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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.
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.
new 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.
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.
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.
should learn this stuff, so share it with a friend!