≈ It doesn’t have to be hard. ≈
Getting to the point where all of your trading rules are set can seem like a long process… and it kind of is! In making this journey a little simpler in the beginning stages let’s do the technical analysis two-step.
Step One: Pattern recognition – For those that adhere to technical analysis one of the first things we do is look for certain patterns. Breakouts, support bounces, retracements, cup and handle formation and on and on and on. While there are several different patterns to learn you don’t have to overwhelm yourself unnecessarily. Start with the simple breakout and retracement pattern and go from there.
Step Two: Specificity – Once you recognize a pattern what are your rules for getting into a trade? Don’t be the person who simply places a trade for the sake of placing a trade. Hey, I like Disney let’s buy 100 shares! Nope, don’t do that. Create rules on signals that ENTER you into a trade so you can start trading like a machine.
Recognizing patterns and working on your entry signals sound like a reasonable homework assignment for the week ahead!
Chart of the Day
Disney has been in the news quite a bit lately and produced several short-term profitable trades. Disney made the reports this week with a special play heading into earnings. Check out the Options Report this weekend to check out the analysis!
Video of the day
Trading Within a System
Coach T explains why trading within a system is so important.
Today’s line up
Traders Lounge 11PM EST
Join the coaches in this live lounge, ask questions, discuss ideas or just sit back and listen to veteran traders discuss market conditions.
Halftime Report 12:30PM EST
The Halftime Report starts at 12:30 EST and covers what news is driving the market, chart analysis from the movers and shakers of the day and fun in a way that only Matt and Tim can deliver.
The Market Recap is designed to give you a quick overview of the day that was. While brief, this report is designed to cover all of the major events that drove the markets that day and help you plan for the trading day ahead.
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