Confessions of a noob

M

mgabriel01

OK - so armed with my 995 Investools book and their screening system ----

laughing


I did a paper trade on GRMN -- November 07 calls
The day the stock started to tumble from a High of 120 to its present 85 bucks a share

Not deterred by this mistake - I am using the GRMN chart and my recent experience to begin understanding the technicals (Yes I clearly don't understand them well enough to trade on them yet with real money)

So here is the chart Im looking at (attached .png)

And the first lesson for this noob is.......:D

Where is support?
The handy-dandy Investools book does not provide a mechanism or method for determining support levels from the graphs


any feedback would be appreciated
 

Attachments

Ima noob too.

I would call $85 a support level..

also, note you stochastic cross. the stock is oversold. expect a bounce

stochastics are only applicable in a volitle market.

trading options, i perfer a daily chart and a intraday chart.

pay attention to the next level of support. i say $75. ar you willing to stay in that long?

im learning options. what i have figured out is buy ATM and get out quick if the trade goes the wrong way.

only trade money your willing to lose.

some options ill ride down to %50. but i dont expect much for the potential for a profit.

LEARN your GREEKS..


:)
 
Thanks for the feedback

what are greeks?

and how does the money flow chart help you determine the price support

ie what is the relationship between the 2?
 
if you want to gain a lot of charting experience in the shortest timeframe possible use a simulator. one that i still use is the simulator @ http://www.forexinterbank.com/ it is for Spot Forex only but, charting experience is charting experience. they give you two weeks to use it free
 
Quote from mgabriel01:

Where is support?
The handy-dandy Investools book does not provide a mechanism or method for determining support levels from the graphs
More...
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