Thoughts....
If I'm anything, it's flexible. I trade what I see. It took me a long time to realize the market loves a flexible mind. When a flexible mind sees the situation getting complex, it immediately moves to reduce the complexity by reducing or eliminating the noise of the unknown. In other words, trade what you see...not what you think, read, or hear from the talking heads on CNBC.
I've posted a lot of new setups to the watch for the coming week. Along with the regular setups, I've included some short term "Intraday" and "Double Bottom" opportunities that offer favorable risk/reward if we trade them with discipline.
I haven't forgotten about posting some scans / educational content. I just haven't had the time to put anything together yet. I'll have something up during Thanksgiving week.
I'll be around during the week to make a few posts. If you haven't already done so, sign up for the free "Email Service."
I've posted a lot of new setups to the watch for the coming week. Along with the regular setups, I've included some short term "Intraday" and "Double Bottom" opportunities that offer favorable risk/reward if we trade them with discipline.
I haven't forgotten about posting some scans / educational content. I just haven't had the time to put anything together yet. I'll have something up during Thanksgiving week.
I'll be around during the week to make a few posts. If you haven't already done so, sign up for the free "Email Service."
Comments
Thanks for all your work, I really appreciate all the information you post here and you are doing a great job at it. I have a question for you, when you set you stops, do you stop yourself intraday or do you decide towards the end of the trading day. I am asking this since the market is so volatile, and fake you out very often (the last example was Thursday when we made new lows and immediatetly rallied). Thanks,
Elad.
No problem. Since I'm away from the computer during market hours so often, I use hard stops the majority of the time. If you read through the blog, you'll see that the majority of my trades are initiated around key S/R levels. In other words, I short objective resistance levels and I buy objective support levels. Once I get in a trade, I'll give it a little wiggle room to move against me to protect the against false breakouts / breakdowns. That "wiggle room" is going to vary from trader to trader.
I have a hard time detailing my exact stops on the blog although I do from time to time. I don't want anyone to use my stops against me, and I'd suggest everyone to do the same.
Yes, there have been a lot of "fake outs" in the past couple of weeks. That's why I think a lot of the charts out there are in "Broad Patterns." In my experience, they are really easy to trade once identified. That's the trick though....I usually don't spot them until they are at or have just put in the 4th reversal.
I hope this helps. Again, thanks for writing, and I hope to hear from you again.
Regards,
Tony
im a rookie so thanks for the simple set-ups. where can i find that sentiment indicator?
im also looking to educate myself -can you recomend some reading / classes i can get into on options & TA
mat
piazzi
http://markettime.blogspot.com/
im also looking to educate myself -can you recomend some reading / classes i can get into on options & TA"
Mat,
Thanks for the kind words. I'll post something more detailed during the week of Thanksgiving regarding the sentiment indicator I use. It's actually just an average of a few things I follow that helps me get a sense of the intermediate direction of the market.
The only book I'm familiar with pertaining to investing is Edwards & Magee's "Technical Analysis of Stock Trends." Even though I haven't read it front to cover, I refer to it often. Besides scrolling through 1000s of charts a day, it's a good starting point.
I'll trade naked calls/puts from time to time, but I'm really the last person you want advise from concerning options. There are a lot of knowledgeable folks that hang around TK's slopeofhope where you should find an abundance of information.
Again, thanks for writing and I look forward to talking with you again.
Regards,
Tony
Piazzi,
Thanks. I know what you mean. I think it's obvious I'm addicted to "the charts." Have a great week.
Regards,
Tony
kkmoney,
Ahh...CERN. It was one I posted and traded around in September - October. Although it's far from reaching it's long term target, I'm currently flat in it. I'll post an updated chart of it sometime this week. If you have the time, look in the Archives for September and you can see the out of date version.
Regards,
Tony
Nevertheless, it makes perfect sense that the DJIA will cease to exist in the not so distant future. In light of the current financial mess requiring taxpayer bailouts of entities deemed too big to fail, who wants a repeat of this anytime soon?
Moreover, if the political mantra "80% of the jobs are created by small businesses" is true, then why are we allowing big corporations to call the shots?
I predict the American public investor class will demand the breakup of the 30 DJIA behemoths, thereby insuring the outcome of the H&S pattern ... DJIA=0!
Talk about the shorting opportunity of a lifetime!
I really can't find a reason to argue against any of your points. The people with the power have been unaccountable to anyone for a long, long time. I suspect their days are numbered. Thanks for writing and sharing your thoughts.
Regards,
Tony
Thanks for your answer, it did help me. Got one more question for you. How do you usually find your setups. Since you trade mostly at S/R setups how do you come up with these and find them?
Thanks again,
Elad.