right in TOS. My process:
In Scottrade:
Scottrader Streaming Quotes>Chart>Tools>Study tools>Simple Avg Move>Add Study>Period 10 & repeat until >Add Study>Period 60

=

In Think or Swim:
Charts>Studies>Add Study>Moving Averages>SimpleMovingAvg & repeat for 2nd sma and then >Studies>Edit Studies>SimpleMovingAvg>length>10>Apply & repeat on 2nd >SimpleMovingAvg>length>60>Apply

In comparing ticker TGC @ 2 days & 5 min, the 2 charts look identical. The crosses also look sensible for entry/exit points. So I'm thinking I'm correct as far as setup goes(?). Guide me, I don't want to lead others astray...

gary said...

Wish to confirm if you mean 10 period
SMA and 60 period SMA crossover on
5 minutes charts. Thank you.

13th said...

Gary,Correct

Adam Brooks said...

Pertaining to what Dude75 mentioned about setting this up in TOS, one you have the studies in place you can save the set so you dont have to re set this up on every chart.

Once you have both studies configured on a chart, right click -> Studies -> save studies set -> name it whatever you want. mine is 10/60 SMA

From then on any chart you pull up you can right click -> studies -> load studies set -> 10/60 SMA and you're set.