If you follow our blog, then you are definitely familiar with trader Larry Levin, President of Trading Advantage LLC. We have gotten such a great response from some of his past posts that he has agreed to share one more of his favorite trading tips as a special treat to our viewers. Determining the direction of the market can be tricky and just plain confusing at times, but Larry’s expert opinion keeps it simple and straight-to-the-point.
Today he’s going to talk about how to include stop orders in your trading plan.
In my opinion, every trade you consider should be laid out ahead of time with a roadmap. A complete map should have an “off ramp” or a place where it makes sense to enter the market. It should also have exits for your destination (profits) as well as off ramps for emergency exits. This part of your plan will likely include stop orders. Continue reading "Trade with a Plan – Using a Stop Loss"→
Stewart shares his simple approach to finding a confluence of price, time and pattern that offers low-risk entries and solid stop placements. He shows how to extract the most meaningful portions from many of today’s leading technical disciplines. These techniques are applicable across a broad spectrum of time frames and markets, but this workshop concentrates on day- and swing-trading methods used in the financial and metal markets.
Stewart shows you how to identify Wyckoff price/volume patterns and behaviors and how to combine these patterns with simple Elliott patterns, Fibonacci objectives and retracements, and volume and open interest analysis to arrive at a solid and tradable market opinion.
Additionally, he shows how he combines basic oscillator patterns with daily/weekly range projections and support/resistance risk points to identify low-risk trading opportunities, placing special emphasis on Wyckoff analysis of accumulation and distribution.
Stewart Taylor began his trading career sixteen years ago by trading basic patterns and breakout strategies. These simple strategies evolved into complex day-trading strategies utilizing Elliott Wave and intraday cycles. Stewart’s trading style has come full circle, and he is now a leading proponent of the “simple is simply better” approach. Stewart developed his analytic abilities as an institutional broker serving the fixed income community with Brittenum & Associates, Refco, Vining Sparks Securities, Shearson Lehman, American Express, and Prudential Securities. In 1992, Stewart formed Taylor Consulting, Inc., and began publishing his market letter, The Taylor Fixed-Income Outlook.
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