It looks like I'll be back in my main office for the next week or so. To my surprise, many of you were interested to learn about how I set up my 2nd office.
I resumed the week in charts on Thursday and am going to "pencil in" one for next Thursday ( 02/15/18). Register for the show even if you can't make it (or even if I have to cancel) and you'll be registered for upcoming shows.
This Week's Content
I'm working on an article for Proactive Trader Magazine. In it I cover a lot of the things mentioned in Thursday's The Week In Charts such as the fractal nature of markets, daily sell signals triggering, and weekly signals and indicators that we need to watch--just in case this correction is a start of something much bigger. This should be published early next week. I also freshened up an article on trend trading. With the trend possibly turning, now might be a good time to brush up on trend following. Also, speaking of the markets turning, I dug up an old but relevant Week In Charts: To Short Or Not To Short? I set the video to start right where the discussion started:
I started working with a major charting vendor to produce pattern recognition for my setups. The good news is that they will be free! I'll have more to say once everything is done and official.
After after several years of being down, I finally got around to republishing a recommended reading page. Check back often, since I have many books that I intend to add to the list.
My focus continues to be on trading psychology for my upcoming Master Trading Psychology course. In my mailbox I found a copy of Annie Duke's book Thinking In Bets: Making Smarter Decisions When You Don't Have All The Facts. I assumed one of you guys had set it to me. I later realized that I had that I had pre-ordered it. I started leafing through it and couldn't put it down. Maybe one day I'll finish a book before starting two new ones. Anyway, I'm about halfway through, but that's enough to know that it will make it to my recommended reading list. The book is not a book on trading per say, but it could be. We don't have all facts we make a trade. We simply take our best "bet." Life is a bet for that matter.
Mind, Body, Soul
Over the past few years, I've come to realize how important it is to take a holistic approach to trading, or life for that matter.
For body: It's good to get back on the spin bike now that I'm home for a while. It's amazing how fast you get out of shape!
For Mind & Soul: I've been trying to meditate on off for years with virtually no success. It's not easy for someone like me with a type A personality and always under deadline (many self-imposed) to sit quietly for a few minutes. Last week, I discovered guided meditation and made it through four 5 minutes sessions. That doesn't sound like much but that's a pretty big deal for me. I'll have more to say about this in upcoming updates.
What I'm Listening To
For audiobooks, I'm still listening to Principles by Ray Dalio. The problem is that I keep stopping to take notes. I LOVE having an author read a book to me, but when it's a good one, it takes me forever to get through it! Maybe I can force myself to just listen all the way through, then get a hard copy for the notes.
During the workday, I'm still listening to Peace and other Liquid Mind productions by my friend Chuck Wild. Played low, this seems to help with concentration. I'm in search for some "coffee shop" background music to add to this.
What I've Been Trading
There's not much happening for me in the crytocurrencies for now. I got stopped out of my last position here last week. It'll likely be a while before I get daily signals. Right now, I'm contemplating hourly Bowties off of major lows here. As mentioned in the last "Now" update, this is what I've been doing in Forex for a while. Watch Thursday's Week In Charts for more on this. I'm short EUR/USD based on this.
In stocks, there was a "money in the corner" trade in the SPY (see the aforementioned chart show). As far as stocks in general, with the market so oversold it's sort of a darned if you do, darned if you don't. If you short it, it'll bounce from oversold. If you don't, the slide will continue. On anything less than it going straight back up, I will likely look to start putting on some shorts in the near future. As usual, take things one day at a time!
May the trend be with you!
P.S. Now that you know what I've been up to, leave me a comment below to let me know what you've been doing.
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Dave Landry has been actively trading the markets since the early 90s. He is managing member of Sentive Trading, LLC (est 1995) and author of 3 books of trading including The Layman’s Guide to Trading Stocks. He has made several television appearances, written articles for numerous magazines, He has spoken at trading conferences throughout the world (including Russia, Hong Kong, Australia, Germany, Italy, and others). He has been publishing daily web based commentary on technical trading since 1997. He has a B.S. in Computer Science and an MBA. He was registered Commodity Trading Advisor (CTA) from 1995 to 2009. He is a board member of the American Association of Professional Technical Analysts. Dave can be reached at www.davelandry.com
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