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Mentor Mike’s Daily Turning Points for Thursday 10/13/11.

13 Oct Posted by in Mentor Mike's Market Movie | Comments Off on Mentor Mike’s Daily Turning Points for Thursday 10/13/11.
Mentor Mike’s Daily Turning Points for Thursday 10/13/11.
 

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: 6 wins / 0 losses

 

Chart Chat

It looks like the ES has finally made that HI on the daily chart.  Check out Chart #2, below.  It is a 60-minute ES chart.  You can see that last night’s price action has flipped the long-term Parabolic to bearish and crossed below the green-dashed 34-bar MA.  You can also see that the last daily turning point was the LO on October 4th.  On the 3-minute chart (Chart #1), the green-dashed MA is 610 bars making it the closest Fibonacci equivalent to its counterpart on the 60-minute chart.  In general, we can expect the best triple-alignment, with-the-trend trades to be bearish for the next few days.  Today’s pattern is a HI-LO-HI.  Have a great evening.  Be back tomorrow.

Please click on the charts below to make them larger.
Chart #1
Chart #1

Chart #2
Chart #2