ASX LGL Technical Analysis Trend Lines

Please note I am not a financial expert & anything you see on this blog should not be taken as financial advice! In the trading room yesterday, John taught us how to draw long term trend lines using parallel lines... and how past trendlines become valid in the current market. Using the techniques I learnt just yesterday, I was able to come up with the following bearish view of LGL. There was an LGL entry signal yesterday, I couldn't get in the trade coz my baby woke up right as the market was closing! So, entry signal was yesterday, but I think today's volume is good for entry too. Here's what I've come up with...



Weekly is looking very bearish, breaking past the parallel lines trending resistance... H&S... methinks ripe for a long term trade which I'll be considering today.

I'm factoring in the possibility that there could be a bit more upside to form a bigger right shoulder, but it's still going down IMO!

If you want to learn some of these "crystal ball" technical analysis techniques for yourself, then you can't do better than to check out the amazing Planet Wealth Trading Room. It goes for just an hour a day and you can join up to live sessions or just get the pre-recorded sessions like I do.

Bought Puts - Options Trade Aussie Gold Stock

In today's trading room, we identified a short term trade on an Aussie gold stock. A bearish price bar with lots of volume and bearish indicators on the daily chart. Options volume was also good, so the choice was easy to buy puts on the stock with a planned exit in the next 1 to 3 days.

Our mentor Johnny Howell generously gave an extra 45 minutes of his time to explain drawing of long term trend lines using parallel lines on weekly charts. It's so amazing to see past trend lines come into significance on Today's charts.

The Trading Room Technical Analysis techniques are like a crystal ball in my opinion. If you're serious about trading for a living, you must check out the trading room!

FREE PDF On Trading Entry Signals - Bullish Up and Bearish Down Days

Prior to joining the trading room, I would spend ALL day examining the charts for my watchlist... painfully looking for a trading opportunity. I wasted so much time! Then, on just my first session in the trading room, I discovered how to identify potential trading opportunities in a matter of seconds... it's all to do with the day's "price bar".

Basically, what I've learned from John in the trading room is that you need to identify the day as either "bullish up" or "bearish down" or "rubbish day". If it's an up or down day, then you should spend time checking indicators etc. (stuff you learn in the room). If it's a "rubbish day", then the magic word is "NEXT" and you don't need to waste any more time on that stock.

THIS SAVES ME HOURS AND HOURS EVERY DAY!

To help you get the gist of what I'm talking about, check out this PDF written by John Howell - my trading room mentor. NOTE: If you get an Adobe Acrobat error when clicking this link to open... you can work around it by just right-clicking to save the file to your computer and then open it from there... here is the free PDF Trading Room Price Bar Entry Signals. Enjoy.

Example Options Trade WOW - ASX Woolworths Bought Puts

Just an example of the type of trades we place in the Planet Wealth Trading Room.

Disclaimer: This is NOT a recommendation in shape or form. I am not a financial guru!

Entry Signal 22nd July 2008 - Bought WOW $20 December 2008 Puts

Reasons for Entry:

• Head & SHoulders formation on weekly chart
• Proprietary indicators we use in the trading room are bearish
• 22nd saw a bounce of a significant area of resistance (= also daily H&S neckline)

This is a longer term trade.

When you come into the trading room, you will learn all the indicators our mentor uses to create winning trades. And most importantly you will learn when the enter and when to EXIT a trade such as this one.

The room teaches trading through technical chart analysis. Usually Johnny Howell (room leader) trades options (puts/calls) but you could use the entry/exit signals for any form of trading. For example:

• straight options - buy/sell puts and calls
  
• option spreads & strangles
  
• CFDs
• buy & hold stock
• basically any form of trade

If you're interested in learning from the best, the best way to see for yourself is to check out the "intro video" here. Johnny Howell's Trading Room Intro Video at Planet Wealth

Learn from my trading mentor

I'm starting this Blog to chronicle my journey on the road to become a professional trader on the ASX. As a newbie trader, I lost half of my trading funds on the ASX (Australian Stock Exchange) during the market collapse of 2007/2008. Sadly, these were borrowed funds on a Home Line of Credit! I'm now paying 10.5% interest on this loss.
Since then I've been searching for a system I could to trade for a living... and I'm finally in the right place.
With the help of an amazing mentor by the name of Johnny Howell, I'm learning how to trade like a PRO.
Along with a few others, I am part of a "trading room" run by John Howell. He teaches us entry and exit signals and coaches us in psychology and mindset. Since joining the room, I have been in PROFIT! Yay.
I'll be posting results from the room shortly... while you wait, check out the room for yourself. If you desire to become a professional trader on the ASX, you won't be disappointed.

Planet Wealth Trading Room with Johnny Howell shows you how to trade like a pro!