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The below is a repost from my sister http://forensictrader.com/blog.html posted on 1/6/08.
Are you a struggling equities trader? The market is rallying and you purchase only to lose capital on the trade. The market is tanking and you sell short only to lose capital on trade. You feel snake bitten, you feel the market has it in for you. Don’t take it personal. Armed with the data that is available by subscribing to http://forensictrader.com/ services may help to alleviate your frustration. For example, let’s say you day trade symbol = MSFT. How would you prepare to enter the trade. Most day traders follow the same routine. They team a level 2 screen with a 3 minute stochastic chart, watch the futures, and wait for a trend. Not a bad technique, but what if you knew based on MSFT closing data on 1/4/2008 the support and resistance prices for the next trading day (1/7/2008). In my opinion, armed with such data enhances the chances of profitability. Let’s put MSFT under the microscope based on closing data 1/4/08, 4PM.Closing price = $34.38, % change = -2.80%, Volume = 72, 051,850
"The Forensic Trader Radar calculates that MSFT closed below its Support of $34.52 and will find Resistance at $34.79."
