The highly anticipated DM sell signal went swimmingly well for those of us in position today, but now the question arises: the signal went away on both the daily and hourly charts today, so the road is a little more foggy, but we'll watch the charts, keep all eyes on any and all other pertinent TA signals and trade carefully. It was mentioned by Fuji that volume was once again on the light side, and although I agree, I also see that as a potential game changer in the works. Why? Well, because light volume has meant helium filled ramp jobs, and that trick didn’t seem to work today, so it’s those little changes that we need to monitor. ( kind of like that repetitive pattern of every Monday is a slam dunk bull run- as Bob Dylan sang, “The times, they are a changin’?) I'm going to keep my usual blather to a minimum tonight so as to let the charts do the talking. As DDT said, and I'm sure most of you feel at this point, it is a complete pleasure and honor to be trading with this group, and on days like
this it's simply stunning to watch things unfold. This takes a whole lot of effort from each and every one of you each day, and anyone who thinks there aren't long hours and hard work to prep a plan like this have never traded a tape like we've had these past months. Many, many thanks to everyone. The skills are becoming better with each passing day for all of us. Let’s move on to some charts. Before I forget, the economic calendar tomorrow will include Benny speaking (somehow he disappeared from the radar yesterday,) and will also include: MBA Purchase Aps at 7:00 AM, New Home Sales at 10:00 AM, Petroleum Status Report at 10:30 (good luck oil traders!) and a 5 Yr Note auction at 1:00. Looking ahead to Thursday- Durable Goods and Jobless claims at 8:30 AM, followed by another appearance by Benny at 9:00 AM.
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In honor of Alpha’s Renko charts, I can’t think of a better song for our
FX traders tonight! Good luck TTW team!
EDIT to ADD: In our never-ending quest for continuing trading education on TTW, I thought I’d mention a free webinar featuring Corey Rosenbloom tomorrow, Feb. 24th at 4:30 PM EST on “Trading Intraday Momentum and Market Internal Divergences.” If you’re interested click here to register.
DDT here – thought since I am in the critical mood ( is it derived from "cretin"?) I give you performance ratings of "gurus"
