Welcome to FireCharts.com
are simple to create:
Note: There will be a RED diamond in the bottom left corner indicating when you should be on the Web. It will turn GREEN when the stock data is loaded and it is safe to get off the Web. (You don't have to get off the Web if you don't want to)
Besides drawing topographic stock charts FireCharts has several useful utilities:
1) Angular Wave Price Alerts - Instead of setting price alerts only on the horizontal you can now set price alerts that follow the waves so each day the trigger price to buy or sell is different. You can be notified by an audio alert when a price wave is hit on either the buy or sell side.
2) Triangulate Prices - You can now right click on three points (peaks middle or lows) on a chart and it will display likely points of triangulation. These are sometimes related to significant turning points.
3) Your Personal Web Links - You can now have YOUR favorite web links on a drop-down menu within the program and your web page will always be looking at the stock you are interested in without having to type the stock symbol for each web address.
4) Real-Time Quotes Charted - While you are on-line FireCharts will add the most current RTQ every time you re-draw the chart so you don't have to re-build the chart from scratch every time.
For more Help click the menu 'Help' tab and then 'Use Popup Hints' tab.
The best advice is to "Go
with the flow." That is to say, go in the same direction as the majority
of waves. "Waves" are the yellow lines on the red background
most likely forming a "<" pattern.
The Theory behind FireCharts:
Suppose you as an
investor were to chart a path where you thought the stock
market was going to be over the next say 30 days, and
then asked a fellow investor to do the same, and then
asked every investor to do the same. If you then compared
all the charts, you would find that everyone drew a
different chart and none of them matched, not even yours.
An Example of how it is used:
You will want to first set an alert. When the alert is hit then you can then transfer it over to the portfolio.
Below is a simple pattern example you can use to paper trade today.
To set a BUY alert:
First draw the charts (QQQ then click 'GO') then find one that has a wave that is well defined and prices are bouncing off of it and if possible find a wave that appears in the same location in more than one chart.
Next go to the 'Wave Alerts' page and double click on the grid and then click on 'New'.
It should take you to the chart with the wave you want to Alert on.
BUY waves are support waves and can be found below the current price. The price action should be bouncing on the top of this wave and in general making higher highs and higher lows.
Right Click on the left side of the wave (you should line up the dotted line with the wave) and then Right Click on the right side of the wave.
That is it. The Alert is now set so click on the 'Update Alert' button on the 'Wave Alerts' page to see if the Alert was hit.
If the Alert is hit it will say BUY and give you the option to move it over to your Portfolio.
You are now in the trade. You now need a way to exit the trade.
Set a profit SELL Alert just below the next wave that is above the current price. This will ensure that you take a profit if it moves in your direction. However, let the trade run unprotected on the down side for 3 days (to shake out the weak hands). If at any time the trade goes positive set a protective profit stop (never give back a profit) for example if the stock goes up 5% you should lock in 1% (after costs) for your self. Always turn the trade into a no risk trade as soon as possible. If after the 3rd day you are in a loss position then set a stop loss UNDER the next wave that is below the current price. The stock will have a hard time pressing below that lower wave in order to hit your stop. Be quick to jump the stop up to grab any profitable position. A 1% gain every week will result in 52% yearly profit. Once you have locked in your 1% no risk stop don't move it up any higher, just let the stock run up and hit your profit stop that should be located just below the next wave above the current price.
Simply by setting your stop loss below a support wave and setting your profit stop below a resistance wave you become like the House in Vegas where the numbers are automatically in your favor. You can then increase your odds by creating no risk profits and picking support waves that show up on several charts and are sloping upwards. You can also hidge or smooth your portfolio by setting half your positions as buys and the other half as sells.
Good Luck and Make Some Money!