Today was one of the better trading days. The day started with a continuation of yesterday afternoon's down move. The lows were reached just before the US open where a rise in volume with little progress down followed by light downside volume indicated the downtrend was over (1) and a first long trade. Accumulation then became apparent along the 1765-6 level, which led to a … [Read more...]
The Damage
We've been discussing the likelihood of a significant pullback in Deep Practice for the past several weeks. The monthly chart of the S&P cash market shows an overbought position in the trend channel. Because it is occurring on the monthly chart, the odds of a significant move becomes more likely. The market sell-off that began last Thursday is the beginning of the monthly … [Read more...]
Narrow Range Resolves with Volatility
As is often the case, the narrow range day painted on Wednesday led to increased volatility yesterday. Several traders emailed with fine examples of trades made in the weakness. Nice job! In Deep Practice last night, we discussed this weakness and what the likely resistance levels would be for yesterday's afternoon rally. You can see those depicted in the green bands and … [Read more...]
Free Webinar was “Fantastic!” You can now View the Recording.
We just finished an excellent free webinar on reading the market bar-by-bar. It ran for a little over an hour and went into some depth on assessing the market by its primary language: price bars and volume. We also briefly discussed what will be covered in the webinar on bar-by-bar chart reading next week. Access & Comments We’ve put the recorded webinar on our website … [Read more...]
Free Webinar Today!
Please Note: I made a mistake in the time. The free webinar starts at 5:00 ET, not 4:00. A little later today at 5:00 Eastern Time, we'll be holding a free webinar on reading price bars and volume bar-by-bar. We've had several emails asking what will be covered. We try to pack in a lot of good information for traders in the work we do, including the free stuff. In the … [Read more...]
