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Let me ask you this, So let's get into some mea and potatoes technical analysis. Right, you talk about technical analysis. What are some of your favorite indicators and what is your overall thoughts on technical analysiscause a lot of time people say that technical analysis is overrated or some people only use technical analysis. So what's your thoughts on technical analysis and how do you use technical analysis?
Okay, so at this point I need to call on my partner, David Green. So I'm the motivator and the motive moderator and motivator in chief. David Green, I met here in nineteen eighty five. Who's my mentor my friend? My teacher is a master technical analyst, he's my partner in Wall Street Goldber Trading Academy. He's taught tens of thousands of people over the years. He runs a live chat room called the Green Room Live. He he's the analyst. He's taught me everything. So I'm not a technical analyst.
He is, and he's my teacher. He's my go to and so a lot of look, we didn't invent it, a lot of people use it, some people like it, some people don't. Some people fill their screens, you know, with so many different signals that it looks like Eric Traffick control on nine to eleven, right, and that's not going to help anybody out. So and people ask us, why does David use what he uses?
Because it works? Okay, that's what you want to know.
You want to go to someone who's doing it successfully and say, I want to do what you're doing.
How do you teach me how to do it? What do I do?
So what we do is we use the emas the exponential moving averages.
Everyone uses different ones.
We use the nine, the fifteen, the thirty, the sixty five, and the two. The two hundred is the wall of China right. The farther away you use a moving average. The stronger the indicator is that the stock is going to stop going down and start going up, or stop going up and go down.
We use what's called pivot points.
I don't need to go into the explanation if you use think or swim or any of the other platforms. A pivot point is a is a formula. It's a formula that's figured out. It's way beyond me. I know, I look like Einstein. I'm not that freaking smart, okay. And then we use the RSI, which is a relative strength index that signifies overbought or over sold conditions. Then we teach about five particular trades in the end that we use for technical analysis. So there's a trend trade. Sorry,
there's a trend trade. What's a trend trade? The trend is your friend. It's an old Wall Street adage. It's when a stock is going up like this. But that's not enough of a reason to get into a trend, A trend a trend trade.
There are rules for each of these trades.
Trend trade, moving average trade, far from moving average trade, double top, double bottom, and a swing trade.
Those are the we want to keep it simple. That's all you need This isn't hard. It's it's hard, but it's simple, simple, yeah, and difficult. It's to do it correctly. Everything, it's everything. Okay.
So those are the five trades, and each trade has a criteria that is necessary to be fulfilled to get into the trade. As I said, hope and for more or not reasons to get into a trade. Uncle Herbie telling you to buy it is not an excuse. Watching Wall Street bets and Reddit that trains left the station. There are a million of pump and dumpers out there. Jordan Baalford used to work right out of this place. Still a criminal, always a criminal. Tell him to call me if he's got a problem with that.
Okay. All the smoke, all the smoke.
He hasn't even paid back. He paid back thirty million to three hundred million. He stole anyway, end of that story. Everyone's in everyone's entitled to a second chance. Pay your money back. You can talk to me anyway.
Okay. So those are the trades.
Now, it's super important that each trade so you can have one criteria fulfilled.
The market.
The dynamics of the market are fascinating. This market goes up and down a thousand points. We can be in a bear market used to be generational. It took twenty five years, yeah for a bull or a bear market. Last two weeks ago, at eleven in the morning, we were in bear market and at three in the afternoon we were in a bull market. Right, Okay, well that's insane. The terminology must be reevaluated.
Right.
You can't have a market that's down eighteen hundred points at noon up a thousand points at four and think you can use terminology that was used in the thirties and five.
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Ernerds. What's up?
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That's why I keep saying I got the no recession special going on because the components of a recession and involve the labor force massive layoffs.
Right.
I know that media loves the pump stories to get people all wrapped up and stuffed. I'm a cup half full person. I want to empower people to be confident, not scare the shit out of people. Okay, so those are the technical analysis trades. There are criteria for each one of those trades, right, So a trend trade, just for an example, if you need to understand more. We can go we can go into depth. The course is really fun, it's accessible, it's twenty one videos, nine hours.
It teaches you everything you don't need. You can know nothing from a stock to a stock to a stock. You can learn how to trade the market, but you need to follow the rules. You have to realize the psychology of trading is devastating. Right, You're always thinking, you got diamond hands. It's got to go up. It can't go down anymore. I mean the things that the mistakes people make are all the same.
Okay.
A trend trade fascinating trade. So you think, oh, it's going up. It's oh, I got to just buy it because it's going up, not necessarily, because the stock can turn and go down just as quick as it goes up.
A trend trade.
Definition of a trend trade is when a stock is going up and it pulls back to the nine of the fifteen.
Am A.
You're a technician, so it's got to pull back to a level of support, goes to the nine of the fifteen. You buy it, and it's going to continue to go up, and you stay in that trade until the trend breaks. You use stop orders every time you get into a trade. Okay, A moving average trade is another kind of a trade. A swing far from moving average trade is when a stock's gone is a two dollars from the last moving average, it's gone up three days in a row, and it has an RSI of twenty or eighty.
All three criteria must be reached.
Okay, if not, it just if it's up three days in a row, that doesn't mean there's a trade because the RSI has to.
Be above eighty or below twenty.
It can go up another three days without the rs science you started selling it there on a reversal swing trade, and you're going to be nine dollars out of the money before.
You get into the trade.
So that's just an example of technical analysis. Is the history of charting to try and identify the way stocks have mood historically, all the more important in a market where a stock can go up.
Look at what we see here these days.
Earnings come out, Earnings were great. Stuff goes down fifty dollars, Earnings were good, God was good. It goes down fifty dollars, right, it goes up twenty and down fifty. I mean that risk portfolio, that volatility you know, I don't know. Most people's risk profile is not a fifty dollars move in a stock. So you need to understand that in a market that goes up and down thousands of points, risk management, money management, order management, everyone can get into a stock.
Everybody hit a buy order. It's a matter of what you do once you're in the buy order. You get into a buy order or a short order. You put in a stop order, down or up one percent the minute you make fifty cents on that trade. And I know people think, oh, I want to buy, I want to make a dollar, I want to make five dollars.
It's greed will kill you. I know. Gordon Geko said greed is good in this market. Greed will kill you.
So you have to understand the psychology super important. There's nobody in that trading room telling you what to do. So what we teach the psychology of trading is the most important part of day trading to be successful because we are all the same.
I make the same mistake.
All look at that. I'm a freaking genius. I got diamond hands. It can't go down. Ah right, You buy a stock or your shortest stock. Because technical analysis told you to do it. There's only one reason to buy a stock price action and technical analysis told you to do it right. It isn't because any of the reasons. There are nine reasons you know, there are a thousand reasons not right. There are thousands mistake. There's nine reasons
why you shouldn't or buy it or shorted. One reason too because it sets up technically.
My graduates from my school being forced bad drop bags drop Mike, drop bag, drop drops.
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