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e10405f1ae41-0 | soybeans, oil, or an individual stock. In this case, PotashCorp (POT) (see Figure 26.2 ) caught my eye back in April 2008 as it set up a textbook swing trade. At point 1, POT reaches a new 52-week high, which is one of my favorite things to see in a stock, because at some point it will try to make another 52-week high … until it doesn’t. On June 3, 2008, a squeeze setup | Page 3898 |
e0d599edbbd6-0 | indicates a contraction in volatility at point 2. I check the C wave, and it’s well above zero. It’s just a matter of waiting for the toothpaste to shoot out of the tube and being there to catch it before it hits the floor. Potash stock is consolidating directly under new all-time high levels. This is important because it indicates a persistent type of | Page 3899 |
787d079278a3-0 | momentum. The goal of the trade is to wait for a signal that shows it’s ready to break out, jump in, and then scale out using Fibonacci extension targets. My favorites for this are the 1.272 percent and 1.618 percent extensions, which are shown at point 4 and point 5. To get these in most platforms, you have to edit the parameters and add these in as new default levels on | Page 3900 |
93d1b1638a25-0 | top of the regular 0.382, 0.50, and 0.618 retracement levels. Okay, let’s look at the current signal setting up at point 2. Unlike day trading, which requires a precise and patient entry methodology because of the small stops used, with swing trades, the signal firing off means that it is time to take a position immediately. I still use limit | Page 3901 |
bae3a4316dde-0 | orders, but I don’t try to get too cute. I don’t want to miss the trade—I don’t want to “be a dick for a tick,” where I get a great signal but miss a huge move because I was trying to save a few pennies on the purchase price. | Page 3902 |
5875ee1dcb95-0 | Figure 26.2 The squeeze on POT fires off, with a gray dot appearing after a series of black ones. I use a simple five-minute chart and place limit orders at intraday support levels, my goal being to get a full position that day. My trading instrument of choice is to buy in-the-money calls (delta 0.70) that have at least two weeks of life before | Page 3904 |
00d4b0fef272-0 | expiration. The nice thing about options is if you are ever in doubt, just go out to the next month to buy more time. It’s like an insurance policy. In this case, POT was actually trading at $210 when I took this play. Since that time, the stock has split 3 for 1 in February 2011, so this chart shows the lower “split” price closer to the $70 level. | Page 3905 |
94695b9ba4f3-0 | Of course, the signals are still the same. I bought the June and July 190 and 195 calls, which would be the equivalent of buying the June and July 65 calls post-stock split. I split my order in half across June and July to give myself extra time on a runner should the occasion arise. Many traders like the idea of buying 100 out-of-the- money options at $1 | Page 3906 |
1000686e8680-0 | ($10,000 total investment), thinking that if the stock were to really take off, they would make a fortune. I would rather take that $10,000 and buy 10 in-the- money calls at $10 apiece. This way, when the stock moves even a little, I’m making money. There is nothing worse than being dead right on a stock but losing money because one bought the wrong options | Page 3907 |
fc8dd438419b-0 | contract. That’s why it’s called trading, not praying. The targets on this trade are $227 and $242 ($75.66 and $80.66 post-split). Once a stock exceeds a prior 52- week high, it has an 85 percent probability of testing its 1.272 Fibonacci extension. When this level is hit at point 4, I move my stop up to breakeven. There is then about a 65 percent | Page 3908 |
12402e768202-0 | chance that the stock will then hit its 1.618 Fibonacci extension. At this point, one of three things is going to happen. First, my new stop will get hit. Second, my 1.618 Fibonacci target will get hit. Third, the TTM trend will change colors, and I will use that signal to exit. In this case, we hit the 1.618 level at point 5. We were able to get a nice high from POT. (I’m glad the stock symbol wasn’t | Page 3909 |
72b997aabd54-0 | LSD.) Conclusion and Final Thoughts Finishing a book must be similar to sending a child off to college, except that in this case, I’m not sad to see it go. It’s a great process, and it even helped me to clarify some of my own trading ideas … but it’s a lot of hard work. If it helps you to | Page 3910 |
1ece7e4d62e3-0 | become a better trader, then the time was well spent. This book really discusses everything I know about trading up to this point in time. If you are interested in additional resources outside of this book, you can pay us a visit at our main website, www.tradethemarkets.com . We use this site to post our research on currencies, futures, and stocks. For stock options, because they are so | Page 3911 |
515ea2f25172-0 | specialized, we’ve set up a site called www.simpleroptions.com . For anyone interested in managed accounts, we also have a website called www.razortrading.com where you can get more information on the managed account programs we offer. We also have additional tutorials at the site, and once a year we do a seminar up in Chicago, as well as a few | Page 3912 |
8bfa4d899fd5-0 | live trading “webinars” (online seminars) every year. The live event is great because we also get to tour the trading floors at the CME Group, which is always awesome to see. Free trials for our premium services, as well as general information, can be found at: • www.tradethemarkets.com/freetrial • | Page 3913 |
dc778a998ece-0 | www.simpleroptions.com/freetrial • www.razortrading.com/info When I kicked this off about 400 pages ago, I mentioned that intermediate traders generally fall into the following three categories: • Those who know the setup like the back of their hand, but fail to make money because of | Page 3914 |
ca082d5db201-0 | a flawed trading methodology • Those who know the setup better than their spouse’s bad habits, but fail to make money because the setup is being used in the wrong market • Those who know the setup better than the varied plot lines on Alias , but fail to make | Page 3915 |
5c7219261b11-0 | money because they can’t stick to their rules. The point of this, of course, is to emphasize the importance of establishing a trade setup from a multifaceted approach. Successful trading is a lot more than just, “What’s my entry, and what’s my stop?” In addition to the actual setup, there also needs to be a foundation from which to | Page 3916 |
ac6c3aea7717-0 | operate the setup. This foundation consists of the following: the right setup, in the right market, in the right time frame, all of which tie into the trader’s personality —and all this ultimately ties into how the trade is managed. How will you know when this all comes together for you? The first clue is that it will have nothing to do with how you feel about it. It will have | Page 3917 |
de78a240baff-0 | everything to do with the results. I’ve shared with you some of the setups that work for me. Find two setups out of this book that you can follow in a particular market in a particular time frame, stick to your rules, and make them your own. Once you have two setups that work for you consistently, start looking at adding a third. There is no reason to rush into this. Take your time and | Page 3918 |
60ae806286d8-0 | master each step as you go. And remember, making a living on one simple setup, on one market, on one time frame is just fine too. As I state in the Introduction, without rules, a trader is like a wounded antelope in the center of a pride of lions. It is not a question of “if” the antelope is going to get whacked faster than a newly | Page 3919 |
7828a4958346-0 | discovered FBI informant within the Mafia, but rather of “when.” For traders without the discipline to follow their rules, the possibility of financial ruin is not a question of “if.” It’s only a matter of “when.” I work with traders all the time. The ones who turn the corner and eventually start making a living at this profession learn to stick to | Page 3920 |
e4054b727a62-0 | their rules. This is typically a painful process. There is only one guarantee I can give you in this business, and it is this: if you can’t stick to the rules you develop, and if you are always finding some excuse to enter or exit a trade earlier or later than your rules state, you will never, never make it as a trader. As a history major, I have to say that this is the most | Page 3921 |
c15fe188329a-0 | exciting time to be alive in the history of the world. Change used to occur over the course of centuries, and then decades, then years, and now change is taking place every day. One of my favorite fiction books of all time is James Clavell’s Taipan. This book is based on historical facts and tells the tale of rival China traders Dirk Straun and Tyler Brock in the newly formed British | Page 3922 |
b5820df1d6b1-0 | colony of Hong Kong in the 1840s. They had to make their buying and selling decisions for vast quantities of spices, cotton, and tea using price quotes from London that had been printed three months before. Can you imagine trading with quotes delayed three months? That is what people had to do less than 150 years ago. Today, when I’m in Hong Kong on business, I can type in real | Page 3923 |
2379aed024b5-0 | time and get responses in real time from a counterpart in London through instant messaging. Don’t get caught up in any “wishing for the good old days” or any of that nonsense. As I’m writing this on October 18, 2011, the world is undergoing a lot of economic uncertainty, and things are going to get worse before they get better. But they will get better. Change is life; life is change. For | Page 3924 |
21fda1cb68db-0 | traders, whether the markets go up, down, or sideways, whether the economy is growing or we are in the midst of a great depression, there will always be opportunities to trade. It is my hope that, after reading this book, you will have a better foundation for a plan to trade the markets successfully on a full-time basis: proven setups to play, | Page 3925 |
cb7da2c38c97-0 | markets that best fit those particular setups, and a set of rules to apply to those setups. That is pretty much all a trader needs in order to survive and thrive in this greatest of professions. For a list of all the different links and videos we put together especially for this book, visit www.tradethemarkets.com/book and you’ll be able to click on | Page 3926 |
57484b755c02-0 | and access all of the free videos developed specifically for this book from this one page. If you would like to get free videos each night that recap what we are doing in the markets right now, go to www.tradethemarkets.com/videos and sign up there. I hope this book helps you take your trading to the next level, and I wish you well on your trading journey. It’s not | Page 3927 |
38b4cceb66a2-0 | for the faint of heart, but it sure builds character. The benefit of death is you know not to waste life living someone else’s choices. —S TEVE J OBS | Page 3928 |
256462f29249-0 | Index Please note that index links point to page beginnings from the print edition. Locations are approximate in e-readers, and you may need to page down one or more times after clicking a link to get to the indexed material. AAII investor sentiment, 394 Accountability, 441 | Page 3929 |
97b50a821ed0-0 | Addiction, 38 Alkalize or Die (Baroody), 412 Amateur traders, 441 –442 Anchor charts, 249 –250 Anderson, Phillip J., 56 Antivirus software, 67 Apple computer, 65 –66 Arms, Richard W., 131 At the money (ATM), 110 ATR. See Average true range Audio alerts, 126 AUDJPY cross, 150 –151 | Page 3930 |
23f8371d12e3-0 | Auto-trailing stop strategy, 190 –191 Average price, 212 –213 Average true range (ATR), 212 , 215 , 225 Averaging down, 46 Backup plans, 70 –71 Bahamas gaps, 165 , 168 Baroody, Theodore A., 412 Bartiromo, Maria, 57 , 80 Battery backup, 71 , 423 | Page 3931 |
a634fb369859-0 | Bearish divergence, 26 BIDU chart, 252 –253 Black hole gap, 168 Bollinger Bands, 148 , 223 defining, 224 inside Keltner Channels, 225 –232 Bonds, full-sized 30-year, 86 , 98 Borish, Peter, 56 Boroden, Carolyn, 192 Box play charts for, 300 –308 horizontal consolidation in, | Page 3932 |
fc2166d3f743-0 | 298 –299 next major thrust discovered by, 297 –298 scaling out of, 308 summing up, 309 –310 trading rules for, 299 Braun, Eldon M., 322 Bricks charts for, 275 –279 different plays using, 276 intraday reversal from, 274 , 276 , 279 as pricing patterns, 274 | Page 3933 |
47b69dfdfe2d-0 | sell stop order used for, 277 , 278 Brock, Tyler, 450 Cadena, Gloria, 446 Caffeine, 411 Call options, 110 –112, 136 Camtasia, 436 Candlestick charts, 126 , 135 , 257 –260 Candlestick price charts, 281 Capitulation trade, 28 | Page 3934 |
a9f65ce60426-0 | Carry trade, 149 –152 Cash flow, 14 Cash flow trading, 36 CBOE. See Chicago Board Options Exchange CBOT. See Chicago Board of Trade Cephalon, Inc. (CEPH), 372 Channel play, 280 –281 Chicago Board of Trade (CBOT), 86 Chicago Board Options Exchange (CBOE), 359 | Page 3935 |
d4f92929daa5-0 | Chicago Mercantile Exchange (CME), 73 –74, 144 , 298 Chipotle Mexican Grill Inc. (CMG), 376 –377 Choppy markets goals for, 142 –144 pivot buy rules for, 181 SSL used in, 146 trending v., 144 , 173 , 188 – 190 CL. See Oil, crude Clavell, James, 450 | Page 3936 |
87f6729eb69f-0 | Closing numbers, 134 CME. See Chicago Mercantile Exchange CMG. See Chipotle Mexican Grill Inc. CNBC, 80 Commodities, 121 Commodity Exchange Center (COMEX), 359 Commodity markets, 194 – 195 Complex execution skills, 434 | Page 3937 |
7c73e8549fb3-0 | Computer Apple, 65 –66 backup plans for, 70 –71 building defenses for, 67 – 68 cookies in, 68 –69 hardware for, 61 –65 monitors, 63 –64 operating system for, 69 – 70 traders requirements for, 71 video games for, 74 | Page 3938 |
7e0843920a1e-0 | Continuous symbol, 95 Cookies, 68 –69 Corn, 99 Covered call writing, 28 CPUs. See Processors Crash day, 208 Critical times of day, 23 –24, 79 Crossover play, 345 –349 Crude oil, 99 –100 Currency futures, 86 | Page 3939 |
9e2204207f50-0 | Daily average goals, 405 Daily charts, 385 –386 Daily pivot, 176 –177, 212 Daily RSI charts, 387 –388 Daily volume, 391 Darvas, Nicolas, 223 , 339 Darvas Box Trading Method, 339 –341 Davis, Ronald D., 322 Day trading daily average goals in, 405 futures market margins required in, 88 –89 | Page 3940 |
0ada8a8b8bb1-0 | markets for, 401 money made in, 322 –323 scaling out of, 403 specific strategies for, 3 –4, 401 –402 stock index movements in, 122 –123 tick charts used in, 262 Delta, 113 –115 Delta divergence, 339 Demo account, 57 –58 DIA. See Dow Exchange Traded Funds | Page 3941 |
b7437644da85-0 | Discipline, 443 The Disciplined Trader (Douglas), 36 Distractions, 443 –444 Dollar cost averaging, 46 Dollar index, U.S., 243 –244 Douglas, Mark, 36 Dow Exchange Traded Funds (DIA), 93 Dow Jones Industrials crash of, 239 –241 at a glance analysis of, 92 – 93 | Page 3942 |
6b7f4564dbd0-0 | rally for, 362 terrorist attacks influencing, 237 –238 Drawdown rules, 404 –405, 422 Earnings reports, 396 EBAY (eBay Inc.), 360 , 367 – 368 Ebbers, Bernie, 160 EC. See Euro FX Economic reports, 396 | Page 3943 |
5a0ae0883439-0 | EMA. See Exponential moving average E-micro gold (MGC), 97 –98 E-mini futures, 90 E-mini S&P contracts (ES), 96 gap plays for, 167 –168, 181 –183 pivots in, 181 –183 price movements of, 87 reversal play charts for, 313 –314 scalp trade charts for, 263 – | Page 3944 |
6fe08d3279dd-0 | 266 setup for, 77 –78 squeeze play charts for, 234 –235 3:52 play charts for, 289 – 291 tick readings for, 201 –205 volume numbers of, 146 – 147 E-mini-Nasdaq (NQ), 96 , 184 –185, 315 E-mini-Russell (ER), 96 , 183 –184 | Page 3945 |
97d8584cc986-0 | Emotional slavery, 12 Emotions, 30 –31, 52 –53, 164 –165, 426 . See also Psychology managing, 22 ticks measuring, 427 trader mistakes from, 74 , 124 –125 Entry method, 313 ER. See E-mini-Russell ES. See E-mini S&P contracts ETFs. See Exchange-traded funds | Page 3946 |
bce1e446fe52-0 | Euphoria, 51 Euro currency, 268 Euro FX (EC), 192 , 300 –301 Euro STOXX 50 , 96 –97 Eurodollars, 297 –298 EURUSD (Euro currency trading against U.S. dollar), 268 –269 Excel Maritime Carriers, ltd. (EXM), 318 Exchange rate, 52 Exchange-traded funds (ETFs), 359 | Page 3947 |
4035ba2e4e79-0 | Execution platform, 308 –309 Exponential moving average (EMA), 207 , 365 , 382 – 384 Fade play gaps as, 160 ping pong as, 289 selling in, 197 –198 on swing trade, 25 –26 ticks in, 125 Fail-safe indicator, 47 –48 “Fake orgasm” setup, 25 –28 Fear, 40 | Page 3948 |
72f694b258d7-0 | Federal Open Market Committee (FOMC), 278 Fibonacci clusters, 192 –193 Fibonacci numbers, 178 , 191 –192, 262 Fibonacci retracement lines, 19 Financial markets forex largest in, 101 human nature preyed upon in, 442 –443 prices people willing to pay in, 311 –312 | Page 3949 |
5a8783ebe559-0 | Financial newsletters, 78 –79 Financial planners, 46 Five-minute chart, 233 , 235 – 236 Five-minute squeeze trade, 230 , 403 , 420 Flash crash, 208 –209 Floor traders, 179 FOMC. See Federal Open Market Committee Foreign Exchange market (forex, FX) box play charts for, 302 – | Page 3950 |
bca5d9e29488-0 | 308 costs in, 106 financial market largest for, 101 major pairs in, 101 as most technical markets, 102 pip movements in, 102 – 104 reversal play charts for, 316 , 318 –320 scalp trade charts for, 268 – 272 | Page 3951 |
54959070afd4-0 | squeeze play charts for, 235 –236 trade setups for, 105 –106 trading opportunities in, 106 –107 trending in, 102 –103 Forex markets. See Foreign Exchange market Freedom, 9 –11, 399 –400 Future contracts, 359 –360 Futures market benefits of, 88 contracts for, 85 | Page 3952 |
e990c76a0aa9-0 | day trading margins required for, 88 –89 key points about, 89 price movements in, 86 –87 stop losses in, 100 –101 Gain, 18 –21 Gambell, Henry, 57 , 61 Gap play, 165 –168 Gaps Bahamas, 165 , 168 beginning traders | Page 3953 |
ef3b70bcc1b5-0 | guidelines for, 416 –418 as best strategy, 160 , 170 downward, 118 ES with, 167 –168, 181 – 183 as fade play, 160 KLAC with downward, 187 –188 markets with, 163 –167 NQ with, 184 –185 number of contracts for, 170 open, 168 –169 | Page 3954 |
8864fde07e79-0 | passing on, 163 retracement levels with, 171 single and multi-item markets with, 160 stocks with, 16 –17, 20 summing up, 171 trading rules for, 163 –164 YM trading charts with, 165 –167 GC. See Gold contract German DAX, 96 –97 The Gift of Dyslexia: Why | Page 3955 |
fd8c4660db63-0 | Some of the Smartest People Can’t Read and How They Can Learn (Davis and Braun), 322 Global recession, 244 GNG. See Good night gold Gold chart, 213 Gold contract (GC), 85 –86, 97 , 243 minimum tick moves for, 326 settlement price of, 327 – 328 | Page 3956 |
a3222a449b17-0 | Gold ETF, 254 –255 Gold rush (GR), 324 , 334 – 336 Gold spike (GS), 324 , 336 – 338 Goldman Sachs Group, Inc (GS), 251 , 373 Good night gold (GNG) entering into, 329 –330 gold’s settled price for, 327 –328 long trading of, 331 –332 short trading of, 332 –334 | Page 3957 |
3a41586c7999-0 | trading rules for, 329 , 334 Good till canceled (GTC), 16 , 49 , 377 Google Inc. (GOOG), 90 , 236 –237, 316 –317 Gordon, Todd, 101 GR. See Gold rush Grywalski, Eric, 413 GS. See Gold spike; Goldman Sachs Group, Inc GTC. See Good till canceled | Page 3958 |
090b57b613e3-0 | Haines, Mark, 80 Hard drives, 64 –65 Hardware, 61 –65 Health, 407 –413 Hedge funds, 29 , 108 , 149 – 150 HOLP (high of low period), 312 , 392 Holy Grail, 47 , 58 Horizontal consolidation, 298 –299 How I Made Two Million Dollars in the Stock | Page 3959 |
9524644848b2-0 | Market (Darvas), 223 , 339 Human nature financial markets preying on, 442 –443 judgment justifications in, 13 –15 setups taking advantage of, 15 Human pH levels, 408 –410 IBM (International Business | Page 3960 |
8f7e36a244cb-0 | Machines), 90 , 92 Implied volatility (IV), 109 , 117 –118 In the money (ITM), 110 , 112 , 113 , 121 , 220 , 363 Income creation, 18 –19, 222 Index radar screen alerts, 389 –390 Indicator signal, 225 –226 Inflection point, 15 –16 Instant messaging software, 71 , 79 Integrity, 42 –43 | Page 3961 |
c59417ee4956-0 | Intraday reversal, 274 , 276 , 279 Intrinsic value, 111 ITM. See In the money IV. See Implied volatility Japanese Candlestick Charting (Nison), 281 Jesse Livermore, World’s Greatest Stock Trader (Smitten), 51 Jobs, Steve, 65 | Page 3962 |
3e0a6a234d7e-0 | Jones, Paul Tudor, 56 Judgment justifications, 13 – 15 Julian, Rodney, 251 , 256 Keltner Channels, 213 , 223 Bollinger Bands inside, 225 –232 defining, 224 Key price levels, 391 –392 KLA Tencor Corp. (KLAC) downward gaps of, 187 – | Page 3963 |
f92a8d020c04-0 | 188 ping pong charts for, 281 – 287 pivot play charts for, 187 – 188 propulsion play charts for, 369 –370 scalp trade charts for, 266 – 267 shorting of, 88 Landmark Forum, 13 –14 | Page 3964 |
ded3412067f2-0 | Larger time frames, 222 , 246 , 249 –250 Lay, Ken, 160 Lead market markers (LMM), 361 Leeson, Nick, 38 Lefevre, Edwin, 50 , 51 Lennon, John, 2 Lichtenstein, Ben, 144 –145 Limit orders, 49 Livermore, Jesse, 51 , 58 LMM. See Lead market markers Logical plan, 16 – | Page 3965 |
fa11d49cc07a-0 | 18, 22 , 55 LOHP (low of high period), 312 , 392 Losses, small, 55 Low-volume setup, 296 MACD. See Moving average convergence divergence Margin calls, 29 Margins, 88 –89 Market markers (MM), 361 Market order, 49 | Page 3966 |
819fec2bafac-0 | The Markets. See also Choppy markets; Financial markets; Foreign Exchange market; Futures market anchor charts showing movement in, 250 beginning traders and, 414 –415 commodity, 194 –195 constant change and flow of, 41 crash day in, 208 | Page 3967 |
087d29f8ccb9-0 | cycles of, 56 for day trading, 401 gap down for, 163 –167 goals for choppy, 142 –144 human emotions moving, 30 –31 key support in, 27 mixed, 385 monthly charts in, 381 –382 movements of, 205 naked puts in, 362 –363 overanalyzing, 413 ping pong play and | Page 3968 |
d42e39a28a83-0 | ebbs/flows of, 287 prejudices about, 29 reversal play in trending, 312 single and multi-item, 160 stops in, 215 supply and demand in, 28 – 29 for swing trade, 401 3:52 reversal point of, 288 – 289 traders taking advantage of reversals in, 312 | Page 3969 |
ee24681e20c4-0 | trading sideways by, 48 trending/chopping in, 144 , 173 , 188 –190 upside/downside of, 141 Mauldin, John, 78 Mezrich, Ben, 48 MGC. See E-micro gold Mini current futures, 99 Mini-crude oil, 100 Mini-sized Dow (YM), 87 , 90 brick play charts for, 275 – 279 Fibonacci clusters in, 192 – | Page 3970 |
15ee22625acc-0 | 193 15 minute futures contract for, 192 gap trading charts for, 165 – 167 liquidity of, 91 –92 movement of, 91 new traders doing better with, 94 –95 PC ratio and, 137 –138 pivot play charts for, 186 – 187 reference guide to, 95 –96 | Page 3971 |
cb41b5eadecc-0 | reversal play charts for, 314 –315 scalp trade charts for, 267 – 268 squeeze play charts for, 224 , 226 –232, 235 3:52 play charts for, 292 – 296 tick fade setups in, 198 – 201 tick readings not extreme for, 127 –128 MM. See Market markers | Page 3972 |
37af35ddfe03-0 | Momentum index oscillator, 223 , 224 , 227 Momentum reversal confirmation play, 275 Money at the, 110 in the, 110 , 112 , 113 , 121 , 220 , 363 day trading making, 322 – 323 income creation and, 18 – 19, 222 literal value of, 41 –42 | Page 3973 |
83023b0bfb70-0 | options losing, 112 –113 out of the, 110 , 115 traders losing, 12 Money management method, 54 –56 Monitors, computer, 63 –64 Monthly charts, 382 –384 Moore, Gordon F., 62 Moving average convergence divergence (MACD), 48 , 382 –384 Moving averages, 208 , 394 MTFA. See Multi-time-frame | Page 3974 |
1f81a8bfb7d3-0 | analysis Multi-item markets, 160 Multipivot levels, 172 Multi-time-frame analysis (MTFA), 342 Music video, 446 Naked puts, 362 –363 Net buy/sell numbers, 395 Neutral territory, 138 New York Mercantile Exchange (NYMEX), 73 , | Page 3975 |
20ad54cf7541-0 | 86 , 100 New York Stock Exchange (NYSE), 123 , 395 Newsletters, 397 Nison, Steve, 281 NQ. See E-Mini-Nasdaq NYMEX. See New York Mercantile Exchange NYSE. See New York Stock Exchange NYSE ticks ($TICK), 123 , 206 –211 | Page 3976 |
ed947d6331ee-0 | Oil, crude (CL), 267 Open gaps, 168 –169 Operating system, 69 –70 Options, 48 , 362 –365 call and put, 110 –112, 118 –119, 136 intrinsic value of, 111 low IV on, 117 –118 premium portion of, 119 – 120 reasons for losing money in, 112 –113 RTM used with, 218 –220 | Page 3977 |
afc039a5ab1f-0 | strategies for, 109 –110, 121 Ostrich scam, 52 Out of the money (OTM), 110 , 115 Overtrading, 196 –197 Palmieri, Michael, 13 Paper trade, 52 “Patches of momentum,” 179 Patience, 37 , 43 , 53 , 59 , 319 Patrow, Steve, 398 | Page 3978 |
7d240f9f0fe9-0 | PC ratio. See Put/call ratio P/E. See Price/earnings rations PeopleSoft, Inc (PSFT), 374 Personality, trading, 21 –22, 72 , 84 –85, 324 –325, 428 – 434 Personality profile, 31 , 428 – 434 pH levels, human body, 408 – 410 Ping pong play as channel play, 280 –281 | Page 3979 |
91d04f9f395f-0 | as fade play, 289 KLAC charts for, 281 –287 low-volume setup of, 296 market ebbs/flows for, 287 trading rules for, 281 Pips forex markets moving with, 102 –104 as price interest point, 103 valuation of, 298 values calculated for, 104 Pit noise, 144 –145 Pivot chart, 174 –175 | Page 3980 |
cab9e51cd9b9-0 | Pivot plays beginning traders, 418 –420 charts for, 176 choppy market rules for, 181 commodity markets with, 194 –195 daily, 176 –177, 212 ER charts for, 183 –184 in ES, 181 –183 explanation of, 177 –180 formulas calculating, 174 KLAC charts for, 187 –188 | Page 3981 |
2c825f12f359-0 | NQ charts for, 184 –185 “patches of momentum” for, 179 price action key in, 179 – 180 price-based system with, 172 –173 scalper trades used with, 273 setup of, 191 spreadsheets and, 174 , 176 stop movement in, 190 – 191 | Page 3982 |
e6c629829273-0 | summing up, 195 trader discipline from, 172 –173 trader grounded with, 177 for trading, 172 –173 trading day forecasting with, 392 –393 trading rules for, 180 –181 YM charts for, 186 –187 P&L. See Profit and loss Plateau method, 54 –55 Porsche setup, 252 PotashCorp (POT), 447 –448 | Page 3983 |
7d645a85d8a9-0 | Prejudices, market, 29 Premarket volume, 161 –163 Price action, 179 –180 Price movements, 86 –87, 87 Price-based system, 172 –173 Price/earnings rations (P/E), 46 Pricing patterns, 274 Probe, 207 Processors (CPUs), 62 Professional state of mind, 437 –442 Professional trading mindset, | Page 3984 |
960a00c825e5-0 | 31 –32 Profit and loss (P&L), 444 – 445 Propulsion play charts for, 367 –376 summing up, 377 –378 trading rules for, 365 –366 updates to, 376 –377 PSFT. See PeopleSoft, Inc Psychology, 32 –33, 37 –39, 420 –421 Psychopaths, 11 Put options, 110 , 118 –119, | Page 3985 |
c3269f062122-0 | 136 Put/call ratio (PC), 136 –139, 394 mini-sized Dow and, 137 – 138 put options compared to call options measured by, 136 rallying, 138 –139 rules regarding, 137 –138 on Tradestation software, 139 –140 | Page 3986 |
fea2dcb2c570-0 | QLogic Corp (QLGC), 370 – 372 Qualcomm (QCOM), 368 – 369 Quantitative easing, 244 Quote system software, 72 – 74 Radar screen alerts, 389 –390 Rainmaker, 325 Random-access memory (RAM), 62 | Page 3987 |
d349d840a7f8-0 | Rationalization, 39 RAW rules, 323 –324 RAX chart, 245 –246 Real estate, 56 Relative strength index (RSI), 387 Reminiscences of a Stock Operator (Lefevre), 50 , 51 Retracement levels, 171 Reversal play charts for, 313 –320 entries/exits for, 313 | Page 3988 |
de25b787b95a-0 | summing up, 320 trading rules for, 312 trending market in, 312 trigger-, 349 –355 Reversion to mean (RTM) average price and, 212 –213 income creation with, 222 key concepts of, 214 –215 options using, 218 –220 squeeze play and, 216 –218 trading with, 221 Reverting to mean, 212 –213 Risk | Page 3989 |
e45f93c7bd56-0 | taking and managing, 24 – 25 traders limiting, 54 , 58 –60 trading with, 18 –21, 447 Risk-to-reward ratio, 16 , 119 , 166 Routers, 67 , 71 RSI. See Relative strength index RTM. See Reversion to mean S. See Soybeans | Page 3990 |
5987f494dc50-0 | Sandisk Corp. (SNDK), 375 – 376 SBUX. See Starbucks Corp. Scaling out, 308 , 403 Scalper trades ES with, 263 –266 forex charts for, 268 –272 KLAC charts for, 266 –267 pivot plays used with, 273 rules for, 263 swing trade difference with, 293 traders using, 272 –273 | Page 3991 |
06fd535e4b7b-0 | YM charts for, 267 –268 Schlogel, Ray, 446 The Secret Life of Real Estate and Banking (Anderson), 56 Sector sorter list (SSL), 141 – 142, 146 Sell fades, 197 –198 Sell stop order, 277 , 278 Senters, Hubert, 144 , 275 , 280 , 321 Setups average price, 214 –215 | Page 3992 |
1ed5e6346124-0 | for ES, 77 –78 “fake orgasm,” 25 –28 following rules of, 58 –59, 77 for forex, 105 –106 human nature taken advantage of by, 15 indicator signal in, 225 – 226 low-volume, 296 methodology for, 31 as opening gap play, 168 – 169 | Page 3993 |
d50986ab1291-0 | of pivot play, 191 Porsche, 252 results and focusing on, 33 –37 risk reward ratio for, 16 squeeze, 115 –116, 221 – 222 tick fade examples of, 198 – 205 trading with, 2 , 158 –159 YM tick fade, 198 –201 Shawshank Redemption , 325 – 326 | Page 3994 |
277fb2b54026-0 | Silver (SI), 97 , 241 –242, 246 Simple moving average (SMA), 280 Single stock futures (SSFs), 89 , 282 , 359 –360 Single-item markets, 160 60-minute chart, 386 –387 60-minute RSI chart, 388 – 389 SMA. See Simple moving average Smitten, Richard, 51 SNDK. See Sandisk Corp. | Page 3995 |
bb065d37ec6c-0 | Society, 45 Software antivirus, 67 as instant messaging, 71 , 79 quote system, 72 –74 Thinkorswim, 66 , 71 –72, 86 , 106 trade execution, 74 –75 traders choices of, 72 –77 Tradestation, 70 , 72 , 106 , 125 , 139 –140, 175 Solid-state drives (SSDs), | Page 3996 |
9cc48dcd116f-0 | 64 –65 Somalia gap, 166 Soros, George, 52 , 103 Sosnoff, Tom, 72 Soybeans (S), 87 , 98 , 246 S&P 500 Up-Down Volume Difference (VOLSPD), 147 –148 S&P Futures, 242 –243 Spam, 69 Spiders (SPY), 160 Spreadsheet daily volume tracked in, | Page 3997 |
7be8b737e62c-0 | 391 index radar screen alerts in, 389 –390 key price levels in, 391 – 392 key stops and target levels in, 366 pivots easier with, 174 , 176 sectors and key stocks radar screen alerts in, 390 SPY. See Spiders Squeeze trade | Page 3998 |
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