An accessible guide to understanding and using technical chart patterns
Chart pattern analysis is not only one of the most important investing tools, but also one of the most popular. Filled with in-depth insights and practical advice, Getting Started in Chart Patterns is designed to help both new and seasoned traders profit by tracking and identifying specific chart patterns. Expert Thomas Bulkowski opens with a basic discussion of chart pattern formation and how bad habits can hurt trading. He then moves on to introduce over 40 key chart formations as well as numerous trading tactics that can be used in conjunction with them. Readers will benefit from the specifics (actual trades with dollar amounts) outlined throughout the book and the frank discussions of how trading behavior can affect the bottom line. Anecdotes from Bulkowski's own trading experiences are also included to shed light on how one of the best in the business goes about trading with chart patterns.
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OPEC Willing to Expand its Crude Shipment from This Month (source - Forexminute)
In the recently held meeting, the Organization of Petroleum Exporting Countries (OPEC) has decided that it will increase crude shipments through late December. The decision was taken as the organization thinks that there will be an increase in the production in the winter, and so will be the requirement for heating.
In the statement released by the organization, it said that in the interest of maintaining market equilibrium, the Conference decided to maintain the current production level of 30.0 million barrels a day. The prices of crude declining to some extent, the new decision on the part of OPEC seems to further aggravate the situation for oil companies.
Chinese demand has helped fuel a boom in the virtual currency called bitcoin. But even as prices reach new highs, Li Xiaolai says he won't sell.
Mr. Li, 41 years old, is one of China's biggest bitcoin holders, according to a fledging community of bitcoin watchers in Beijing. The former English test-prep teacher won't disclose specifics but says his bitcoin holdings are "in the six figures with the first figure being one." With bitcoin prices soaring to around $1,000 each, that makes his stake worth more than $100 million.
"It's the first time China can lead the world," says Mr. Li, who cites local innovations in chips, web applications and other parts of the bitcoin ecosystem.
The super-rich have grown in number since 2008, adding the feel-good factor to this year’s fair (based on theartnewspaper.com article)
Victoria Miro (M9) sold Yayoi Kusama’s Flowers That Bloom Tomorrow, 2010, for around $500,000. Photo: David Owens
Millions of dollars have been spent on art, parties and hotel rooms this week as the circus surrounding Art Basel Miami Beach rolled into town. Given such conspicuous consumption, it is, perhaps, hard to remember that the art market seemed on the verge of collapse only five years ago.
In December 2008, when many Western economies were in crisis, much of the art world was feeling the chill wind of recession. “It was probably the worst Art Basel Miami Beach ever,” says Philip Hoffman, the chief executive of the Fine Art Fund. “The sales were terrible, the hotels were nearly empty and gallery parties were dinners for 20 people, rather than lobster on the beach for hundreds.” Kristine Bell of David Zwirner (K18) remembers that edition as a “very unsuccessful fair”. She says: “We paused and thought, ‘Wow—there is something negative in play.’”
Why Many Experienced Traders Favor a Trend Trading Approach (source - dailyfx.com)
- Longer-term moves capture price moves caused by fundamental shifts - Prices are not random and outlier moves are often extended - Money seeking the most favorable trade will often develop extended trends - You need to be able to determine when to trade trends and when not to
Traders who look for a system that is low maintenance while allowing for access to nice market moves often turn to trend trading. Trend trading is a method that allows you to take advantage of the big market moves while ignoring the small moves in hopes of making money often capturing the big move. However, it’s important to note that this trend trading should only be utilized in trending markets and are best left alone when markets aren’t trending.
Chinkou Span line of Ichimoku indicator is trying to cross historical D1 price but on open bar only. Besides, D1 price is already above Sinkou Span A in bulliush zone for possible breaking 1.3677 resistance.The primary bulish is started to be...
USDCAD breakouts to end the year? (source - dailyfx.com)
-USDCAD traded above 1.0700 this week for the first time since May 2010 (after the ‘flash crash’). -The line that extends off of the 10/22 and 11/18 lows may come into play as support. That line is at 1.0530 on Monday and about 1.0560 next Friday. Recently broken highs of 1.0608 and 1.0567 are also of note. -Measured objectives from recently broken ranges are 1.1035 and 1.1681. These levels are roughly in line with the July 2009 and Aug 2009 highs at 1.1723 and 1.1125. The May 2010 high at 1.0854 is of note.
Trading Strategy: A substantial bull move may be underway. 1.0567-1.0608 is support. I am looking for a low in that zone.
AUDUSD may test .9167-.9203 before backing off (source - dailyfx.com)
-AUDUSD formed an outside day reversal on Friday. -The drop to a new low appears to have completed 5 waves down from the 12/2 high. A complete retracement of that decline would return price to the ‘former 4th wave’ at .9167. In general, .9167-.9203 is resistance. -A re-test of the breakdown level from the head and shoulders top at .9267 is possible as well.
Trading Strategy: Larger trend is still down but I am flat at the moment after being trailed out of a month long short position at .9080. Short term support is estimated at .9065. .9200 may be the level to think about turning bearish again.
USDJPY ‘3 point triangle’ setup is possible (source - dailyfx.com)
-The USDJPY decline from 103.37 is corrective and most of the drop has already been retraced. -One of my favorite ‘trend extension’ setups is the construction of a 3 point triangle (contracting boundaries but with just 3 legs). A drop from before the high that finds support before 101.61 could satisfy requirements. -A bullish objective of 105.12 is derived by calculating the measured move from the 103.37-101.61 dip. A close from Oct 2008 remains uncovered at 105.30.
Trading Strategy: Looking to re-enter longs (trailed out at 102.20 this week). 101.80-102.20 is estimated support.
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European Stocks Up on U.S. Employment Data, Asian Market Continues to Decline (source - forexminute)
Index ending a five-day losing streak, European stocks rose to some extent and the Stoxx Europe 600 Index capped an upward movement today. This all happened as estimates tell that the U.S. jobs report may give clues on the timing of Federal Reserve stimulus cuts which is likely to be positive.
Whereas there was a positive trend in the Stoxx 600 that added 0.3 percent to 315.32 at 8:10 a.m. in London, Standard & Poor’s 500 Index futures increased 0.3 percent. A similar trend was seen in the MSCI Asia Pacific Index which obtained a growth of 0.1 percent, though insignificant, it was better comparing earlier trades in the week.
Major gainer in the day’s trade was Berkeley Group Holdings Plc (BKG). It gained 7.2 percent after reporting that first-half revenue jumped to a great extent. Similarly, Total SA rose 0.7 percent; this happened after Europe’s third-biggest oil company agreed to buy a stake in InterOil Corp.’s assets in Papua New Guinea which motivated investors.
However, Givaudan SA could not maintain the momentum as it plunged 5.3 percent after Nestle SA said it will sell shares worth $1.27 billion of the world’s largest flavorings maker. According to market observers, investors are seeking to gauge when the Fed will reduce stimulus amid signs of an improving U.S. economy.
Forex Market Jitters Ahead Of U.S. Jobs Data (source - forbes)
This morning's release of the nonfarm payrolls (NFP) report will drive market action but investors best buckle-up for what could be a bumpy ride no matter what the data shows. The most important economic indicator in the global calendar, the U.S. jobs report will go a long way in shaping investor expectations for the Federal Open Market Committee (FOMC) meeting on December 17-18. To date, Federal Reserve Chairman, Ben Bernanke, has been vigilant on the dependency of strong data before ever considering tapering. With NFP, the end result will certainly have its talking points, and this release in particular because of the steady stream of positioning adjustments made throughout the week. The revision in payroll expectations (+185k), coupled with the not-so-dovish European Central Bank (ECB), has investors wondering how they should be positioned. There does not seem to be a strong consensus on what headline is good or bad for the dollar, thus making it more difficult to gauge the natural risk appetite of the foreign exchange (forex) market. Investors may want to take their next cues from equities and the fixed-income asset class.
Итальянский историк-экономист Карло Чиполла очень основательно подошел к вопросу о природе глупости. Долгие годы исследований привели ученого к тому, что он сформулировал пять универсальных законов, работающих в любом обществе. Оказалось, что глупость сама по себе намного опаснее, чем мы привыкли о ней думать.
1. Человек всегда недооценивает количество идиотов, которые его окружают.
2. Вероятность того, что человек глуп, не зависит от других его качеств.
3. Глупец — этот человек, чьи действия ведут к потерям для другого человека или группы людей, и при этом не приносят пользы самому действующему субъекту или даже оборачиваются вредом для него.
4. Не-глупцы всегда недооценивают разрушительный потенциал глупцов.