The similarities between intraday trading and trading from the daily chart are numerous.
Intraday charts look pretty much like daily charts, but with some notable exceptions. In part, how the charts look is a function of the data feed service we individually decide to use. I've tried different ones side by side, and there are differences in the appearance of individual price bars. They often disagree about where a price bar opens and closes, and where the high and the low occurred. There are also differences due to the particular software we may choose to use. The appearance of the charts vary from one software package to another. I have tried several.
With some programs, the clock setting on the computer also makes a difference in how the software sees the individual price bars. There are differences in the way the data is handled from one computer program to another, and even running the same program on two computers with different clock settings will make a difference in how the individual price bars appear on the charts. When I talk about clock settings, I am referring to the time clock on the computer that shows hours, minutes, and seconds, as opposed to the internal clock that controls the hardware cycles.
Intraday charts make essentially the same formations as do daily or weekly charts. There are trading congestions connected by trends. There are retracements, sideways movements, pauses, gaps, and waves.
1 suppose that if traders had the time to study intraday charts in the manner in which they have studied monthly, weekly, and daily charts, that cycles could be observed to occur as much on a one minute chart as they do on a daily chart. I know of traders who trade intraday based upon astral phenomena and ocean tides.
Intraday charts can be traded utilizing Fibonacci, Gann, and Elliot techniques, fan lines, speedlines, pitchforks, oscillators, moving averages, RSI, Stochastics, DEMA, MACD, Commodity Channel Index, Volatility Stop, Parabolic Stop, Cycle Projection, and any other of the host of technical analysis tools available for use in the market today.
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