Author: Linda Raschke
Linda discusses five choice trading patterns she uses. Based on a logical set of market principles, these five patterns work equally well in equity and commodity markets. Understanding these enduring market setups provides you with a solid foundation for trading technically. They simplify analysis for the beginner and give the aggressive trader added confidence. Linda has used these patterns as the core of her intermediate-term analysis but they work well on any timeframe.
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Linda Bradford Raschke has been a full-time, professional trader since 1981. She began as a floor trader and later started LBR Group, a professional money management fi rm. In addition to running successful programs as a CTA, she has been principal trader for several hedge funds and has run commercial hedging programs. Raschke was recognized in Jack Schwager’s book, The New Market Wizards.
Raschke is a fan of Wyckoff’s trading methods and recommends traders read “The Art of Day Trading”.
Raschke gives the following recommendations for all traders:
- Always put current price action into perspective with historical price action.
- You don’t have to hit the first move to be successful in a trade.
- The first hour of market trading usually is the most critical, when determining significant highs or lows in a market.
- Don’t try to pick tops or bottoms.
- Raschke recommends that smaller-scale traders trade shorter timeframes than larger-scale traders.
- On where and when to take profits and place stops in a market, she says, How much do you want to win or lose? There is never a magic place to take profits or place stops. However, look at “swing moves” and key support and resistance levels closely.
- Find your own comfort level. The most successful traders like to play the game of trading markets. If you like the game, then you’ll play a safe game and enjoy trading.
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