Several readers commented on the ChartsEdge maps and so here are some comments of mine in response. Yes, it's frustrating when an analysis or setup doesn't work out. Lately the ChartsEdge maps haven't been so predictive - especially past the opening hours. One point I'll make is that there have been many times in the past when they've worked great, so I prefer to cut them some slack and keep posting them. Another is that ANY setup should be abandoned if/when it's not "working" .... And, ANY setup can go wrong. Having said all that - yes, it's frustrating, and this market has been surprising pretty much everyone I know, and myself, with how high we've risen this month. I present several analysts' public work in addition to what I'm seeing; at times, they all see the same but other times they differ. This is one of those times. I know Andre Gratian has a handle on it, as he's updating to his subscribers. And Tony Caldaro too, so remember to read his daily updates (via the feed from his site, at right).
The ChartsEdge maps do gain more predictiveness when they "agree" among the 3 or 4 types - the BP, Pattern Recognition, daily portion of their weekly cycle, plus their newer TCI. From their public site today, we've got their BP map. It's the one that normally indicates what traders' mood is likely to be. A version was posted this morning at (and my thanks again to Mike Korell), from ChartsEdge Daily Maps at http://www.chartsedge.com/wp/, but as of this writing seems to be the map for 3/16, so I'm going to insert the Pattern Recognition chart for today.
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Posted: March 17th, 2010 | Author: Mike Korell |Filed under: One-Day Market Map | No Comments »
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