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.
The Daily chart below of the Shanghai Stock Index shows that price closed on Monday just above a major (and recent) support level of 2300. It is trading below both the 50 and 200 smas, which may or may not cross to form a bullish “Golden Cross.” However, in the meantime, the RSI, MACD, and Stochastics indicators have hooked down again on increasing downside momentum.
A break with conviction below 2300 could send this index down to the next support level of 2250, and subsequently 2150…one worth watching overnight to see where it closes on Tuesday and for the days/weeks ahead to gauge its influence (if any) on price action on the U.S. Major Indices.
While relaxing on a Saturday afternoon, doing some market related work, I thought I would pass this on to my fellow traders on The Slope.
A while ago, I listened in on a video done by Tim Bourquin who has interviewed hundreds of successful traders. He has distilled some excellent points here that he keeps hearing over and over again. Said in different ways but the messages are the same. Here are actually 31 "habits" and in a few instances I have added a few comments to them. Some over lap as well. You would do well to incorporate these "concepts" into your trading. Tim Bourquin has done some excellent work in the area of trader psychology and great interviews with superior traders. You might want to visit his site. Here is a link to his latest work.
My friend Serge from ETF-Corner emailed me a chart this morning which, as his charts so often do, made my heart sing. I think the miners have yet again offered up an amazing short opportunity, and I bought puts on GDX and ABX late last Friday. Thanks, Serge!