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20 SPZfl.e HIM 40 04-25 08:34  Illustration 9-1 is an S&P 500 ticic chart of 4/24/92. 41220 41285 41190 41175 41160 41145 41138 41115 41106 41885 41070 41055 41040 41025 41010 40 5 46989 40965 49950 40935 40920 40905 40890 40875 4086 40845 SP2H.5 niN 48880 = -215 41310 48840 4119G 64-24 19:38 ..If 3 9 9 llllllllillilllllliliiblillll.....liiillllillllll 10 11 12 1 2 41320 41300 41280 41266 41246 41220 4120© 41160 41166 41146 41120 41100 41080 41060 41040 41020 41000 40980 48960 4 94 40929 48908 40888 40B69 40B49 40820 This five minute bar chart of the S&P 600 represents detailed intraday action for Ai24:92.
SPZII.IS i&BB& =0 -215 413ia 40849 11190 04-24 19:54 llllll l!ll!!iiiiii!nii This lilteen minute bar chart of Ihe S&P 500 represents detailed intraday price action for 4,-24/92. The addition of previous days price actions provide a broader perspecth/e at current maittet conditons. illustration 9-3 414B0 41440 41400 41360 41320 41280 41246 41200 41160 41126 410Pe 41046 41000 40960 40920 40880 4 40 40600 48760 40720 40680 40640 40600 40560 40520 49480 SP2I1 DAIiy 9888 =0 -215 41318 40849 411Sg 04-24 19:55 Illustration 9-4 is an S&P 500 daily bar chart of 4/24/92 42606 42480 42200 42000 41860 41600 41400 41ZO0 41000 40800 40600 40400 . 4020e "4ooeo 39600 39490 39290 39000 38S00 38606 38400 38200 37800 37600
g > > 1> » di - g 2 As can 1) seen from these charts, a daily chart details action of a weekly chart, and a sixty minute bar chart details the action of a daily chart, anij a fiftrcn-minute bar chart (ietails the action of an hourly chart. I his patsertr of microcosm within a macrocosir> continues down to tick chart level. Thus, inversely, a lick chart expands into a five-minute bar chart, and a fivc-minule bar chart expands into a daily bar chart, and the progression continues up to the monthly charts. Each of these charts gives a different perspective of what the market is doing, furthermore, the same lime frame, such as a five- or fifteen-minute bar chart, when expanded or contracted, will give a different perspective. See illustrations 9-6 and 9-7. Because each time frame gives a different perspective, it becomes important to choose one time frame and to stay with it. Otherwise, there will be too many conflicting perceptions and trading signals. SfZn.lS 40880 =0 -Z15 4!3t0 40840 41196 04-24 19:S4 ZO 21 Illustration 9-6 41480 41440 41400 4136G 41320 41 41240 4t20e 41160 41120 41C 41040 41000 40960 40i20 leem 40840 40800 48760 40720 40680 48600 40560 48520 48480 109�371124614358�80�975�7067428392020889449513��
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