We finally got that ‘oversold bounce’ we’d been anticipating – though that was an understatement! Let’s step inside Tuesday’s “Trend Day” action to see how one could have profited from the intraday structure and managed risk accordingly. DIA 5-min (March 10, 2009): First, the daily structure (in terms of two dojis in oversold conditions at…
That’s quite an ambitious headline, but it seems the US Equity Market is more than ready for a counter-trend retracement rally up. Let’s look at the S&P 500 to see the structure and how far the rally might last. S&P 500 Daily Chart: Friday’s close and Monday’s close both resulted in dojis in deeply oversold…
What a day! Monday’s (March 9th) intraday price action shows why it’s so important to go back and annotate the structure and “idealized trade set-ups” so you can recognize it quicker as it develops in real time in order to apply the most appropriate trading strategies early. Let’s step inside Monday’s 5-min DIA action: Let’s…
I’ve been watching Crude Oil very closely to see if we’d ever get a reversal as expected off these lows. Let’s take a look at the Daily Chart to see where we are and whether a possible reversal to the upside might be developing. (Click for larger image) Are we finally getting that reversal that…
A reader recently asked me to look into the possible Edge or strategy performance results from using the DMI+ and DMI- crossovers (components of the ADX Indicator). Let’s see the results, describe the strategy, and see how it performed. The line of thinking goes that when DMI+ crosses above DMI-, then an uptrend is in…
Let’s take a look at India’s Nifty Index both on a Weekly and Daily view and look at an alternate Elliott Wave count and vital support and resistance numbers. $CNXN Nifty Weekly: I’m going to use this post to explore some possibilities instead of giving an opinion on the likely direction due to the price…
One would think everyday consumer staples stocks would at least hold their own during a recession but Johnson and Johnson (JNJ), who make numerous household products we use every day, suffered a significant downswing in price over the last two weeks, hinting that not even “very safe” stocks (to hedge with, or for those who…
With the media discussing the six stocks that fell beneath $10 in the Dow Jones Average, let’s also compare that to the number and percentage of stocks that have fallen beneath $10 per share in the S&P 500 – you can also use this chart as a quick reference. Stocks Under $10 on the S&P…
While the Stock Market gave us a Trend Day Down, Gold gave us a powerful trend day up. I thought it would be more appealing to look at an upward-sloping trend day than a down one, plus it shows that the “ideal” intraday concepts I frequently discuss using the DIA, actually work for all markets…
Andrew Horowitz of the Disciplined Investor asked me to do a guest post for his readers on a basic introduction to Elliott Wave and to describe where the Wave Principle might be telling us we are within the 5-wave structure. Go over to Andrew’s site to see the full publication entitled “Where Are We in…