The Best of Chartly’s Weekend Charts

• theEquilibrium
• July 12th, 2009

As anyone that’s ever marked a chart knows, charting is an art.  Each trader brings a different perspective and a different ‘eye’ to the same chart.  Sometimes this produces very clear similarities, and sometimes surprising and noteworthy differences.  Because of this, there is much value to be gained viewing others’ work, and Chartly offers a very deep breadth of experience and viewpoints to do just that.  There is always something new to be learned from your fellow traders and chartists.

The following are just a few examples of some high quality charting coming through the Chartly stream this weekend:

@stevenplace charts SPY, and takes a look beyond the obvious head and shoulders pattern, envisioning a possible alternate scenario.  It’s always wise to consider all of the possibilities, and takes some creativity and imagination.

@BuyOnTheDip uses trend lines and the 200daySMA to chart a possible downward move in GLD.  Another example of exploring an alternate scenario to the popular – and prominent – inverse H&S in this name.

@traderstewie highlights a falling wedge in OIH, coupled with RSI and MACD positive divergences.  Very clear, prominent pattern.

@stevenplace marks two bear flags on OIH.  A prime example of two traders seeing different patterns in the same name (see @traderstewie) – and both worth watching.

One of my own ( @theEquilibrium ) charting AAPL in the weekly time frame, noting the seminal downtrend line and a confluence of Fibonacci resistance – providing a very strong line-in-the-sand.

@WeeklyTA shows us why price pattern and volume are the essentials in any chart.  This POT chart clearly illustrates a breakdown from a bear flag on enormous volume, and offers a target range for a continued move.

Another picture-perfect price pattern and volume chart from @WeeklyTA looking at KIRK.  The main idea is clear and uncluttered.  A chart for purists: simple and laser-focused.

@ToddinFL gives a nice look at the broken Head and Shoulders and lost uptrend line in XOM.  He also maps out a possible channel target on a bounce.

We can see a theme of ‘head and shoulder’ patterns and ‘bear flags’ tying some of these charts together – and there is certainly no shortage of similar patterns currently throughout the market.  This type of prolific pattern ‘theme’ is always worth noting, and is an incredible education to see how they play out, particularly with so many ‘eyes’ watching.

Again, these are just a few examples of the excellent work being showcased on Chart.ly.  Keep your charts coming, and offer up your best work for the Chartly Weekend Review.

Happy Charting,

@theEquilibrium

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