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Positioning For Trend Changes Using Elliott Wave

number patternsLet's discuss how Elliott Wave principals can be used to identify trends and high probability turning points, including Fibonacci relationships.

The basic pattern consists of impulsive waves followed by corrective waves.

The impulsive wave contains five smaller or sub waves in the direction of the prevailing trend.

The corrective wave has three sub waves and moves against the prevailing trend.

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Roger Federer Doesn't Bleed...

tennisAfter the 2017 Roger Federer victory at Wimbledon, Jim Courier made the comment...

"He doesn't bleed. He's not human." 

It was said in reference to his psychological fortitude, his superior emotional strength.

Even though the stress was immense, Federer relied on his years of training. Followed his game plan. Allowed the cards to fall where they may. 

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Good Trade - Bad Trade

wave chartWhen I first discovered the Wave Principle, I was immediately impressed with how accurately it could position the trend at an early stage, and across numerous time frames.

Yet as powerful as that was for a trend follower like myself, it didn't end with this.

I was also able to project market turns with a great degree of accuracy.

This week's article is the start of a three-part series on Elliott Wave basics.

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The Key Idea

the key ideaThe strategy you intend to trade will usually be determined by your beliefs about the market and the objectives you're trying to achieve. Therefore, your beliefs and objectives will determine your Key Idea.

Your Key Idea is your working hypothesis; the foundations of your strategy and how it will work.

One of the most famous Key Ideas was declared by the Turtle Traders, specifically Richard Dennis. Being trend traders they acknowledged that every trend, without fail, was preceded by a breakout. From that start point they used a standard channel breakout to enter plus they had a 'fail safe' breakout entry which guaranteed they'd capture every new trend. 

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ASX Update October 2018

asx updateOur long term of the ASX remains unchanged; a corrective pattern higher has been unfolding off the 2009 lows, albeit at a much larger degree. Numerous headwinds remain, specifically:

→ Sentiment continues to weaken.
→ Banks to remain under pressure on housing weakness.
→ More evidence suggesting a cyclical high is close.
→ Cost cutting may have run its course, which has been the driving force for earnings.

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