Table of Content
- Recommended Workflow
- Common Use Cases
- Problem: I keep buying too late and selling too early even when i see the price move coming
- Problem: I keep re-drawing my trendlines because I am wrong
- Problem: I don’t trust my own technical analysis work because I am worried I am just seeing what I want to see
We recommend augmenting your existing trading system with TrendSpider. Use it alongside your normal trading software. To get the best value from TrendSpider, we recommend you upload your watch list, familiarize yourself with the various technical analysis capabilities described here, and then flip through your watch list symbol by symbol (use your keyboard up and down keys.) You’ll start to see patterns you didn’t see before. Here are a few different use cases for you to consider:
- Scanning through a watch list to quickly to spot potential technical trade setups
- Validating trading plans you come across online, in trading rooms, and find on your own
- Spotting hard-to-see or otherwise invisible trendlines and support zones from other timeframes
- Deciding on entry, stop loss and exit price levels when formulating a trade plan
For more information on technical analysis, please see Automated Technical Analysis Documentation. When you see a trendline or indicator that you like, just right click on it. When you do, you will have the option to create an alert on it.
- Alerts work on the timeframe they were created on. An alert created on the 5 minute chart, will go off when a 5 minute candlestick that matches your criteria closes.
- Alerts are sent in real time via SMS, e-mail or both. You can configure your alert settings under Account & Settings in the user drop down menu (top right corner.)
- Alerts are dynamic. They will move with the indicator or trendline they were set on. If the indicator bounces around, so will the alert. You will never have to adjust an alert once you create it.
- Alerts wait for complete candlesticks to close in order to avoid faking you out like price hit alerts tend to in most trading programs.
- Alerts are set for pre-defined periods of time. On trial accounts, alerts can only last for 1 trading day. On paid accounts, they can last up to a month.
For more information about alerts, please see Dynamic Alerts Documentation.
Common Use Cases
Problem: I keep buying too late and selling too early even when i see the price move coming
Leverage TrendSpider’s trendline detection across timeframes to find better entry and exit opportunities, and remember to be patient with your trades. Don’t rush in, don’t let fear of missing out (FOMO) cloud your judgement. Wait for the trade to fit your plan, don’t change your plan to fit the trade.
Problem: I keep re-drawing my trendlines because I am wrong
Stop drawing trendlines by hand, at least initially. Instead, rely on an automated chart pattern recognition platform like TrendSpider to draw your initial trendlines for you. Software is not subject to the same bias that humans are, and doing it this way will give you a more honest view of the chart than eyeballing it by hand.
Problem: I don’t trust my own technical analysis work because I am worried I am just seeing what I want to see
We believe that you should always do your own TA work, but you should take into account a variety of perspectives and factors. Automated analysis can help you gain confidence in your own analysis, or conversely, help you avoid mistakes. Leverage TrendSpider alongside your existing platform for best results.