Saturday, June 20, 2009
FreeStockCharts.com has some new features that look interesting. Andrews Pitchfork has been available, but I just started playing with it today. It looks like it may have some merit. If I have used it correctly, it appears to be showing me that we have broken out of the upward trend.
A new feature I'm looking forward to using is Fibonacci time lines. Basically you set the first time period, and it creates time periods based on the Fibonacci sequence of 1,1,2,3,5,8,13 ... It will be interesting to see how that works out.
I was looking over my hand made charts from the early 1980's. We had no computers back in the good old days, and I used to sit at the brokerage house, and watch the ticker. It was made of lights and each character was made of about 12 pixels. Each hour, on the hour, I would record the price of the DOW. One hour at a time, all day long, every day.
Then I would tape copies of the originals together to make a continuous chart.
The time periods were always one hour, so a lot of the detail and various angles we see now was lost. When I wanted to place a trade I would walk over to my broker, and tell him how many S&P 500 futures contracts to buy or sell. He would make a call, and place the order. About 10 minutes later I might get confirmation. Back then trades were $30 per contract.
Looking back I must have been insane! The reason I quit trading was Dean Whitter lost my order to close two S&P500 futures contracts I had taken a long position in the day before. It cost me over $30,000. Dean Whitter did not take responsibility, and actually tried to lighten up the situation by making a joke. I was not laughing. I closed my account, and never traded again until just a few months ago.
Analysis presented on this blog has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.
Posted by Robert Campbell at 19:09