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Technical Analysis or News?

Technical Analysis or News?

There's been a long running debate between the technical analysis chartists and the fundamentalists and both sides can make their case for being "right".  Both sides often think that their way is best and the other side is full of you know what...

Since no one can predict the future how did the recent Federal Reserve's hawkish position on interest rates that's filled the news just so happen to occur during a time when chartists like us were anticipating a potential pull back? 

(This is an updated post to include recent news and recent charts because this scenario occurs over and over again...)

This is What I'm Binge Watching this Weekend

This is What I'm Binge Watching this Weekend
I don't watch much TV, I'm not much of a movie person and when I do watch something I typically won't watch it more than once (but yeah I've seen the classics like the original Top Gun and the new one multiple times), I'm not a "gamer" however I would consider myself a binge watcher...

What I Like to Binge Watch:
  • Billions (the hit series on Showtime)
  • Shark Tank
  • Blue Bloods (my dad is a retired police officer)
  • Trading Education Courses...

Yes, Trading Education Courses!

See which ones...

How to Know When to Enter a Trade

How to Know When to Enter a Trade
A frequently asked question I routinely get is “Tom, when you have multiple levels of support/resistance, trend, or fibs how do you know which is the best level to use to get into a trade?”

The simple answer is I don’t. Nor, with any certainty does, anyone else.

“So what do you do” becomes the follow up question.

The Top Reasons Why Traders Fail and How to Overcome Common Pitfalls

The Top Reasons Why Traders Fail and How to Overcome Common Pitfalls

This article delves deep into the top reasons why traders fail and how you can overcome these challenges by focusing on your trading process of implementing trading rules, plans, and trading psychology rather than focusing on the outcomes of profits.

See how!

I NEVER Believed in Technical Analysis Until I Realized This...

I NEVER Believed in Technical Analysis Until I Realized This...

When I was in MBA school back in the late 1980s (yeah that's me back then long before gray hair) it was drilled into me that a company’s stock price was always tied to its financial statements. You know, Profit and Loss statements, Balance Sheets, etc and all that fancy financial lingo. 

And so I went through much of my early adult life not really ever knowing otherwise. But along the way I had heard of this “technical analysis” stuff but considered it something like voodoo or witchcraft because as far as I knew it had absolutely nothing to do with the fundamentals of a company’s financial performance.

Until one day I saw a chart of the S&P 500 with standard deviations drawn on it based on the previous day’s settlement price. 
 
Hmmmm…. That looked interesting I thought.

May 30 Chart of the Day - S&P 500

May 30 Chart of the Day - S&P 500

While the New York Stock Exchange (NYSE) was closed Monday in observance of Memorial Day the global after-hours electronic trading system (GLOBEX) opened as normal Sunday evening at 6pm eastern time.  And given the US debt ceiling headline news over the long weekend the S&P 500 futures ticker /ES gapped up about 20 points on the open to keep the bulls firmly in control.

On the current ES weekly chart I've only marked it up with Support/Resistance and Trend. Also known as basic structure. In this view traders can see that price often ping pongs between historical levels before proceeding in its next direction.

If you'd like to enroll in the same exact Introduction to Price Action Trading using Support/Resistance and Trend course that I took earlier in my trading career we're offering it at an incredibly low price this week revealed at this link.

Navigating the Markets with Price Action Technical Analysis: Expert Tips for Successful Stocks, Options, Futures, Forex, Crypto, and Commodity Trading

Navigating the Markets with Price Action Technical Analysis: Expert Tips for Successful Stocks, Options, Futures, Forex, Crypto, and Commodity Trading

Price action technical analysis is a popular and effective approach to navigating the financial markets, including stocks, options, futures, Forex, Crypto, and Commodity trading.

This article will provide expert tips and insights to help you successfully trade various financial instruments using price action technical analysis. By understanding and applying these concepts, you can improve your trading skills and potentially achieve greater profitability.

Free Guide: 6 Fibonacci Types that Create the Most Precise Price Targets and Reversal Zones

Free Guide: 6 Fibonacci Types that Create the Most Precise Price Targets and Reversal Zones

Most Fibonacci charts that we see posted on the internet are not drawn or used correctly.

Based on institutional algorithms this Free Guide will explain to you exactly what Fibonacci retracements and extensions are and how they should properly be used on your charts.

Download Your FREE Guide Now - Fibonacci Types that Create the Most Precise Price Targets and Reversal Zones

 

Transform your trading in just 8 weeks with this Free Trading Psychology Master Class – Watch Now!"

Transform your trading in just 8 weeks with this Free Trading Psychology Master Class – Watch Now!"
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This program is for full or part time traders with ambitious income goals!

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S&P 500 (Ticker /ES) Trade Plan for February 23

S&P 500 (Ticker /ES) Trade Plan for February 23
S&P 500 Trade Plan for February 23, 2023 - Follow along with ChartPros Founder Tom Winterstein as he charts in real time and takes you through bi-directional levels of interest for the S&P 500 (ticker /ES).

Forex Grid Trade Plan | February 13, 2023

Forex Grid Trade Plan | February 13, 2023
Follow along with ChartPros Founder Tom Winterstein as he charts in real time and takes you through bi-directional levels of interest for 9 major Forex pair charts.

S&P 500 Trade Plan

S&P 500 Trade Plan
S&P 500 Trade Plan for February 10, 2023 - Follow along with ChartPros Founder Tom Winterstein as he charts in real time and takes you through bi-directional levels of interest for the S&P 500 (ticker /ES).