Saturday, September 26, 2009

Two Very Useful Resources for Traders

* MARKET DASHBOARD - Suppose you could have gauges on a dashboard that could give you important market readings, just like in your vehicle? Well, it looks as though Jeff Pietsch of Market Rewind has developed just such a set of tools, which he calls Mrkt Metrics. There is a gauge of daily sentiment based upon trading patterns among major sectors; a short-term overbought/oversold gauge; gauges for short-term, intermediate, and long-term trends; and a measure of market normalcy that tracks how far prices are from their mean levels. It's a great idea for a quick, visual view of how the market is trading.

* TRADING WITH MARKET PROFILE - Matt Fahmie has been posting very useful Market Profile perspectives on his Trade Order Flow blog, including video views of failed auctions; guidelines for trading with the Profile; and commentary on recent markets. There are good insights on the blog, particularly for those trading on a swing time frame.