Here’s a quick chart test for you
Earlier today in the chat room I asked people to see how well they could read the intraday & daily $OVTi charts i posted
Here are the blank charts : See how many notes you can put on the chart – Examples Candlesticks, Patterns, Buy and Sell Points etc. So print the chart out or make notes on a scrap piece of paper, on your computer or save the charts and put the notes right on the charts . Then compare to what I found on the chart further down. Try not to cheat , See if you can get the most notes that you can. The better you become at chart reading the better your buys and sell on stocks will be and that should translate to more money for you. So which strategy would you follow if you were daytrading this stock or if you were swing trading it. Which chart would you prefer and can you understand the movements. If you can’t understand than that is what you will have to try to improve on.
The more time you spend understanding patterns and charts like OVTi, the better you become as a trader. Click charts if you want to make them bigger or see the notes since i had a bit of problem with the formatting.
Good Luck & Enjoy. Don’t cheat !!!! Here are you’re 2 Test Charts for OVTi – Omnivision Technologies Inc. (Nasdaq Stock)
Ok here are the notes that I made on the charts from above:
1) Candlestick Tweezer tops on intraday 5 min chart (short & or sell (profit taking ) signal)
2) Support confirmed with tweezers bottom candlesticks into $29 and $28.90’s on intraday 5 min chart ( good area to add an intraday position)
3)Run up towards high of day on intraday 5 min chart ( good sell area & potential short again but strong close could continue running next day)
4) Notice that OVTi broke out today and started the day at Friday’s close ( never breaking down much –bullish signal)
Now the Daily Chart on OVTi notes
1) Heavy Selling volumes signaled short term & bottoming out signals (buy into those areas once confirmation of bottom)
2) Buying volumes followed up by a nice run up in the stock ( good confirmation of continuation up )
3) Hammer Candlestick formation on September 10, 2010 (Great bottom signal) next day ran up & never dropped back below hammer
4) Nice inital resistance into 20day sma on September move
5) 3- Pennant and Flag Patterns before the next run-up ( nice continuation & sharp advances) There is even a way to calculate continuation levels
6) Pullbacks on the stock were towards or just below the 20 day sma (simple moving average) -Great buy signals
7) Nice Breakout today on Daily Chart with nice buying volume the past 4 sessions
Hope these notes were helpful – Plan to do more Chart Tests like this – Shoot me an email/tweet with your notes — How did you do?