Posted: September 3rd, 2009 | Author: Mike Korell |
Filed under: One-Day Market Map | »
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Thanks once again, Mike and ChartsEdge!
For those those commenting on when these maps don't predict each day with 100% accuracy, I recommend you visit the ChartsEdge website and/or my NB3 site where I've posted the ChartsEdge information on how these maps are made, and what they represent, and how to use them. I never recommend these (or any other trading tool) be used on a "set it and forget it" basis.
When you're risking your (presumably hard-earned) cash each day speculating in the markets, or even more so if it's the hard-earned cash of others, you check and double-check your trading idea, then after taking your position watch to see if it's working as planned. If not, chalk it up to market bias running the other way, etc., exit and either stayin cash or do something else where you're confident of having an edge.
Also, the ChartsEdge maps can normally be looked at about mid to late morning to see how well they're pointing. Finally, none of the ChartsEdge forecasts should be relied on for absolute price levels, and not always for relative levels. They point toward cycle highs/lows and the probable trader tendencies.
Market action this week like natural gas dropping and gold popping have generated more comments, much appreciated. I read them all and respond when I can. Being on vacation has made that more challenging but be assured that I and other readers are reading them.
Futures, and today's map, indicate the bounce that Andre described to his subscribers, Tony mentioned in his update last night, and I saw in the technicals and mentioned in a post last night (either here or at ubtnb3 blog)(all sites mentioned in this morning post, with links at right). As always, careful out there, and happy market navigating!
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