Jack Schwager has been around for years, writing
a series of books with the general theme of “Market Wizards”. His method is to
get access to highly successful traders, many of them legends, interview them
and present the outcome in his books with his own insights.
He
has now distilled the wisdom garnered by him over time and reproduced them in
his latest work, which is called “The
Little Book of Market Wizards”. He has also come up with five basic principles
that each of the successful subjects would adhere to. They are reproduced in
the graphic above and he talks about them to Jeff Macke on the Yahoo Finance
Breakout program. It is interesting in the extreme and you can access it here:
Good
employment figures in UK
As previously flagged, sterling against the US
dollar (GBPUSD) is in an upward trend. Yesterday’s minutes from the Bank of
England did nothing to affect this situation, as they were as they were
expected to be by the market. What surprised, to the upside, was the outcome of
the Claimant Count Change, a measure of unemployment, which was announced at
the same time. The drop in this figure was significantly larger than expected
by economists and went to reinforce the tendency of Cable, as the pair is
known, to increase.
This
pair has to clear a significant resistance level in a meaningful way before
we can take a position, but we have it under review.
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