Tony: Founder of KhronoStock.com and KhronoStock Blog Network
Update on Hang Seng China Enterprises Index from KhronoStock contributor Joseph of TradingPoints.net.
July 22, 2009 4:49 PM
Prices sold off sharply in the last 90 minutes of trading after tagging the R2 resistance level @ 11,577. Additional weakness below Wednesday’s daily low & close of 11,483 should test 11,333, the next level of hourly symmetry support.
Daily Trading Signals
The following signals were generated for 23 Jul:.
Low Continuation Signals are triggered when the preceding trading day exhibits a bearish trend move and closes fairly weak within the bottom of the day’s trading range. The signal implies additional downside following a generally weak close.
The 2 period ROC Bearish Indicator should be used more as a guideline, as it is a signal prone to whipsaws. The ROC Bearish indicator works best in choppy markets or after a compressed trend move has occurred. The method is based on George Taylor’s trading technique. Taylor observed there was a natural rhythm to the markets and that every 2 or 3 days (or more accurately every 2 or 3 periods) would cycle between buy and sell days.
Based on the price action over the past three days, this signal quantifies that a sell signal triggered on the close of the previous day. The bearish indication is best used in conjunction with reversal signals triggered for the current day’s trading.
An Outside Day occurs when one day’s high is higher than the previous day’s high, and its low is lower than the previous day’s low. This is often taken as a signal that the market is about to make a move in the direction of the close, but more accurately a break of the previous day’s high or low sets the directional bias for the day’s trading.
Today’s daily pivot is 11,567, and the weekly pivot is 10,856. Price action above the daily pivot is bullish.
The HSCEI normal trading range is projected to be 11,344 – 11,618.
The HSCEI extended trading range is projected to be 11,240 – 11,722.
Specific price levels and projections are discussed on the charts below.
Short term 60 Min
60 min chart is very extended. An hourly close < 11,518 and the market should test 11,333
Daily
A daily close > 11,616 and prices are likely to test 12,007. Symmetry support moves up to 10,534-10,638.
Weekly
The weekly oscillator crossed bullish on Friday 17 Jul.
Long Term support 8,774, a weekly close below this level argues for much lower prices.
Updated Hourly, Daily, Weekly charts with additional Fib support and projection levels are posted below.
Support & Resistance Levels and Daily Signals are posted in each section.
[Removed, but not by Tony. Mind your manners and stick to discussing INVESTMENTS based on evidence and logic. Otherwise the rest of the team will remove your messages and all replies to them without another word of explanation.]
thx Tony, for posting Joe’s site. Joe’s site kicks butt,,,,for sure. Thanks Joseph for the fine work you do. I’ve noticed TOS has a pivot point indicator tool that automatically fills in the Pivots. Might save a lot of hassle figuring it out on your own. I sure like your explanations of the various chart patterns, everyday. Hope you are making lots of money. Or at least, a living, eh.
Tony, I don’t see much activity in the Forum section of your site, in awhile. Does ANYONE post on your site? Maybe this copy/paste will bring some money in to ya! Sure looks like an appealing offer to some, I suppose.
has 3min chartdude been actin’ up?? Don’t get mad at him and put him back to ’1Min’. lol.
I sure hate missing that 25 bagger last week on the spy calls. dangit. I can’t trade, usually. At least about half the time. Can’t make a website either. nevermind.
Anybody got any ideas for option trades? Post away!!!! I love the action. Especially when the timing is right.
KhronoStock Referral Reward Program
Postby khrono » Sun May 17, 2009 12:34 am
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Hi Ed,
Thanks for the comment. I have not done anything to 3min and I personally do not really care about what he does as long as he does not post subscriber only information on public sites. However, I cannot control what the StockTock team can do to his seemingly obnoxious behavior.
Anyways, we are about to reopen our public forum and I don’t know why people do not post on KhronoStock blog under our contributors’ articles. As long as people can benefit from KhronoStock’s public information, I am happy.
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