Daily Archives: August 12, 2012
I am pleased to announce that the chessNwine Weekly Strategy Session service has successfully launched today.
As many of you know, only members of The PPT are eligible to subscribe to the 12631 Trading Service that RaginCajun and I direct. To be clear, the Weekly Strategy Session service is separate from The PPT and 12631 from both a payment perspective and in terms of the product’s actual structure. However, subscribing to the Weekly Strategy Session is an ideal way to catch a glimpse into just one facet of what we offer inside 12631. Beyond that, I am proud of the service on a standalone basis as well, in terms of the value it offers traders in getting organized for each trading week.
For several months now, I have provided the comprehensive Weekly Strategy Session each weekend for members inside the 12631 Trading Service. The initial goal was to prepare members for the upcoming week of trading, leaving no stone unturned. However, I rather quickly received feedback from our members that each strategy session was an invaluable resource in their development as traders. Thus, The Fly, Jeremy (our co-owner and Director of IT), and I decided to make the Weekly Strategy Session available to non-12631 members. Of course, all current and future 12631 members will continue to receive the Weekly Strategy Session as part of their membership, at no additional charge.
In the Weekly Strategy Session, I cover:
- My best long and short trading ideas for the week ahead
- A brief recap of the prior week’s price action, with emphasis on market leaders/laggards
- An assessment of current market psychology/sentiment
- Emphasis on managing risk and all of the potential pitfalls relevant to the current market, such as navigating through earnings season
- Objective technical analysis focusing on price, volume, moving averages, and candlestick theory
- Contingency planning (Potential scenarios that, if they materialize, would necessitate a change in current market posture
- Key price levels to watch on the major indices
- My current market posture and how to best express that opinion through portfolio allocations and trading discipline
With a very reasonable price point of $9.95 per individual Weekly Strategy Session, $19.95 for a monthly membership, and $199.95 for an annual subscription, you now have a tremendous opportunity to take your weekly preparation as a trader up to the highest level.
Circling back to an important concept in technical analysis, triangle chart patterns tend to resolve in a most bullish manner when price breaks to the upside well before it meanders toward the apex or nadir, lollygagging and pussyfooting around. Even though it may appear to be “coiled up” tightly on a given timeframe, spending too much time near the apex usually lessons the power or thrust of the move, even if that move is eventually up.
The first chart below is the monthly timeframe of pharmaceutical giant Merck. Dating back to 2000, you can see the makings of a descending triangle, with a fairly well-estbalished resistance trendline. Price recently made a move up and over that resistance line, and did so well before it started squatting at the nadir (such as SLV is currently doing on longer-term timeframes). Thus, this move in Merck is awfully encouraging for the bulls looking for a long-term break higher.
Looking at the second chart below of the daily timeframe, the volume pattern sure seems to confirm that our principle of price moving out of the triangle at this stage is a bullish event.