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Mentor Mike’s Daily Turning Points for Thursday 8/25/11.

Mentor Mike’s Daily Turning Points for Thursday 8/25/11.
 

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.  The day trader who knows how to spot these turning points has a tremendous advantage.  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: 6 wins / 0 losses

 

Chart Chat

Once again, I’m using a 3-minute chart with the CCI/MACD combo.  I have labeled this particular chart template, “TRADING CHAOS” in honor of the book of the same name by Bill Williams.  Bill discusses using a trio of moving averages: 34-13-5.  Those are the parameters of my RED, WHITE & BLUE MAs on this chart.  The ES made a picture-perfect HI-LO-HI configurationHave a great evening.  Be back tomorrow.

 

Please click on the chart below to make it  larger.

ES Chart Daily
Today’s 3-Minute ES Chart

 

 

 

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