Phil's Talking Trader® 1
(PTT1)
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Support and Resistance is actually a picture of value. What is the market willing to accept, and what is it willing to pay? What is this stock's history of these support and resistance levels? Where are they now?
PTT1 is a tool that automatically depicts Support and Resistance lines on thousands of issues. Short term, medium term, and long term time periods are detailed. Participants can review historical breakouts and breakdowns and more importantly, develop a trained eye in evaluating past price performance to help gauge present price position.
Phil's Talking Trader 1 allows you to easily view various support and resistance lines using four different time periods. The PTT1 is by subscription of $14.95 per month for Phil's Gang members, and $20.95 for non-members.
This page will highlight the PTT1 features and review the FAQ'S.
REVIEWING A STOCK SYMBOL:
PTT1 will open up in a web browser by clicking here. Once you have properly configured the software with your account information, you can simply type in any symbol on your keyboard into the white box next to the word "Menu" and hit the enter button to review a stock. You may change to a new symbol in the same manner.
PTT1 FEATURES
You will notice below an entry of the symbol MSFT. The PTT1 will automatically open a candlestick chart to the default time frame you have set in your configuration.
You may adjust to any one of the FOUR TIME FRAMES characterized by the small square icons in the top left hand corner of the page. Your choices are 1 MONTH, 3 MONTH, 6 MONTH and 1 YEAR. Above these time frames you will notice a REFRESH button, which will refresh the symbol that you are looking at, and an "X" button in the upper right, which will exit the program.
Just below the FOUR TIME FRAMES you will notice THREE INFORMATION LINES.
The first line shows the symbol you entered in white at the top of the chart. On the chart itself you will notice the THREE MOVING AVERAGE lines representing the 25, 50 and 200 day moving averages. The 25 day MA is in purple, the 50 day MA is in yellow, and the 200 day MA is in white. These colors correspond to the same colored lines that you see in the chart.
SUPPORT and RESISTANCE LINES
S1 and R1 - Short-Term Support and Resistance
S1 and R1 are short-term support and resistance lines that seek to identify the current trending pattern. The key is to see if the range between the S1 and R1 lines are getting larger or smaller from day to day. An increasing range indicates higher volatility. A decreasing range can be indicative of consolidation and potentially an accumulation period.
S2 and R2 - Medium-Term Support and Resistance.
S2 and R2 are heavily weighted medium-term support and resistance lines used to identify key points of supply and demand. They are also key points to watch for initial breakouts to the upside or downside.
S3 and R3 - Long-Term Support and Resistance.
S3 and R3 are lines designed to identify long-term support and resistance. These areas typically tend to have the least amount of demand and supply. Equities approaching these lines tend to be nearing new lows or new highs.
Keep in mind when a stock falls through a support line, that support line becomes another interim resistance area.
When a stock breaks up through a resistance line that resistance line becomes another interim support area.
OTHER FEATURES
CANDLE INFORMATION
By left clicking your mouse button on and individual candle, the PTT1 will give you the values for that candlestick.
VOLUME BARS
The horizontal line traveling across the volume bars is a simple moving average of volume.
YELLOW DOTTED LINE
The horizontal yellow dotted line represents the previous days close.
DURING MARKET HOURS
PTT will add/update the last candlestick on the chart as data comes in from the feed throughout the day.
