Learn Candlestick Trading With Steve Bigalow
October 22, 2012 at 8:19 PM (QQQ)(SPY)(AMZN)(NFLX)(AAPL)
Steve Bigelow was one of the early voices of CFRN way back in 2005/2006 when we first launched. Our careers diverged as Steve moved into equities just as I myself was leaving the stock market to plot my new course in the world of Emini Futures. Our paths have crossed once again and I am excited to announce - Steve is coming back. To celebrate, we're holding a get-together - October 31st, 2012 @ 3:30PM CST, and the really good news, You're Invited!
Early Warning Signals for Reversal Alerts
Along with catching up, Steve will be talking about what he knows better than anyone I've met in this solar system. No, it's not the latest thing to come down the pike, it's the ancient Japanese art of Candlestick Trading which has been around for 400 years. People don't use things for 400 years unless they actually work. However, it's only in the last few decades that Candlestick Charting as created by the Japanese Rice Traders, has made its way to the western world and Wall Street.
Whether you're a member of the CFRN Audience or a Certified CFRN Partner (CCP), you've heard me talk fondly about Steve over the years and now you'll finally get a chance to meet the man behind the Candles. The story I tell about reading one of the books he sent me until the pages fell out is 100% true. I still have all the pages, in perfect order, and I still use it as my primary point of candlestick reference to this very day.
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David brought up a great point on the show today. There are many authors, trainers and speakers who posses a wealth of valid information, but for whatever reason are not able to translate their analytic skills into actual trading. It's very easy to dismiss those folks since they aren't "real traders". I remember when I got started, I made a few cocky comments like "I haven't written a book, created an algorithm, or had an out of body experience, but even I trade real money in a live account." Not one of my best moments.
I bring this up though for a very good reason. This Steve really does trade for a living along with being an author, teacher, speaker etc... There is another Steve associated with Candlesticks who doesn't trade. In the past I may have made a disparaging remark or two regarding the fact. With age comes wisdom and humility, (to some of us) eventually. I regret those remarks because I now realize that not all people are born to be traders. In fact, some of the most successful hedge fund managers you ever drooled over, don't trade. I don't mean the type of "not trading" made famous by Bernie Madoff.
They create strategies, methodologies, dream great dreams, have large visions (and some even larger egos), but when it comes to pulling the trigger, not some, but most, have an army of traders who do it for them. It keeps their mind free and their spirit calm as they do what they do best, searching out the next big idea. The flip side of the coin is that some guys who couldn't put together a strategy to save their life, are incredible hired guns. They don't shoot from the hip though, they follow the plan of the man who signs their paycheck. You tell them what to hunt, where to find it and how many bullets they have to get the job done. That's what they do and they do it well.
If everyone was an awesome shortstop, who would throw the ball? Who would hit the ball? Where would we get our hot dogs and pretzels? Who would jack our car during the game? Right?
So anyway, both Steve's are brilliant but I only personally know one of them and he's coming to meet you. On the day of the get-together we will have some very special offers for everyone who attends. If you want to pursue an education in Candlestick Trading beyond what you learn as a CFRN Partner, put your checkbook away until October 31st. Steve promised that he would do something very nice for the CFRN crew. I've been recommending his books for years and now you get to meet him first hand and get a great deal. Welcome to CFRN - that's how WE roll.
For those of you who have been on the CFRN Bandwagon since 2005 you will remember that one of my regulars used to poke fun at candlesticks because they knew I had a genuine interest in learning. As I recall, his favorite slur was the "Flying Hibachi". It is that type of close minded "I have the only legitimate system in the world" type of thinking and teaching that has caused so many traders over the years to lose their homes, their business and even their spouse.
Come with an open mind ready to have some fun and I promise you, your trading will never be the same!
S&P 500 Emini Futures
Our Tweets last week did fine all around but what may be the last ES Tweet for a while, was what in the trading business they call a "real doozy". We first alerted on it @ 6:33PM PDT on October 17th -
Look for lower prices on the ESZ2. The candle we were waiting for just closed below. Consider being short below 1455.75 #emini $ES_F #es
— DeWayne Reeves (@CFRN) October 17, 2012
We liked it so much we sent a second Tweet of Encouragement on October 18.
If not currently short the ESZ2 consider being short below 1446 or long above 1462 whichever presents first. #es #emini #futures $ES_F
— DeWayne Reeves (@CFRN) October 19, 2012
(ES) S&P500 Emini Futures Double-Tweet
From Wednesday afternoon/evening of last week through this afternoon (Monday), the market dropped a grand total of 39 points. We turned back up just 3 ticks above our Weekly Trading Zone at 1416.75. If you didn't get all 39 points don't feel bad. Few people did. Why? There you go again...
Staying in a profitable trade with the wind at your back should be one of the easiest things a man will ever do. Money is literally falling from the sky, in fact on Friday, it appeared even the sky itself might be falling. Whatever you took out of the trade, be happy. Learn from the experience. Whatever you do, don't let that stem to stern monkey on your back. That's a tough kick! Whether you took 5 points or 25 points, each point is worth $50 per contract and that's no small thing.
Now for reasons discussed last week there will only be a few Tweets this week. Maybe 2 or 3. You have no idea how difficult it is to put on my "business hat", but the people I respect the most in my life say that's what we need to do. So be it. Let's make the most of what we have. Tell me what markets you would like a set-up in and I'll do my best to comply. Pick something besides the ES and bear in mind, I don't manufacture these trades. I can't conjure up a setup. It's either there or it isn't. Send your suggestions to @CFRN via the Twitter and follow up with an email to twitter@cfrn.net to insure I see it.
We do have a Swing Trade on Tap for the Partners but it has not triggered yet. Once it does and gets rolling we'll discuss it on the Daily Radio Show. If you haven't taken our Free Trial please do. You'll get 5 luxurious days in our Live Emini Trading Room, access to our Platform, Data and Indicators for the entire week. No pressure, no hard sell, just an opportunity to Learn How To Trade!
As opportunities unfold we will keep you posted.
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