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Mentor Mike’s Daily Turning Points for Friday 8/19/11.

Mentor Mike’s Daily Turning Points for Friday 8/19/11.
 

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

ES: 7 wins / 0 losses

 

Chart Chat

Starting next week, I am going to revive an old pratice of mine that came to be known as “M5.”  That stands for “Mentor Mike’s Monday Morning Mentoring Moments.”  These are short, mini-lessons in various aspects of technical analysis and/or money management.  I will begin with some previews from my next Ninja Trader webinar currently scheduled for November 4th.  Its working title is “TECHNICAL ANALYSIS: what it is, how it works, and why it is indispensable to good trading.”

Today’s ES reveals a LO-HI-LO configuration skewed toward the beginning of the NYSE day session.

I knocked off early today to catch a bargain matinee of the latest summer blockbuster in 3d: CONAN THE BARBARIAN.  I read these pulp fiction stories by Robert E. Howard when I was in college and grew fond of that character.  As a retired trial lawyer, there is a certain fantasy appeal to settling disputes with swords and sorcery instead of with piles of paper shuffled by rubber-stamp-wielding bureaucrats.  Have a great weekend.  Be back next week.

 

Please click on the chart below to make it  larger.

ES Chart Daily
Today’s 5-Minute ES Chart

 

 

 

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