Close

Mentor Mike’s Daily Turning Points for Friday 9/23/11.

Mentor Mike’s Daily Turning Points for Friday 9/23/11.
 

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 recognize and utilize daily turning points. I can teach you how to spot them and exploit them with conventional technical analysis.

 

Scoreboard

ES: 9 wins / 0 losses

 

Chart Chat

Today I’m using a version of my “Trading Chaos” template inspired by the book of the same name by Bill Williams.  I also made the red, 34-bar MA a dashed line as well as the zero line on the CCI and 50% line on the dual Stochastic.  Obviously, these lines are all correlated.  The MA defines the trend.  When price is above the MA, the CCI will be above zero and the Stoch will be above 50.  The bearish version is likewise true.

We can see a HI-LO-HI pattern that is somewaht compressed and skewed toward the later end of the session.  Have a great weekend.  Be back Monday.

Please click on the chart below to make it  larger.

ES Chart Daily
Today’s 3-Minute ES Chart

 

 

 

Leave a Reply