Some analysts find that the charting techniquest that they rely on for inter-day trading are also useful for intraday basis. Because of this, these analysts often rely on other charting methods, including point and figure charting and “pivot point analysis.” This point and figure charting may be used to plot price fluctuations on an interday or intraday basis.
Seems like I have a problem here. I just can’t understand these terms,intraday, pivot point analysis, etc. — Will somebody please make this simpler?
I never learned point and figure charting, but i know pivot point analysis. There’s a great lesson in the School of Pipsology on pivot points, but in short…basically pivot points are levels of support and resistance created by a formula using the previous day’s high, low, and closing prices. Pivot points are great way to pick out entry and exit levels, so be sure to check out the lesson and i think you’ll find a lot of information to get you started.
My suggestion is that newbies first read about trading, then if there is a chance, try it out for yourself.
ofcourse try it out on a demo account first!
Just about everything you need to know about trading is on this site. But,of course, the learning never ends.Go to Baby Pip School, and then lean more about what you learned about.