There are moments when you’ve said your piece about what you think the markets are doing and it’s time to sit back and wait.
I’ve outlined for you in detail over the past few weeks what the key levels are above and below current levels in the S&P 500 and ASX 200.
Until they are breached, I can say with my hand on my heart that I haven’t got a clue which way it will break out of the current stalemate.
I don’t think anyone else has a clue either, because the markets have been dead all week.
So I thought I would use this quiet patch as a good opportunity to do some education about my trading style for people who may be watching my videos but scratching their head about various aspects of my approach.
I gave people watching the Closing Bell videos a tip to buy Newcrest Mining [ASX:NCM] a few months ago under $20. It’s now trading near $30.
It was only after doing the analysis in the Closing Bell video that I realised how compelling the set-up was and then sent the trade to members of my Retirement Trader service!
In today’s Closing Bell video, I use the NCM trade to show you in detail various aspects of the model I use to analyse price action.
You will learn about the moving average/Bollinger Band set-up and the use of buy and sell zones in waves and ranges.
I show you how the point of control acts like a magnet for price action, which helps to create targets for trades and outline where stop-losses are set so the risk/reward on the trade is compelling.
So while we wait for the markets to do something I hope you learn a bit more about my approach and how I help people make money trading stocks.
Until next week,
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Murray Dawes,
Editor, Money Weekend
