“Each specified period (that is, day, hour, 15 minutes, 5 minutes, 1 minute) is nothing more than a battle or mini skirmish between the only two groups of players in existence: the buyers and the sellers, better known as the Bulls and the Bears,” Velez explains.

Daily charts chronicle the battles in an ongoing war as first one side wins, then the other, until one side finally emerges victorious. Each bar on a chart represents a single battle in the never-ending war that is the market. Successful futures traders develop the ability to determine which side is winning. By aligning their actions with those of the winning side, they make money.

However, Velez cautions, “While one group can be winning the current battle (period), the other group can be dominating the war (the trend).”

The art of chart reading and the hallmark of a master trader is the ability to “consistently spot the moment just before one group takes control of the other,” Velez says. It is at that moment that fortunes can be made.

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