RE: CHARTS -T LINE TIPS30 Jun 2016 07:37
Good morning AdJshares. I see you are still using a monthly chart. If one is to trade/invest one really needs to be looking at lower time frames. All the monthly tells us about the current situation is BT has been in a bearish downtrend since feb really tanked this month, brexit, but is now recovering dramatically and in lower time frames is in a bullish trend imo. I do not fully understand your charts and the various drawings.
I try to keep mine as simple as possible otherwise the chart becomes too cluttered and confusing leading to indecision. I use the following.
candlesticks, 3 and 8 and 54 ema, stochastics 12.3.3. For ftse shares, indices and forex I add sma 20.50.200. as city boys, fund managers computer programmes all use them, and my perceived horizontal support and resistance. Once a trend reversal appears to have been established I may add fibonacci. I also use point to point trend lines especially tramlines. Tend to ignore flags, pennants, wedges, triangles etc BUT do pay attention to SB's frypan bottoms, dumpling tops and bobles. I also look for head and sholders. double tops and bottoms.
Please see my BT chart from 27 JUNE I HOURLY below and MY perceived horizontal support and resistances 366, 385, 400, 428. For the present nearest upside is 428, downside 400. AT 410 a long punt has a 2/1 profit loss ratio which many may take. I prefer 3/1. Apologies chart is not up to date but have not had the time,
GLITA.
http://content.screencast.com/users/LEFKOSIA/folders/Default/media/ade171a1-8b22-458d-ba64-ae1f750cfdbf/BT%201%20HOUR%20UPDATE%2027%20JUNEchart.png
http://content.screencast.com/users/LEFKOSIA/folders/Default/media/ade171a1-8b22-458d-ba64-ae1f750cfdbf/BT%201%20HOUR%20UPDATE%2027%20JUNEchart.png
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