Cue "Rocky Balboa" theme song, put on your tracksuit, and get ready to scale some serious mental stairs.
And in it, EWI's chief commodity analyst and
Futures Junctures Service editor Jeffrey Kennedy whips viewers into the best trading shape of their life.
New or experienced, this 1-hour video answers many of your trading questions. See for yourself -- all the italicized quotes below come directly from the video:
Q1: When is a good time to enter a trading position?
Jeffrey: Like the saying "Always be closing" goes. I say, "Always, always wait for a close."
Q2: How can I use price bars on a market's chart to identify a high-probability trade set-up?
Jeffrey: There are several invaluable bar patterns that are "green lights" to start trading. In the video, I show how a simple "3-in-1" bar pattern in soybeans alerted me to a big trend change in early September 2011.
Q3: Once I'm in a position, is there any way to reduce the risk of loss if I'm wrong?
Jeffrey: "What will ultimately determine whether you have a profitable month, quarter, or year is how you manage the losers." A very simple and effective risk-management technique I use is this: protective stops.
Q4: How do you determine where to place your protective stops?
Jeffrey: There are several useful ways for calculating protective stops. In the video, I show you how a simple 5-period moving average can become your best friend when it comes to identifying the placement of stops.
Q5: A lot of times I'll come across a market's price chart in which I can't make out an exact Elliott wave structure, but I can make an educated guess. Is it fine to "fake it till you make it" in this regard?
Jeffery: Absolutely not. I live and die by one key law: Within 30 seconds of looking at a price chart, there must be "instantaneous, unquestionable clarity." I must see a clear and obvious Elliott wave pattern that enables me to position in the direction of the larger trend. Otherwise, I walk away.
Q6: How do you know whether prices are moving in the direction of the larger trend, or against it?
Jeffrey: Both impulsive (with the trend) and corrective (against the trend) wave patterns adhere to specific Elliott rules and guidelines. In this Part 2 of the video, I reveal the top 3 signatures of countertrend price action on several real-world charts.
Q7: What if my Elliott wave count is bearish but my other technicals are bullish? How do I know which indicator to use to enter the trade?
Jeffrey: You don't. If your wave count does not support your technicals (and vice-a-versa) get out.
"This is a warning light in your mind saying no, no, no, don't do it!" In the
"Trading" video, I give you my own personal example of how the market punished me sorely for ignoring this one simple rule.
The
"Trading" video shows you how to build up your risk-management muscle, strengthen your mental discipline, and ultimately form... ahem, trading "buns of steel."
The 3-part video series, "Jeffrey Kennedy: Unedited", is online now.
You can roll the tape on all three (a $199 value), absolutely FREE as part of your risk-free
Futures Junctures Service subscription.