Today is day two of a small sample training video I have put together.
Take advantage of the training and see how and why I do what I do. It is pretty straight forward and fairly easy to follow. It is only a small sample of what you could learn here. Trading is about support and resistance combined with probabilities and pattern recognition. You need to learn how to read the charts, naked. By that I mean price action alone should be enough in and of itself to make your buy and sell decisions. My method will work in any time frame like I have said previously. It can be applied to daily stock charts as well as commodities, forex currencies and for sure the S&P 500 E-Mini’s. It takes time to be able to understand so many other factors, but having a basic understanding of where price break entries are at, is the first key. Knowing where is your lowest risk point in any trade and knowing exactly where you are going to get out is imperative. I never put a trade on without having a stop in place at the same time. At times I trade without a target, but never without a stop. Having the right timing is what will make or break you. This all goes with knowing how to trade, understanding pivot points, price rejection, chart formations, breakouts, retracements and how to play each of them, will take time, but the rewards can be beyond your dreams for the dedicated.
It was a big day on the street today. The market did not like what the treasury secretary had to say about the financial mess. One thing I heard was, that there was not many specifics, what can you expect, looks like I see a pattern here. You could trade off of that pattern and that is what the street did today and decided to sell, sell and sell some more, minus 4 to 5 % for the market. It took us down to bounce off of the lower end of the range ,(purple support line I have drawn and spoke of before). I might add, if we break down from here, it could be lights out. That line has been hit about 7 or 8 times now. There is going to be a lot of sellers on the other side of that, I can assure you of that. Lets all hope it holds, for everyone sake. I think sooner or later, it is going to break and we are going to go down several thousand more points on the Dow, but I hope it is not now. It is just a loose opinion that I have and not one that I hold onto tightly. The weekly chart tried to go positive this week, but was meet with what I call price rejection. Trend is still in tack for now, but tomorrow is going to be key, it needs to hold.
Today’s trading was fairly quick, about 20 minutes to reach my daily goal and that was good enough for me. Trades posted below. Have a great day! Vince
http://www.screencast.com/t/TfnwXw0zEsU Today’s equity chart
http://www.screencast.com/t/nvcf6ZTr Todays Trades
http://www.screencast.com/t/i2ZoV6Wk Sample Training day #2
Related posts:
- Day four of sample training & What a reversal today!
- Training series / First in a nine part series
- Day 7 training video
- Big Day on Wall Street & Day 6 training
- Today’s Market Coments; Training idea’s continue tomorrow
Tags: daily goal, Dow, e-mini, equity, forex, pivot points, Price Action, probabilities, resistance, retracement, S&P 500, support, Support and Resistance, time frame, training video, weekly chart
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