How I use FreeStockCharts.com’s free charts and investment tracking tools to monitor my stock and ETF trades
Their charts are actually more useful than the ones provided by many professional online trading companies.
They have joined forces to provide stock quotes, charting and monitoring services for traders that could have only been dreamed of three or four years ago.
An incredible fact is that they have made all of this available to anyone and everyone for free.
From the home page:
provides free stock quotes and charts for equities, mutual funds, and
commodities. With our toolsets, we strive to empower you with the
information you need to make better investment choices.
All the tools you see on this site are free for use. We have a custom portfolio tool that can be used to track all personal investments.
With a vast range of data feeds from a variety of exchanges, we are confident that we can become your reliable source for investment information.”
This is a screen capture of the set-up that I use to follow my positions on FreeStockCharts.com
On this particular set-up I like to track price movement using real-time 5-minute candlestick charts
Down-bars are red and up-bars are green. I have also included a 14-period moving average. You’ll see it as a green line on this pane. Generally speaking, you would sell or short this position when the price is below the green line and buy it when the price is above the green line.
I track volume and have inserted a 50-Day moving average line so that I can tell if it is trading at higher or lower volume levels than it normally does.
I like to track Williams %R in the bottom pane.
Put simply; any number less than 20 is considered overbought. The price might be ready to move down soon.
Any reading that is higher than 80 is considered to be oversold. The price might be ready for a move up soon.
Like anything new this may take some time getting used to, but your time would be well spent.
Give it a try and see if FreeStockCharts.com is for you.
It is for me!
Related Article: Learning How to Trade Stocks for a Living