“Watch out! You nearly broad sided that car!” My father yelled at me. “Can’t you do anything right?” Those words hurt worse than blows. I turned my head toward the elderly man in the seat beside me, daring me to challenge him. A lump rose in my throat as I averted my eyes. I wasn’t prepared for another battle.
The three best jobs in the world are:
1. Designated hitter for a major league baseball team.
2. Meteorologist for a television affiliate station.
3. Forex trader
What other jobs can you fail 79% of the time and still be considered good at your job?
A stockbroker and a blonde are sitting next to each other on a long flight.
The stockbroker asks if she would like to play a fun game. The blonde is tired and just want to have a nap, so she politely declines and tries to catch a few winks.
My charting software from Market Traders, MTI4.0, makes it easy to draw trendlines. The green line is a trendline and it makes it very easy to see that the market is making lower LOWS and lower HIGHS. We are in a downtrend.
Ths will would be a good time to sell first and buy later.
Can you see how the market moves in waves, up and down? Overall we are going down. The best time to sell is after we hit a high and we start moving down again.
70% of the time the market is in consolidation; only 30% of the time it is trending.
When the candles are no longer making higher highs and higher lows (uptrend) or lower highs and lower lows (downtrend) then the candles are in consolidation.
We do not follow the fibonacci’s when we are in consolidation. We do not follow crowns either.
We draw the lines of support and resistance. If the distance between support and resistance is greater than 120 pips, it is large consolidation.
When the candles go down to support and we see a good bullish candlestick formation, we enter long. We place our stop 10 pips below the support line (or low of the candlestick formation) and we place our limit 10 pips before the line of resistance. It is a good idea to move your stop loss each time a higher low is formed.
When the candles go up to resistance and we see a good bearish candlestick formation, we enter short. We place our stop 15 pips above the resistance line (or high of the candlestick formation) and we place our limit 10 pips before the line of support. It is a good idea to move your stop loss each time a lower high is formed.
It has been especially helpful for me to watch my mentors trading large consolidation. I learned more from waching them than from reading theories all day long. My mentors are Market Traders.
An Indian walks into a cafe with a shotgun in one hand and a bucket of buffalo manure in the other. He says to the waiter, “Me want um coffee”.
One day, a blonde office worker comes out to the warehouse. As she is walking, she looks up and sees a co-worker hanging upside down from an I-beam in the ceiling. She asks, “What are you doing?”
Fundamental Announcements tend to move the market very fast. It is important to watch for them. They require different trading strategies when the announcement is very different from what is expected. Bankers tend to trade on fundamental announcements.
Here is the list of announcements we need to watch for.
Market Traders have an economic calendar on their website that lists the upcoming fundamental announcements and the expected announcement. During every live analysis of the market, five times a day, the mentor begins by going over the upcoming FA’s and which ones to keep an eye on (the ones that have a large impact… like Non-FarmPayroll Indicator).
Market Traders also has a checklist for trading fundamental announcements. Join MTI and get the checklist for trading. It’s more fun than a roller coaster ride! (You also need to have nerves of steel to do it).
After I retired, my wife insisted that I accompany her on her trips to Target. Unfortunately, like most men, I found shopping boring and preferred to get in and get out. Equally unfortunate, my wife is like most women – she loves to browse. Yesterday my dear wife received the following letter from the local Target.
Dear Mrs. Fletch,
Over the past six months, your husband has caused quite a commotion in our store. We cannot tolerate this behavior and have been forced to ban both of you from the store. Our complaints against your husband, Mr. Fletch, are listed below and are documented by our video surveillance cameras.
1. June 15: Took 24 boxes of condoms and randomly put them in other people’s carts when they weren’t looking.
2. July 2: Set all the alarm clocks in Housewares to go off at 5-minute intervals.
3. July 7: He made a trail of tomato juice on the floor leading to the women’s restroom.
4. July 19: Walked up to an employee and told her in an official voice, ‘Code 3 in Housewares. Get on it right away’. This caused the employee to leave her assigned station and receive a reprimand from her Supervisor that in turn resulted with a union grievance, causing management to lose time and costing the company money.
5. August 4: Went to the Service Desk and tried to put a bag of M&Ms on layaway.
6. August 14: Moved a ‘CAUTION – WET FLOOR’ sign to a carpeted area.
7. August 15: Set up a tent in the camping department and told the children shoppers he’d invite them in if they would bring pillows and blankets from the bedding department to which twenty children obliged.
8. August 23: When a clerk asked if they could help him he began crying and screamed, ‘Why can’t you people just leave me alone?’ EMTs were called.
9. September 4: Looked right into the security camera and used it as a mirror while he picked his nose.
10. September 10: While handling guns in the hunting department, he asked the clerk where the antidepressants were.
11. October 3: Darted around the store suspiciously while loudly humming the ‘Mission Impossible’ theme.
12. October 6: In the auto department, he practiced his ‘Madonna look’ by using different sizes of funnels.
13. October 18: Hid in a clothing rack and when people browsed through, yelled ‘PICK ME! PICK ME!’
14. October 21: When an announcement came over the loud speaker, he assumed a fetal position and screamed ‘OH NO! IT’S THOSE VOICES AGAIN!’
And last, but not least:
15. October 23: Went into a fitting room, shut the door, waited awhile, then yelled very loudly, ‘Hey! There’s no toilet paper in here.’ One of the clerks passed out.
The surgeon said, “Look, we’re the most important. God is a surgeon because the very first thing God did was extract Eve from Adam’s rib.”