≈ Moving Averages help with Trend Identification ≈
Every time you look at a chart, it is smart to have a checklist of steps to go through to make sure you are identifying the right information to help you make decisions.
1st Locate the Price
2nd Identify the Trend
3rd Identify the Pattern
4th Identify Support and Resistance
5th Locate potential Triggers, Entries and Build Trading Plans
6th Use Secondary Indicators to clarify your analysis
This is Technical Analysis 101. In step 2, if you are struggling with trend identification, consider using Moving Averages to help you locate the proper trend. The 9, 20, 50 and 200 are popular moving averages. Whether you use Simple, or Exponential, is up to personal preference.
Keep it simple and use tools that help you make better decisions quickly.
Chart of the Day
How to add Moving Averages (TOS)
To add Moving Averages on a Thinkorswim chart, open the Studies and Strategies tool, add the appriate moving averages, change their settings and apply the settings. You will now have the SMA’s or EMA’s you desire on your chart.
Video of the day
What are Moving Averages
In this clip from the Coaches Lounge, Coach Mark expresses his love for moving averages.
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Cash Flow Club Replay
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Halftime Report 12:30PM EST
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