Strengths and weaknesses are something you'll often hear with charting. Tim Bohen is here to explain why you should look at one over the other. 🔴 Subscribe for more free Stock Trading tips: YouTube.com/StocksToTrade
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Let’s go over strong charts and weak charts. You want to look at daily charts, weekly charts, monthly charts.
When talking about support and resistance — strength and weakness — you basically boil it down to an up trending chart versus a down trending chart. And the reason you want to focus on this is, if you're looking to buy stocks that are breaking out, pushing new highs late day, that may gap up, that may look to be swing trades, that could continue for multiple days… we wanna see strength.
Remember, know your candle sticks. Look for strength… that higher low. Each opening candle is higher than the previous candle's low, than that higher high. So the closing of the candle is above the previous closing candle. That would be considered a strength.
Weakness is that lower lows and lower highs, a down trending chart. This is more if you're looking to short sell. If you've got a stock making lower highs, lower highs getting ready to break support, that's your short area. That's your weak chart.
It's a good thing to know these different patterns, this different terminology. It may seem basic, but these things can commonly be misunderstood. If you're long bias, focus on those strong charts. If you're short bias, focus on the weak charts. And if vice versa, if you're short bias, avoid shorting an up trending chart. You might get lucky sometimes, but you're more likely to get in trouble. Vice versa, if you're a long bias trader, avoid trying to bottom feed.
In momentum stock land, a lot of these stocks never come back so avoid those down trending charts.
#StocksToTrade #StockCharts #DayTrading
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