Advanced Technical Analysis-Tape Reading

Advanced Technical Analysis-Tape Reading

You probably think advanced technical analysis means a lot of indicators.

It’s not more indicators, bells or whistles…

Advanced technical analysis means you look deeper than the chart. You read into the price action. you read deeper than the high or low of the day.

You start to put the pieces of price action together and see a song instead of a note.

Yeah, I know, that sounds corny but it’s true. Until you see deeper than moving averages, support and resistance you will be a one-note trader.

Never capable of orchestrating a complete trade.

Today we have a double dose of learning formats. The podcast was taken from this morning’s Pre Market Game Plan Meeting.

The first is a download of the podcast, take the lesson with you, and let it sink in. Below the podcast, is the video from the meeting.

Normally the meeting is a back and forth review and discussion of trading ideas that we post to the blog each morning. Today was different because there were too many awesome examples from recent charts.

Too many examples of going deeper on a chart than simply saying you want to be long or short.

We discuss trade expectation. This means when to exit into momentum versus when to be aggressive. We discuss when 3:50pm should be your profit target (yes you read that right). This means you understand when to hold to the close.

We discuss accumulation and distribution and how to spot it on the charts. We discuss how to spot significant volume. Volume is significant because it occurred somewhere specific.

This meeting went deep into developing trade scenarios and checklists. How to prepare for the open so you have absolute conviction.

Why you should not try to predict the market and why you don’t need to. We review a real-world example of how to begin trading a new strategy and what needs to occur for you to fully commit to your strategy. Hint, it has to do with a losing streak…

I think you will find this session fascinating. Some of the things you may not understand, but that’s OK. Listen a couple of times and take good notes.

*The technical analysis stuff picks up around the 4:15 mark.

Advanced Technical Analysis: Game Plan Meeting Video

Learn more about the meetings here…

Pete Renzulli

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