Rounding Out Your Investing Skills — Here’s An Idea
Well, Summer is
officially here. The only sure-fire way I know
to deal with it from a trading perspective is to work your tail off the first
hour, place your trades on the picks from my
Intra-Day Set-Ups and let the rest take care of itself. The
range over the last 2 days (excluding the gap up on Monday morning) has been
pathetic. If you have been hanging around waiting for the market to toss you a
few morsels, you have been disappointed. But, I will get off my soapbox, you
can make your own decisions, I am just trying to offer a realistic alternative
that preserves one’s sanity.
If you do decide to take some time off each day
after the morning session, I encourage you to read
this fine article
I came across the other day.
I have emailed it to several colleagues and we
continue to discuss it. The article will take some time to get through since it
requires cross referencing of charts on the authors web site, but it is well
worth the effort.
Many will ask, "Why the focus on longer-term
lately Dave — aren’t you the Day Trading Guy? Well, that may be true, but you
cannot possibly day trade your entire investment portfolio, it is simply not
practical. Given that over the last year or so I have spent an inordinate
amount of time rounding out my investing/long-term trade skills (having a child
will do that to you when you realize the financial commitment) I like to share
my observations with like-minded individuals. Luckily as traders, we are, as a
group, less likely to fall prey to some of the old sage advice commonly tossed
around the press and cocktail parties. Nonetheless, sobering, objective data
prepares one for the task at hand. Enjoy the article.
| Support/Resistance Numbers for S&P and Nasdaq Futures |
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As always, feel free to send me your comments and
questions.
Dave