Weekend Chart Roundup – Saturday 3 Nov 2012 (19:18)
Friday was a big reversal day as we bounced off a previous broken support level – in effect, support became resistance. We’re now staring down the barrel at 1,400 and breaks below support and into downtrends on all the risk on daily charts.
The cycle is now complete:
- 29 July 2012 “While we have weekly support levels the rally is on.”
- 29 Sept 2012 “I’m allowed to be a bear now we have weekly resistance in.”
- 19 October 2012 “The drop through daily support is a game changer.”
Now the market enters a new phase. I say – get prepared.
(and do your own analysis, don’t just listen to me!)
And traders kickin’ it …
From Paul M.
“Barry: Had to let you know that after a tough week I decided to change up things. I avoided all evening trades and got to my screen late this morning after all the news. When I saw a pullback that was going to fail and all the cycles looked weak I went short and pretty much stayed there until I was forced out by a 3pm CDT exit requirement. I used your basic trending rules where 1) it had not reversed by lunch and 2) that trend days end at the extreme and so I just let it ride. I captured 12 points and I would have had 15 if I had been allowed to go past 3CDT where it hit S2 my target of 1406. So, the indicators and cycles showed the direction, the pullbacks were used to re-enter as you recently taught us and the extreme at the end of the day was used to plan the exit. Without all this great information I’d be just guessing what to do on a day like today but your training gave me the confidence to hold on. Thanks for all you do.”
(trend days ending at the extreme wasn’t my discovery, thanks Larry Williams)
From Jeff P.
“I switched to tick charts. Much better. I’ve taken 7 trades this morning since about 6am mountain time and I haven’t had one loser. Pretty impressed with the Better indicators so far.”
(7/7 is just darn good trading, not just the indicators)
From Dallas S.
“Hey Barry, Had a great trade today, I don’t always get these so thought I would share. I am cautiously optimistic about my trading, and this is my longest trade so far, I figured there was a lot of ‘liquidity’ on Wall Street this week (ha, thanks Sandy!) so I took a chance and I stuck out this trade for 10 points today. Only one live contract but I’m still learning, and being conservative here. I’m glad I did not try to sit through the retrace that followed late in the day (Wednesday). Pretty Cool though. Thanks for what you do mate.”
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