A key point in the EUR/CHF trade was when the price fractured the areas of support, which are identified by the Fibonacci retracement at level .618 % at an approximate price of 1.2800. Once those areas have been breached, we expect the trend to be lower than the previous minimums, but in turn, the price increases producing up trends. This … Read More
Follow the Trend?
Stock day traders who act in sync — no matter the stock, or whether they are buying or selling — makemore money at the end of the day than their out-of-sync peers, reports an analysis to appear in the Proceedings of the National Academy of Sciences. Making its rounds on the trading twitter circuit was an interesting article about how intraday … Read More
You Ask I Answer
Hi Bella: Hey young fella. Thanks very much for putting some much valuable material on your blog and website. Thxs for following us. Although I didn’t receive the opportunity of a summer internship with SMB, your website certainly provides quite a learning experience for me. Freakin SMB HR! I especially appreciate your classroom style of challenging your trainees to prepare for more … Read More
A Database To Improve Your Technical Analysis
Reviewing my notes from Bounce I came across this passage: This is so funny as I was in a meeting with my partner, Steve Spencer, the other day with us talking to one of our better traders. Steve suggested for this star trader to take a snapshot (capstone capture) of his charts after his best trades and create a personal … Read More
Traders Ask: What R U Thinking While Trading?
Mike, A few nights ago I watched Alex Rodriguez pound two homers against Boston. As I watched, Alex was calm, collected, and observing what was being thrown at him. I wonder whats going on in his head during those moments, when he’s just waiting for the pitcher to release the ball? “Absolutely nothing” I said. “Alex is just intently … Read More
Morning thoughts for September 21, 2010
Good morning traders. Market is up slightly overnight following a very strong session yesterday. Typically after a trend day the following day tends to see consolidation in the morning session. On the open I will be much more inclined to take quick momentum profits than usual. I am also going to be looking to buy quick dropouts to afternoon support … Read More
Traders Ask: What is My One Good Budget?
My name is (XXXXXXXXXXX) and I just finished “One Good Trade.” I enjoyed your book very much and I wanted to send a few comments your way. Personally I am a full time day trader from home. Currently I am concentrating on the SP emini but after reading your book I feel as though I need to start looking for … Read More
Traders Ask- How Do You Choose What Trades to Focus On?
Thanks for a great job on the blog. Also love Mike’s book. I just left a prop firm where i could only scalp Eurostoxx 50 futures (like dax or S&P500 futures) to trade stocks in play for my own money, since there are almost no props here trading stocks. I live in Stockholm (Sweden) and the Nordic equity markets … Read More