The nature of the market : Mr.Market is dynamic—not static. The market is constantly moving (even when it’s stuck in a range), moving toward support and resistance, testing and retesting old lows and highs, making new intraday highs and lows, or failing at these previous levels.
The nature of opinions : Most of the opinions by the learned community is based on EOD data analysis which is easily amenable to charting and technical study.
The limitations : This knowledgeable opinion does not obviate the need for Real Time market study because you can’t pick your price targets in the morning based on the previous day’s activity, and trade in a vacuum.Think of it as a map that’s laid out one step at a time.
You can’t just assume the path will be a straight line. It’s
the same with the market. At any given time the market may be
acting and/or reacting to certain dynamics in the marketplace.
What then : Each of the events happening in the market (described above under nature of the market) must be added to your real-time analysis of the market. You may not be aware of every nuance, news announcement,and/or rumor, but if you study the charts in real time and engage in ongoing analysis, you’ll see the impact of those events on the market.
Conclusion : You may get ideas and tips from many studies/sources.
It is only the film script. During lights , camera and Action (beware it is live and NO RETAKES) to really convert them into profitable action points ,constant and continuous analysis of the real time picture and adjustments in trade decisions accordingly is required.This will help in the path to success.
All the Best.
(Inspired by the book The DayTrader’s Course).