Whites Of Their Eyes
One of the keys to successful trading is developing the ability to sit and
wait patiently for high probability opportunities to come to you, rather that
chasing after every Tom, Dick and Harry trade.
Mark Boucher calls it “waiting for the low fruit” and “don’t
shoot until you see the whites of their eyes.”
Whatever label you use, this patient waiting game is one of the hardest
disciplines to develop because of the huge onslaught of information and
opinions that are dumped on you from every direction. If, however, you can
settle on your own trading style and your own set of tools, you’ll have a much
better chance of filtering out the noise intelligently.
That is why TradingMarkets.com does not give signals. We emphasize
education and insights so that you can become self-sufficient. From the
feedback we get every day, we know the approach works.
Here is good example of the kind of swing-trading setup I eagerly wait for.
Astoria Financial
(
ASFC |
Quote |
Chart |
News |
PowerRating) is pulling back to a combination
of technical factors which, all together, suggest strong support at the
current price level. You have the 20-day moving average, a 61.8% retracement off
the December low and December high, a trendline and range-lows.
There is no sure-thing about this setup. One wisely waits for
confirmation. But I do see the whites of their eyes.
Till tomorrow,
Eddie