I notice that the beta version of Barchart.com (for subscribers) has a new "Trader's Cheat Sheet" feature that plots prices for any stock, ETF, or futures contract on a vertical ladder, along with pivot-point based support and resistance levels; 4, 13, and 52 week high and low prices; and the prices at which particular technical indicators would provide signals.
It's a nice way of organizing price level information; I'll be playing with it in the days ahead and reporting on any findings. Above is part of the cheat sheet for the S&P 500 Index (SPY).
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4 comments:
Looks like every price point becomes important - a little bit to much for my taste. Wouldn't it be more preferable to concentrate on two or three important levels?
Cheers,
markus
Good point Markus. i do a similar spread sheet myself each day with fibonacci and pivots levels. both above and below the market. i look for levels where numbers cluster. if i am in a day trade and one of the significant levels is in front of my predetermined exit...i alter my exit price. also, if i have a couple of possible entries on a trade but one is at or near a "cluster area"....i will opt for the entry near the cluster. lastly, these cluster areas are good for hiding stops behind. i hope this helps. you are right..need to be careful of too many numbers clouding things
Very nice indeed, this example is loaded with too many levels bus Im sure you can customize it, the idea is cool.
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