- Trends are
as important to trading as your steering wheel is to driving.
Without the steering wheel you have no control over your driving
and without the proper use of trending you have no control over
your trading.
- The NASDAQ 100 index (NDX) gives us the direction of most of
the NASDAQ stocks. When the NDX moves up most stocks move up
and when it moves down most stocks also move down. This is why
in previous newsletters I tell you to track the NDX. This first
chart to the right is a weekly candlestick chart of the NDX.
In previous newsletters I predicted what was likely to occur
and strangely, I was right. Some make predictions and only show
the past times they were right. I show everything before it happens
and let the facts tell the truth. I use what I have taught others
with Princeton's TradeTutor courses.
- A new situation has formed that has given us something new to
figure out. Previously I had anticipated that the trend would
change with a reversal at around 1250. Notice in the second chart,
the green line that I drew at that reversal point.
- So, what is this chart telling us? There
are a number of things happening here that can give us trade
entry points and exit points. Remember, this is a weekly basis
we are studying right now. First of all, there is a hammer reversal.
We could simply enter buy orders Monday morning based upon the
futures and the morning reversal using the low of the hammer
as a stop, but for longer term investing (trying to get 10 or
more points in a trade) we could wait for a continuation of the
up trend to break out around the 1700 level. If the candles continue
down, we could wait for a double bottom. The beauty of a move
up off support is that you enter your trade at a probable low
in the stock price yielding a more profitable trade.
- Another Possibility is that a trading range has been created between
the 1700 and 1300 levels. This means that the market would be
moving sideways. In a sideways market the best trading opportunities
exist going long at support areas and short at resistance areas.
It would take years to show here all the information that is
contained in Princeton's TradeTutor courses and this newsletter
method of learning is not very efficient. If you were learning
this same information using the TradeTutor, you would hear me
instructing as I was moving the pointer over the graphics to
make perfect sense of it all.
- There are 2 main reasons why I take the time to publish this newsletter.
The first is to share my knowledge with fellow traders because
I love profitable trading and the second is to introduce people
to Princeton's TradeTutor courses. I put an incredible amount
of time and energy into developing the TradeTutor to educate
traders in our trading room. At less than $1000. it is a bargain,
but I know that many of you out there have limited resources.
I'm am working on a new idea that will enable you to have Princeton's
TradeTutor at a very low price. I mean very low. If you are interested
in learning about this new program, click
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