Lately, you will find a number of articles posted on the web (and even here on Barchart), which promote "Smart" charts and "Custom" index views and such. For crying out loud - technical analysis is technical analysis period. There are a set of tools you can use for charting and drawings which are all standard and the only thing a "Custom or Smart" Chart or indicator does is interpret the chart in a different way perhaps. Sort of using a magnifying glass versus a set of binoculars maybe.
Folks, the more "Smart and Custom" words I see associated with Charts or Indicators - the farther I run away from them as they all reek of "you need to pay big bucks to use them". If you learn to chart the simple way, and begin to recognize some candle patterns and then learn to draw some basic lines for studies - it is all you will need to make trading decisions. The biggest thing of course is a trust in yourself to prove your learning and hold the reins for "patience".
That is all a trader should need. Run away from "Custom & Smart" - you smart people. Do things that are simple to understand. The only reason it is Custom or Smart is that they don't want you to understand! Here is some simple analysis based purely on price action (no custom oscillators, or smart indexes here) for the Emini S&P as of trading into the 3 pm hour this Friday afternoon (Our simple explanation of this measurement is also presented below the chart rendering.
Chart of the Emini S&P
So what is this "non-Custom" yet intelligent measurement? We measure a simple Fib long extension from high we made this past Tuesday [2987.50] to the high [3014.25] we made as of this writing. You see the classic dip into the support (commonly called a STOP), and then a continuation higher after the stops are taken out. This gives us what? A suggested pullback entry long into Sunday night/Monday of 3000.75, with a possible Early entry at 3004, and a profit target of 3020.50 and a stop of 2995.50. Simple enough? We suggest traders to trade the smaller timeframe while relying on longer term charts.
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