The best hour I spend each month is going over my Monthly Candlestick Charts. I can’t understand how some people don’t do it. Think about it: 12 hours of your life per year. Imagine all the things you do throughout the year that takes you 12 hours and probably does you more harm than good.
If you forget everything I ever tell you, please just remember not to ignore the monthly candlesticks. It doesn’t matter if you’re a short-term trader or longer-term investor or anything in between. Getting longer-term perspective and identifying the direction of the primary trend is the most important thing we do. Once that has been determined, then we can incorporate multiple timeframes to break it down to our time horizon of choice, whether it’s more intermediate or short-term.
Since November is now in the books, it’s that time of the month to rip through a ton of Monthly Candlestick charts. Here’s what I’m seeing out there: