Close

Mentor Mike’s Daily Turning Points for Tuesday 8/23/11.

Mentor Mike’s Daily Turning Points for Tuesday 8/23/11.
 

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: 9 wins / 0 losses

 

Chart Chat

In the momentum oscillator pane on today’s chart, I am using MACD lines, but the histogram is from a CCI – Commodity Channel Index.  It is a bit of a cross between the MACD and Stochastic.  Like the MACD, the CCI is an open-scale oscillator with the zero line running through the middle.  But, more like the Stochastic, it is very good at showing overbought and oversold signals.  There are parallel yellow lines at +100 and -100 on the scale.  These mark the overbought and oversold zones.  I’m also using a 1-min chart with a similar setup.  I look for alignments of the 5-min and 1-min MACDs and/or CCI histograms.

Today’s ES had a well-formed LO-HI-LO.  Have a great evening.  Be back tomorrow.

 

Please click on the chart below to make it  larger.

ES Chart Daily
Today’s 5-Minute ES Chart

 

 

 

Leave a Reply