January 13, 2012
- in Uncategorized by schooloftrade
Buy Support and Sell Resistance the SAFE Way Day Trading Strategy
Our day trading strategy this morning included a price
wedge, economic news, and a surprise release from the S&P regarding the
downgrade of many EU countries, which really sent the markets into a panic for
the balance of the morning.
We began the day with a very simple strategy, we wanted to
use the price wedge structure as a big clue to allow us to buy the lows and
sell the highs. The key to trading a price
wedge is understand how to use support and resistance the SAFE and effectiveway.
We all know that you should buy support and sell resistance,
but what does that really mean when you apply it to a day trading strategy that
happens in real-time at a fast pace, with emotions, and risk involved.
but what does that really mean when you apply it to a day trading strategy that
happens in real-time at a fast pace, with emotions, and risk involved.
I started my trading career trying to buy breakouts to thenew highs and new lows, and all it got me was BROKE, so I learned at a very
early stage in my career the value in understand that a successful trading
strategy required the use of proper support and resistance.
Today’s lesson describes how we identified the correct
support using a price wedge structure and then applied that technical level
when looking for trading opportunities. Don’t miss this, and remember the
markets are closed on Monday for Martin Luther King Holiday so we will see
everyone on Tuesday @ 730am EST when we re-open the trade room.
support using a price wedge structure and then applied that technical level
when looking for trading opportunities. Don’t miss this, and remember the
markets are closed on Monday for Martin Luther King Holiday so we will see
everyone on Tuesday @ 730am EST when we re-open the trade room.
Congrats to the members and guests this morning making money
with us. Whether it was the Auto-Trader,
The Euro currency futures, or crude oil futures we all had a great day of
learning and earning and I look forward to working with you again next week.
with us. Whether it was the Auto-Trader,
The Euro currency futures, or crude oil futures we all had a great day of
learning and earning and I look forward to working with you again next week.
And remember…everyone
should learn this stuff, so share it with a friend!
should learn this stuff, so share it with a friend!
