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

EUR/USD: 4 wins / 0 losses; ES: 5 wins / 0 losses

Chart Chat

I am back from Paris, London, Copenhagen, Stockholm, Helsinki, St. Petersburg and Tallin (that’s in Estonia).  I did manage to watch the BBC and CNN International in between sightseeing and eating.  It appears I missed some serious volatility surrounding the debt ceiling debacle and subsequent credit rating reduction.  I hope you all made fantastic profits while I was gone.

After three weeks away, I need to ease back into my regular routine.  So today, I focused exclusively on the ES and may continue to do so for at least the rest of August.  That market produced a good HI-LO-HI configuration with the middle LO skewed toward the early end of the session.

Traveling is one of the great perks of the trading lifestyle, but as Dorothy said, “There’s no place like home.”  It’s good to be back.  See you here again tomorrow.

Please click on the chart below to make it larger.

ES Chart Daily