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Mentor Mike’s Daily Turning Points for Tuesday 1/31/12.

Mentor Mike’s Daily Turning Points for Tuesday 1/31/12.
 

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

 

 

Scoreboard

ES: 6 wins / 1 loss       

Video Blog Coming

I’m still working on my new video blog and I will be debuting it just as soon as I can.

Chart Chat

I’m still not sure what spooked the market this morning, but I saw a 5-point move go up and back down in about one second.  I had my first loser of the New Year on my first attempted short trade.  The signals looked good.  Even though price was above the long-term MA, we had a bearish RWB alignment.  When I started to finally guess the pattern, I almost pulled the plug with one tick of profit but decieded to wait for my target.  Price touched my target multiple times, but no fill.  Such is life.  Thanks to the subsequent bearishness, I got back in the black quickly.  Today’s pattern was a three-point HI-LO-HI with the points relatively close to their predicted times.  Have a great evening.  Be back tomorrow.

Please click on the chart below to make it larger.
Chart #1
Today’s 3-minute ES chart

 

 

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