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Question Of The Week - Archive |
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| 8/7/2006 |
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| Question: |
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When plotting Weekly charts, do you include the current, unfinished week?
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| Answer:
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This question was sent in by Aditya Kumar of India. It is a great question on an important subject dealing wth accurate wave analysis and trading. It is always best to have an idea how the unfinished week will impact overall wave structure. As a result, I recommend plotting Monday as if it is the entire week, then plotting Monday and Tuesday as if they constitute the whole week, then plot Monday through Wednesday as if they make up the full week, etc., until the entire week is finally captured. The process begins again with the next Monday. By taking this approach, you know as soon as possible how current action impacts your overall scenario. This same concept would apply to Monthly charts as well, where the first day of the new month would be plotted as if it were the full month, with each following day added to the total until the entire month is actually complete.
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