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: 5 wins / 0 losses

Video Blog Coming

Everything takes longer than your best laid plans.  I’m still working on my new video blog and I will be debuting it just as soon as I can.

Chart Chat

I am always looking for a way to simplify the process of finding good entries and exits.  My latest chart template uses thicker lines for the red and white MA’s to improve our ability to perceive their curvature and thus their directional bias.  I have also replaced my beloved Japanese candlesticks with traditional OHLC price bars.  Candlesticks are the best overall price charting method and are indispensable in position trading where time is not as limited as in day trading.  However, when watching the market intraday, I have found that it is the MA and oscillator crossovers that are the important signals.  There really isn’t time to incorporate candlestick patterns into my analysis.  In addition, the candlesticks’ mixture of colors, shapes and lines can be a mild distraction that impedes my ability to see the more critical MAs.

Today’s pattern is a broad HI-LO-HI that I forgot to label before deleting the drawing elements on the chart.  The first HI was in the premarket; the last HI was at the close; the middle LO was skewed toward the open of the day session.  Have a great evening and be back tomorrow.

Please click on the chart below to make it larger.

Today’s 3-minute ES chart