Wednesday, May 20, 2009

Just before the close

120 minute swing trade chart




A

6 comments:

charles said...

Allan,

I really enjoy reading your blog, I came across it at the recommendation of a friend.

I am new to trading, and have been taking up the study of chart analysis recently. MI have a few questions for you: What exactly is this chart showing in regard to the last 120 minutes of the trading day today (What is it's significance)? What do the numbers and letters on the chart represent? And, finally, can you recommend any books that have helped you in analyzing charts?

Thanks in advance!

-Charlie

in the mountains said...

Hi Allan,

I'm guessing that chart is a wave count showing the move up today, right? As of the time of that chart, that count was possible, but now that ES is dropped to below 900, I'm guessing the EW software has revised the count and shows that 5 waves up completed at the high today, right?

Some traders are thinking we may be on the way down now. At least for a while.

Good luck!

Anonymous said...

What does it mean? Please, I don't want to learn. Just want to follow. Baa-aaa-aaa.

Anonymous said...

Yes, everyone is looking for a top. Dont expect it to happen.

Allan said...

I had to leave early today, but wanted to put up the Blue Wave SELL SIGNAL on the Swing chart before I left. Because of previous FORECASTS, I am taking all SELL SIGNALS very seriously.

Anonymous said...

just that everyone is looking for a top, it can still be a top !!!