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Swing Trade
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How To Make A Full-Time Income Trading Less Than Part Time

Swing Trade

The three-bar pattern is the one that futures traders use. It denotes a change in the direction of price.  The commodity establishes a low price as a swing point. Once the commodity closes above the high of the low day, that is a change of direction for an undetermined period. 

You can see the swing point (Jan. 2/’02) in the Bean Meal chart below.  The spot is marked with an X (price=142).  It's also worthy of note that the commercial traders were heavily long - at an extreme position - at this same spot.  This we know from the commitments of traders analysis we do that is provided with my book and service.  You can find out more by clicking here.  

                                                                                                       X                          

(chart courtesy FutureSource.com)

RULES OF THIS TRADE:

Here are the things to look out for when you are trying to spot this particular type of pattern:

  • It works with daily prices, not intraday or weekly prices.
  • The middle day of the three-day pattern is the lowest low of the three days.
  • The last day (third day) must have a close above the prior day's high.
  • Each day must have a trading range (i.e., OHLC not all the same).

Usually, the price pattern continues upward after this formation is in place; in fact, prices make a higher high the day after the formation ends 58% of the time, but this steadily decreases to 52% a week later.  (About half the time, prices are still above the formation a week later.)

Although the example used has a commodities focus, this particular type of trade will work just as well for currencies, markets, and stocks.

Please send me a note: prbain@tradingsmarts.com if you would like more information on swing trading.

 

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, or stock market successful trading strategies.  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!

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How To Make A Full-Time Income Trading Less Than Part Time

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