Bearish Engulfing on the SPY at Strong Resistance. Will it hold or will it break. It really does not look good. We shall see. I am waiting for one of the talking heads to say something to keep it from going down.
We are very busy testing strategies learned from two books I have read lately. The first book is Candlestick and Pivot Point Trading Triggers written by John Person’s. This is an eye opener to the use of pivot points. The second book is Secrets of a Pivot Boss written by Frank Ochoa. This is a book that opens your eyes further to the use of pivots. To give you an idea we are testing a strategy that is a day trading strategy. It catches swings inside the day. This strategy is yielding some great results. This week we traded 83% success. This is only with two triggers. I call it a S1 R1 bounce. We should be going live after one more week.
This is a pretty easy trade. The market is in a huge BULL rally. There is a liquidity problem in the world and traders are looking for a place for their money. Well guess what equities are the place for now. Gold is a good play also. I am going to be looking for ways to buy gold. If anyone knows a correct way to accomplish this please advise.
I have not been here in a few weeks. It has been crazy. I changed a clutch with a friends help on a Ford Explorer. I am studying and reading trading books like crazy. I have read the Disciplined Trader, Candlestick and Pivot Point Trading and a pdf about Opening Ranges. In my spare time I have been back testing various trading strategies. I am excited to report this is paying off. We are finding strategies that are working very well. So stay tuned….I will be posting some of this as we bring on various rules.