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: 7 wins / 0 losses

Chart Chat

The daily HI was either very short-lived or it still isn’t in.  As always, time alone will tell.  Today’s Chart #2 is a 15-minute chart.  Its green dashed MA is 144-bars, the approximate equivalent of the green-dashed 34-bar MA on the 3-minute chart (Chart #1).  Chart #2 shows us the bigger picture while Chart #1 gives greater detail.  Today’s intraday turning point pattern was another HI-LO-HI.  Have a great evening and a great weekend.  Be back Monday.

FYI, I am giving a reprise of my last webinar: TECHNICAL ANALYSIS – what it is, how it works, and why it is indispensable to good trading.  It’s sponsored by TradeWins publications and will be 9am to 10am PDT tomorrow, Saturday, 10/15/11.

Please click on the charts below to make them larger.

Chart #1

Chart #2