Tackle Today: Power of Perspective
April 22, 2021
≈ 1000 Foot View ≈
Traders,
Have you ever scrolled through charts of the same stock in different time frames and noticed that even though the candles are the same colors and often the same size and even sometimes in a similar trend or pattern that the view looks very strange? This is the power of perspective and when we think about perspective in the markets there are big differences in what these views mean to us as traders and that although the charts must flow into one another, the way in which we perceive these different time frames will depend on how we approach any trading ideas we may have.
Let’s explore this perspective a little further. If we think about it there are a several different perspectives for different market participants. Let’s take the day trader for example, his or her perspective would be limited in time scope to most likely a few minutes. The investor on the other end of the spectrum could have a multi-year or even decade long time perspective. In between these two, would be your swing and position traders with a wide array of perspectives that can change with the fluidity of switching between different trade types. Its these different perspectives that require focus on different aspects of trading.
Understanding which parts of trading to focus on is paramount to one’s success. The narrower the perspective the more focus there needs to be on pattern recognition and the wider the perspective the more forgiving it can be from a setup standpoint.
Just be sure that whatever view you have from 1000 feet up is going to have the right focus for the style of trading you are trying to achieve.
#TeamTackle
Chart of the Day
Netflix Daily Chart
This chart of the NFLX shows a forming cup and handle with the breakout level at the 560-price level. This setup provided a potential nice breakout opportunity but earnings was right around the corner and post earnings the setup was violated. Another of many reminders that earnings can be unpredictable and should be treated very carefully.
Video of the day
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