MTM Options Trader Newsletter - Learn to Identify Charting Patterns

This Week in the Market The Dow closed out the week in strong fashion above the 30,000 mark, which many believed would never be achieved. With all three major indexes trading at record highs, where do stocks go from here? Positive vaccine results have buoyed stocks thus far, but can this momentum higher really last? Looking at the charts and seeing how much the indexes have moved higher, traders and investors need to keep at least a non-bearish (not exactly really bullish but expecting support levels to hold) to bullish bias until some support levels have been broken and not just tested. On the other hand, all three indexes are a fair amount away from their daily 50-day moving averages. A little pull back might be due. Not surprisingly, implied volatility levels continue to wane, although they are still a fair amount away from levels seen earlier in the year. Expected earnings remain slow, but there are a handful of economic reports due out this week, including the latest CPI and PPI numbers and a couple of consumer reports. As always, plan out your trade before execution. The less you let emotions affect you, the better off you will be as a trader. Have a great and healthy week, and enjoy the holidays too!

Dec 7: Consumer Credit Dec 8: Productivity and Labor Dec 9: JOLTS Dec 9: Wholesale Inventories Dec 10: Jobless Claims Dec 10: CPI Dec 11: PPI Dec 11: Consumer Sentiment Read Our Blog

Learn to Identify Charting Patterns There are numerous books and journals written on charting techniques and seemingly countless patterns. There is terminology that describes popular patterns using bar or candlestick charts. Some of the most well-known charting patterns include flags and pennants, trendlines, head and shoulders, gaps, island reversals, and ascending/ descending triangles. Some of the basic patterns for candlesticks are known as hammer, doji, hanging man, shooting star and spinning top. Technical analysts tag patterns with names to identify opportunities. Ideally, if Continue Reading ... MTM Watchlist Here are several trade ideas we may consider this week in group coaching class: AAPL – Although the stock moved through some resistance at $120, it has not pulled too far away. Continued bull put and calendar spreads will be looked at yet again. FB – After a pop higher last week, the stock closed relatively weak on Friday. Depending on Monday's action, bear put and put calendars will be explored. MSFT – Calendars and iron condors were examined and modeled out last week with profit. More may be expected this week.

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The strategies in this newsletter are for educational and informative purposes only. All information disclosed in this newsletter should not be considered complete in its entirety. Market Taker Mentoring, Inc. will not be held responsible for changes, oversights, errors or omissions. Dates, prices, news and other information may not be accurate. Please verify all information before trading. You alone are responsible for your own investment decisions. Options involve risk and are not suitable for all investors. Before trading options, please read Characteristics and Risks of Standardized Option (ODD), which can be obtained from your broker; by calling (888) OPTIONS; or from The Options Clearing Corp., 125 S. Franklin St., Suite 1200, Chicago, IL 60606. No statement in this newsletter is intended to be a recommendation or solicitation to buy or sell any security or to provide investment or trading advice. Traders and investors considering options should consult a professional tax advisor as to how taxes may affect the outcome of contemplated options transactions. Copyright Market Taker Mentoring, Inc. 2008 - 2020. All rights reserved. Reproducing or redistributing this content is a violation of federal law.

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