Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
I promised a post on just one thing that I use in my trading. This is but one very small piece of the "puzzle" but I find it VERY useful and you may as well.
As I am predominately a day trader, this is actually an extension of the daily Opening Range (OR) into longer time frames. If you are not familiar with trading using the OR, feel free to email me at Dutch302 at gmail and I will send you a pdf on the subject, called Trading The 10 O'clock Bulls.
What we use here is the monthly opening ranges and the six month opening ranges. The monthly opening range is defined as the absolute high and low of the first trading day of each month. This is regular session only. No data from pre-market or after hours trading is used. Why should we even look at this? Main reason, it is objective information.
1. It happens twelve times a year, every year!
2. It is a calendar specific defined price area on a chart.
3. Key players tend to respect and react to it, just like they do on the daily opening range.
4. It can be easily identified on all stocks and in all markets.
Late last year, I paid a visit to Josh Brown ("The Reformed Broker") and had a pleasant chat. I went to his blog a week later and put up a comment, shown below, stating my belief that Facebook's IPO day would mark an important turning point in the market.
I forgot all about this, but totally by chance, a few days ago, I re-visited that comment and I saw that someone had put in a snide reply.
Errr, actually, Facebook only goes public one time, so I'm not sure how I could make such a declaration "a lot". It's a specific day, and I do believe that Facebook's IPO will be a seminal event. There's only one Facebook, and it has only one IPO. It's not like there are twenty other Facebook-equivalents waiting behind it, and because of the public's fascination with this offering, I do believe it'll mark a tipping point.
3. New daily lifetime lows in natural gas