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Posts Tagged ‘buying pullbacks’

Today was what I call the bowling alley trade.

The premarket dump turned out to be the perfect setup for the 123 lower low as the price rebounded. After a long lunch slim jim, the globex hi was taken out on the other side in the afternoon. Then the boys played the same game and caught the late buyers buying the pullback.

You can only anticipate moves like these by being in front of the computer for a number of years and seeing all the games that they play. Experience is one of the best teachers I know.

Marginal lows and high’s are a bit tricky, but the enlightened ones know how to play this game exceptionally well. Being aware of possible reversal zones and times is the key to catching these trades that change direction.

Kevin haggerty’s signal bar strategy is one of the best techniques out there day in and day out to capture these powerful ricochet moves.

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Early in my career, I remember learning from a trader named Ernie Roseman. I read a book and listened to an audio by him, and his main thesis was quite simple: Be a lover of the market, not a fighter.

That was probably one of the best lessons I ever learned. Go with the current trend and look for logical turning points.

Smoke and mirrors are part of the game, and clueless traders are constantly lead to slaughter by chat room leaders who coninually get it wrong, since they have no idea how the market really moves.

If you want to win at this game before you lose all your capital, seek out competent mentorship, not novice gurus.

There is a game that is played, and once you understand the rules, you can play with the big boys giving you a lift. Get on base and let the power hitters in clean-up position help you score.

High fives to all, from Christian.

 

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