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:  6  wins / 1 loss       

Special Announcement

I’m working on my new video blog using Camtasia to create a daily “Market Movie” showing how the ES moved throughout the day and where the trade opportunities opened up.  I hope to launch this new VIDLOG just after the first of the year.  If this works well, it could be a prelude to a live, hosted trading room.

Chart Chat

Today’s pattern was a picture-perfect LO-HI-LO.  My one loss was due to a shorter drop on Wave 5 than I was anticipating.  I failed to notice the gentle upperward tilt of the red MA.  If I had, I might have passed on the trade, but I can’t say for sure.  I still finished well in the money.   Have a great evening.  Be back tomorrow.

Please click on the chart below to make it larger.

Today’s 3-minute ES chart