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: 4 wins / 0 losses

Special Announcement

I’m working on my new video blog using Camtasia to create “Mentor Mike’s Market Movie” – a daily video 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 with a video recap at the end of each day.

Also, please be advised that I will be on my Holiday Vacation from Friday, 12/23/11 through Monday, January 2, 2012.  I’ll be back in action on Tuesday, 1/3/12, when I’ll hopefully have my prototype VIDLOG ready for your first review.

Chart Chat

When the price drops substantially early in the day, the market will often go into a sideways consolidation for the rest of the day.  Accordingly, I took just four trades and quit relatively early.  Today’s pattern was a very stretched and elongated 3-point HI-LO-HI with the first HI early in my personal premarket and the last HI right near the close.  Have a great evening.  Be back tomorrow.

Please click on the chart below to make it larger.

Today’s 3-minute ES chart