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The New Trading for a Living Study Guide

Buy the rumor, sell the news...Traders' education...Special

First, a look back (people who do not study history are doomed to repeat it). In the previous issue of Books & Trades, in July, I wrote about "the market language" and pointed out multiple bearish divergences in several market indexes. A severe break took place in August (the month in which no Books & Trades was published). Let's take a look at the current markets...

In September the market collapsed, following multiple false upside breakouts and divergences, which were repeatedly pointed out in these letters. The S&P and most key indexes dropped not only below value (the zone between the two EMAs) but also below the lower channel line. There hasn't been such a severe decline since 2011. Just compare it with the decline in October 2014 when the S&P only touched its lower channel line and recoiled from it that same week.

The low points of such severe breaks tend to be re-tested. That's where pessimism grows very thick, while the downside pressure weakens, creating bullish divergences and pointing to buying opportunities. Have patience.

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ONLINE: September 23 (followed by Oct 6 & 13) at 6pm ET - Webinar - "Current markets with Dr Elder." Enter Dr. Elder's trading room from your own computer and watch him review stocks and futures. Send your picks to him and ask him to review them. An ongoing bonus for all webinar participants - receive an email each weekend giving you the results of bullish and bearish scans of the S&P500.

Special - videos

Video: Master Class with Gerald Appel

Join a unique intensive class conducted by a famous money manager. Gerald Appel is a groundbreaking technical analyst and the creator of MACD. He conducted his master class on four consecutive afternoons during a Caribbean Traders' Camp in 2003. Enter the world of a recognized master who generously shares his methods, tools, and techniques with a small and attentive group. The package includes Gerry's handouts with all the charts he used during his class.

Special: pay only half of its $165 price - only $82. Or pay $109 and receive this video together with Appel's other video - on Day-trading. To order the Master Class click here. To order both videos, please click here. Select either a download or DVD. Offer good through October 14.

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In Memoriam - Mark Douglas (1949 - 2015)

I received a message from Mark's wife (now a widow) in Arizona that he suddenly passed away last week. They were preparing to move back to Chicago...

Mark's first book, The Disciplined Trader, published in 1990, impressed me not only with its insights into trading psychology but also with his searing honesty. He wrote about having gone wild with an early success, overtrading, and running his account into the ground. He had to declare a personal bankruptcy and was divorced. Most people would have washed out of the markets - but Mark regrouped, analyzed his mistakes, and then shared his insights with others in his now famous book. I remember taking 16 pages of notes when I first read it.

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