Today I am very pleased to announce that StockCharts.com is partnering with Dr. Alexander Elder to provide you with two new features.
Dr. Elder is the author of several very influential books on technical analysis and trading. We've recommended his work for years in our online bookstore and we use his books as the basis for an internal trading course that we teach to our employees. His books "Trading for a Living" and "Come Into My Trading Room" are in the must-read category for any serious investor. You can check out all of his books here.
Today we are announcing the addition of "Elder's Impulse System" to our SharpCharts charting tool. This is a method of coloring OHLC bars so that they provide you with possible trading signals. It was first described in the book "Come Into My Trading Room." Here's an example of what an "Impulse" chart looks like:
We have also added a ChartSchool article on Elder's Impulse System to our site that describes what the colors mean and how they are assigned.
You can create an Impulse chart by selecting "Elders Impulse System" from the "Type" dropdown in the "Chart Attributes" area.
We are also announcing today the start of a new series of articles by Alexander Elder that will appear in our "ChartWatchers" blog on a weekly basis. The articles will be titled "How I Managed My Pick" and will detail a specific stock position that Dr. Elder took during the previous week as part of his virtual trading contest on his own website. The articles are written with an eye towards helping everyone improve their "Position Management" skills using technical analysis. Look for the first article in this series to appear in a couple of days in the "ChartWatchers Blog" area.
Finally, I'd like to encourage everyone to take a look at Dr. Elder's website SpikeTrade.com. It's a community of traders that are working together to make better trades. One way they do that is via a virtual trading contest that runs each week. The "winner" of each week's contest has to write an article explaining the reasoning for their trade. The result is a lot of great education that both investors and traders can benefit from.
Welcome aboard Dr. Elder!