When it comes to trading, one of the most common strategies traders implement is simply trading between support and resistance areas created by previous volatility in the price of a stock. There are many different types of channels to trade such as Bollinger Bands and Keltner Channels, but this article will solely focus on channels created by support and resistance levels and how traders take advantage of these setups.
The markets are competitive, and any edge you have can be easily eaten up by making mistakes in your analysis. Here are a few of the most common mistakes that traders make and some suggestions on how to avoid them. Remember, trading is extremely risky, but there are things you can do to increase your odds of success. The best way to do this is to start by understanding the most common mistakes, what they are, how they happen, what you might be thinking when you make the mistake and build your system around avoiding it. Continue reading The 9 Deadly Sins of Technical Analysis … that Chart Traders Commit Without Realizing
TrendSpider is an incredibly flexible tool that can be used on any timeframe chart to identify key price levels, trendlines, indicators, support & resistance zones, chart breakouts & breakdowns, and more, automatically. But how do you put it to work for you? What’s the best way to work it as a user? We recommend you approach it as a process. Continue reading Best Practices: Our Recommended TrendSpider Workflow for Traders to Scan for Trade Opportunities
TrendSpider: New Feature Alert!
TrendSpider is happy to announce that our new beta feature, Candlestick Pattern Recognition, is now available for all customers on all plans. Increase your trading efficiency by pre-selecting the patterns you would like to see on the chart and watch them become identified instantly. We have over 25 patterns to chose from in the drop-down menu, with more to come. Continue reading Introducing Candlestick Pattern Recognition
One of our ads has a headline that basically says: “Humans suck at drawing trend lines.” And this ad in particular has caused a bit of a stir on social media, so we thought that it would make sense to provide some more elaboration on what we mean. Here it is:
Humans Suck At Drawing Trend Lines.
Yup. We meant what we said in the ad. In this post we want to explain why.