Posted 7:00 a.m. Yesterday ended with a bull trend, but there were many dojis. That two sided price action continued today, and the Emini opened with a limit order market. Experienced traders are scalping with limit orders, but most traders should wait. It is still always in long, but it is in the middle of […]
Intraday market update, February 4, 2015:
Intraday market update, February 3, 2015:
Bull trend reversal or a pullback from the breakout
Posted 6:50 a.m. The Emini opened with a big gap up and a big bull trend bar. This is another buy climax and it follows several yesterday. When the market has a series of buy climaxes and is far above the moving average, its initial upside is usually limited to 5 – 10 bars before […]
Intraday market update, February 2, 2015:
Sell signal on the monthly candle chart
Posted 7:07 a.m. Since yesterday ended with consecutive sell climaxes, the odds are that there will at least a 2 hour trading range or rally at some point after the initial selling. The bears got an opening reversal down from the moving average and a breakout below last month’s low. This was the monthly sell […]
Emini weekend update: January 31, 2015:
Sell signal bar on the monthly candle chart
Monthly S&P500 Emini candle chart: Sell signal bar in overbought bull trend The monthly Emini candle chart formed an ioi setup with this month’s close on Friday. Since the monthly candle chart is overbought and at the top of the channel, this bear signal bar increases the chances of a profitable short on a breakout […]
Intraday market update, January 30, 2015:
Buy climax yesterday so a pullback today is likely
Posted 6:50 a.m. The Emini opened with a big gap down. Big up yesterday, big down today means big confusion and increases the chances of a trading range. The second and fourth bars were bear bars. This is bad follow-through after the strong bull bars, and that increases the chances of a trading range. Yesterday […]
Intraday market update, January 29, 2015:
Sell climax so a minor trend reversal is likely
Posted 7:37 a.m. There was some initial follow-through selling, but the bulls are still looking for a two hour rally. They do not yet have a credible bottom, nor do they have a bull breakout. They need a better bottom or a bull breakout. Otherwise, the bears might get a bear breakout below the tight […]
Intraday market update, January 28, 2015:
Breakout mode and there is an FOMC report
Posted 6:54 a.m. The Emini opened in a limit order market. Since the market is in the middle of a 3 week trading range, it is in breakout mode, and there is an FOMC report at 11 a.m. There was disappointing follow-through from the initial reversal down, and the reversal up has not been strong […]
Intraday market update, January 27, 2015:
Double top bear flag
Posted 6:57 a.m. The Emini opened with a big gap down, but had early trading range price action. This often is the start of a sideways to up move to get closer to the moving average. At that point, the Emini decides between an opening reversal down and a trend up. The downside is probably […]
Intraday market update, January 26, 2015:
Pullback before another breakout attempt
Posted 6:51 a.m. The Emini opened with the biggest bear trend bar of a 30 bar bear trend. This was more likely an exhaustion gap than a measuring gap. However, when the channel is as tight as it is, the first reversal up usually forms a trading range and not a trend reversal. The bulls […]
Weekly Forex update, January 24, 2015:
Sell climax and an exhaustion gap
Monthly Forex EURUSD candle chart: Strong bear breakout below head and shoulders bottom The monthly EURUSD Forex chart is in a strong breakout below a head and shoulders bottom. A failed bottom usually falls for at least two legs and it typically reaches a measured move projection. The monthly Forex EURUSD candle chart is breaking […]
