As an avid share trader Iíve often wondered just how effective charting tools are for trading shares. I say this because charting tools were originally created or designed to trade derivatives or futures and therefore take the following fields of pricing information into calculation. Open, High, Low, Close and Volume. To the best of my knowledge there has never been a charting tool created that also includes Buy and Sell quotes. Buy and Sell quotes may not reflect a physical action but they do show the markets intent to act and when combined with the other fields of pricing information, I believe offer a uniquely accurate picture of a shareís present and future movements.
See my example on Buy quotes below on Kingsrose Mining Options; KRMO
Date; Buy Quote
21 June .80
18 June .74
17 June .69
16 June .65
I could see an increase of interest in the above example even though no trades occurred between the 16th and 21st of June. The Close Price remained at .65 and if I didnít include the Buy quotes in my research it would look like nothing was happening, a chart would have shown a straight line. It was obvious to me that someone was chasing them and they now look very interesting.
I am not anti Technical Analysing but would welcome any comments?