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Mentor Mike’s Daily Turning Points for Friday 7/15/11

Mentor Mike’s Daily Turning Points for Friday 7/15/11
 

 

You don’t need to master complex cycle theories or pay to join some elite trading group in order to recognize and utilize daily turning points. I can teach you how to spot them and exploit them with conventional technical analysis.

Scoreboard

EUR/USD: 2 wins / 0 losses; ES: 3 wins / 0 losses

 

Chart Chat

Today I increased my MACD histogram parameters to 144/377/89.  This means it is above zero when price is above the 144 MA and below zero when price is below the 144 MA.  I took trades only when the MACD and Stoch were aligned.  E.g., on the EUR, the histogram was negative so I only traded short and only when the Stoch was bearish.  On the ES, the histogram was positive so I only went long when the Stoch was bullish.  Both markets displayed LO-HI-LO configurations – the opposite of yesterday.  Have a great weekend.  Be back Monday.

 

Please click on the charts below to make them larger.
Chart #1
Chart #1

 

Chart #2
Chart #2

 

 

 

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