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Peter R. Bain |
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How To Make A Full-Time Income Trading Less Than Part Time
Sound familiar? You have spent years surfing the 'Net, and studying books and charts in search of commodity trading rules, a currency trading strategy, stock market successful trading strategies, or information on how to use commitments of traders data. All you really want is the 'Holy Grail' of entry techniques. You usually end up adding one indicator on top of another, switching from one guru to the next, until you are so confused and unsure of your entry system that you are unable to make entry decisions and stay organized. You get so distracted and frustrated that you quit watching the markets all together!
Shows you how FAST you can make money when the BIG DOGS make their move - by shamelessly copying this winning group . Even I am STILL surprised by how much power they have over ALL markets - not just commodities futures, currencies, and stocks.G Newsletter: Triangles This information is provided in support of the TradingSmarts Newsletter, which caters to those traders in search of commodity trading rules, a currency trading strategy, and stock market successful trading strategies. If you haven't yet subscribed, you can do so by going to www.tradingsmarts.com and accepting the invitation when you click away. Triangles: DESCENDING DIAGONAL TRIANGLE ... Picture lines starting at the top left of the chart and moving down to the right at perhaps a 30-degree angle. The upper line that identifies resistance falls at a faster rate than the lower one that identifies a zone of support. In other words, this pattern consists of cycles that become progressively smaller and weaker. Typically, this pattern is followed by a bounce that leads to an upside price breakout. However, the upward push runs out of steam soon thereafter and, more often than not, price rolls over to retest support at an extension of the upper channel line (i.e., a retest of the falling upper line – the one that identifies resistance). This presupposes that the tradable obtains the pickup in buying necessary to break up through its MAs and the upper line in the first place. Should price fail to break out, and falls back toward a lower level, the risk would then be that it is forming a bearish descending triangle, and falls through that level to significantly lower prices. A descending triangle would be characterized by, perhaps, the upper line descending down on a, say, 45-degree angle, while the lower line is horizontal. Such a pattern is bearish. RISING DIAGONAL TRIANGLE ... This is a series of higher highs and higher lows, with the lower line rising more rapidly than the upper. When price falls out of this pattern, the lower trend line reverses roles from support to resistance. The subsequent correction is sharp and deep, with price retracing at least the height of the previously formed triangle at its highest point. When I talk about lines, I am referring to hand-drawn lines that you would draw (manually or on-screen) across the peaks and lows of price action. ASCENDING TRIANGLE ... Price forms a series of higher lows, and is characterized by an upper horizontal line and a rising lower trend line. This formation is normally bullish. Taking its height at its highest point, and measuring this distance from the upper line, provides an upside target to shoot for. SYMMETRICAL TRIANGLE ... A consolidation pattern that has a continuation bias that nonetheless needs to be confirmed by an upside breakout. When you are looking at a chart, such a triangular formation in a bull run forms as a triangle pointing to the right, where the bottom and top sides of the triangle slope – the bottom one up, and the top one down; hence, the word symmetrical. Where you see this, you should anticipate price to break in the direction of the trend so far – up. For a more in-depth discussion on chart patterns, please refer to chartpatterns.com. When it comes to commodity trading rules, a currency trading strategy, or stock market successful trading strategies, you will find a whole lot more in my internationally acclaimed book ...
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