My Initial Interest in Chart Analysis
The early 90’s marked a key period in my professional career as I began working as a Qualified Financial Advisor - regulated by the FSA, now known as the FCA.
As part of my new role I found myself advising on investments via mutual funds and it is around that time that I first developed an interest in chart analysis.
With the internet still in its early naissance in 1994; it would still be several years before any sort of chart analysis resources would be accessible online. Eager to learn what I could about chart analysis I invested in books, magazines, paid seminars and training courses, where I was introduced to a variety of market analysis techniques.
Investments in Learning Start to Pay Dividends
In the latter part of the 90’s I tentatively began to put into practice what I had learned, whilst continuing to work full time as a Financial Advisor.
During the year 2000, chart analysis that I had been working on led me to believe that we were nearing a major top in the market. I worked up the confidence to act on my predictions and exited the market with a profit in April. The ensuing period of global decline in equity market confirmed my earlier analysis. This was the first ‘Bear Market Cycle’ in my investment career.
Further Development Needed
Although, decisions I had made in 2000 had proved profitable, I realised that I needed to develop skill beyond the two dimensional charting principles that I had previously been using. Of course, price Vs time analysis is very important and necessary; however, it does on occasion lack the third dimension of inter-market correlation analysis which can give advance warning of major turns in the market.
Trading Interrupted Due to Personal Circumstances
In 2004 I reduced my hours as a Financial Advisor to further care for my ageing parents. Due to the change in circumstances I was not willing to take risks on the market and so decided to cease trading temporarily. I subsequently took a career break in 2007 to become a full-time carer for my parents.
A lot happened in the intervening period including two major market reversals. In 2008, whilst caring for both parents full-time I again immersed myself in charting. Live data feeds were now available for free and I worked hard to apply Elliot Wave, inter-market analysis and a multi disciplinary approach to Forex and major world indices using MT4 platforms.
I began sharing my findings with other Chartists on Tradingview and elsewhere. In September 2012, I mapped out a major reversal in several markets, most notably, Dow Jones Industrial in the region of 16,000-17,000 (as a general zone for potential reversal).
What's Next?
Everyone has their own story when it comes to how their approach to charting has evolved over time. Due to its very nature we are all continuously growing in the way we apply our analysis to market conditions. Personally, my goals for the next stage in my story are:
- To take full advantage of long term directional moves in major markets and trading these with appropriate options to gain leverage whilst managing risk. This methodology should also lend itself to reducing the actual time taken to monitor the market.
- To share what I have learned over the years with other like-minded individuals and to help them hone their own charting skills without spending decades studying theory books and attending expensive training courses. As such, I am excited to offer a continuous coaching programme which is totally unique both in content and delivery, using the live market.
Now that you’ve heard my story, I’ve love to hear from some of you about how you came to be involved with chart analysis! I look forward to hearing from you.
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