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Mentor Mike’s Daily Turning Points for Friday 8/26/11.

Mentor Mike’s Daily Turning Points for Friday 8/26/11.
 

Every freely-traded market makes a series of turning points that tend to occur during the day session of the regional stock market.  They can range in number from two to four, but about 80% of the time there are three: HI-LO-HI or LO-HI-LO.  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: 11 wins / 0 losses

 

Chart Chat

Today’s 3-minute chart contains a fantastic LO-HI-LO configuration with no less than eleven good trading opportunities.  A peeling off strategy using 16 contracts would have netted a little over $17,000.  Not a bad day’s workHave a great weekend.  Be back Monday for the next edition of M5: Mike’s Monday Morning Mentoring Moment.

 

Please click on the chart below to make it  larger.

ES Chart Daily
Today’s 3-Minute ES Chart

 

 

 

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