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Mentor Mike’s Daily Turning Points for Friday 10/21/11.

Mentor Mike’s Daily Turning Points for Friday 10/21/11.
 

Every freely-traded market makes a series of turning points during the day session of the regional stock market.  You don’t need to master complex cycle theories or pay to join some elite trading group in order to utilize daily turning points. I can teach you how to spot them with conventional technical analysis.

 

 

Scoreboard

ES:  4 wins / 0 losses

 

Chart Chat

The chart template I’m using today is a hybrid combination of my standard 8/34/144 MA trio and my “Trading Chaos” 5/13/34 trio.   As I have often said, there is no magic in any indicator or combination thereof.  The object of technical analysis is to find an alignment of momentum on multiple time frames.  That is an absolute; a “Cosmic Truth of Trading,” if you will.  But, how you bring the concept to reality requires only two criteria: 1) stay in your comfort zone and 2) create winning trades.  Reading charts is not unlike reading the printed word.  Sometimes larger print, a different font or a brighter color ink can better catch the eye and register on the brain.

Today’s pattern was a HI-LO-HI with a slight skewing toward the later end of the day session.  Have a great evening and weekend.  Be back Monday.

Please click on the chart below to make it larger.
Chart #1
Chart #1

 

 

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