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Technical Indicators
The following are some helpful questions to ask yourself when doing your technical research:
1. What is the direction of the overall market?
2. What is the direction of various market sectors?
3. What are the weekly and monthly charts showing?
4. Are the major, intermediate, and minor trends up, down, or sideways?
5. Where are the important support & resistance levels?
6. Where are the important trendlines or channels?
7. Are volume and open interest confirming the price action?
8. Where are the 33%, 50%,and 80% retracements?
9. Are there any price gaps and what type are they?
10. Are there any major reversal patterns visible?
11. Are there any continuation patterns visible?
12. What are the price objectives from these patterns?
13. Which way are the moving averages pointing?
14. Are the oscillators overbought or oversold?
15. Are any divergences apparent on the oscillators?
16. Are contrary opinion numbers showing any extremes?
17. What is the Elliot Wave pattern showing?
18. Are there any obvious 3 or 5 wave patterns?
19. What about Fibonacci retracements or projections?
20. Are there any cycle tops or bottoms due?
21. Is the market right or left translation?
22. Which way is the computer trend moving up, down, or sideways?
23. What are the point and figure charts or candlesticks showing?
After you've arrived at a bullish or bearish conclusion, ASK yourself these:
1. Which way will this market trend over the next several months?
2. Am I going to buy or sell this in this market?
3. How many shares will I trade?
4. How much risk am I willing to take if I am wrong?
5. What is your profit objective? What do YOU want out of it?
6. Where are you going to enter the market?
7. What type of order?
8. Where will I place my projective stop?
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