Hi Everybody,
This is exactly why I talked so much about the Cyclical Nature of Trading, on Friday, after such a hard day on Thursday. I was trying to tell you that a good day was overdue and guess what ? That is exactly what we got on Friday !!
First lets set the scene with the larger degree 15min trend. As you can see, the 15min YM had an automatic DP sell, so the decline on Friday should have come as no surprise to any of you.
Then, the decline continued to reach the level of a prior important low. So after such a sharp fall, and the 15min chart staring to rally off this level, the 15min trend changed to up in the afternoon.
So we had a down trend in the morning (sells), then an uptrend on the afternoon (buys), so let’s now turn to the 3 and 5mn Charts to see what we had....
Thanks, Steve
This is exactly why I talked so much about the Cyclical Nature of Trading, on Friday, after such a hard day on Thursday. I was trying to tell you that a good day was overdue and guess what ? That is exactly what we got on Friday !!
First lets set the scene with the larger degree 15min trend. As you can see, the 15min YM had an automatic DP sell, so the decline on Friday should have come as no surprise to any of you.
Then, the decline continued to reach the level of a prior important low. So after such a sharp fall, and the 15min chart staring to rally off this level, the 15min trend changed to up in the afternoon.
So we had a down trend in the morning (sells), then an uptrend on the afternoon (buys), so let’s now turn to the 3 and 5mn Charts to see what we had....
Thanks, Steve
Posts
