Trading Wisdom and Support & Resistance Levels 11.02.2021
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
Dear Futures Trader,
My colleague John Thorpe, Senior Futures Broker, wanted to share the following with everyone:
I would venture to guess that any futures trader who drills down into the nuts and bolts of fundamentals, technicals, astronomy, astrology, quantum mechanics, or any other academic pursuit associated with trading has a Library of books from well-silvered authors. One of my favorites, who has put out quite a bit of work over the past 50 years, is Jack D. Schwager. I’ll share one of his time honored quotes with you today.
â€śOne of my favorite patterns is the tendency for the markets to move from relative lows to relative highs and vice versa every two to four days. This pattern is a function of human behavior. It takes several days of a market rallying before it looks really good. Thatâ€™s when everyone wants to buy it, and thatâ€™s the time when the professionals, like myself, are selling. Conversely, when the market has been down for a few days, and everyone is bearish, thatâ€™s the time I like to be buying.â€ť
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