Yesterday was a bit of a disappointment if you were a BULL but not to worry, as there were opportunities to trade the BEAR side. My working charts are the 30m with the 5m for precise entry/exit. My first rule of thumb is only look for qualified BUYS if PRICE is above the 100SMA 30m and qualified SELLS if PRICE is below the 100SMA 30m . . . simple but it's keeps me disciplined in my trading.
When PRICE failed yesterday with a move above the 100SMA (blue) it was clear it was not being qualified by other information and I make no apologies for using the ADXDM . . . was not on a positive slant and DM- remained above DM+ during the negative slant bar a short cross over which has to be ignored if is heading down. Come 1pm GMT the charts indicate a SELL on its way with PRICE below the 100SMA / going positive again / DM- back in charge / 10/20EMA cross over to the downside . . . the target is clear from the 5Day AvDaRa. I know it's never easy to swap camps but if you've done your homework and know the road map, then fear can be put to one side.
Today's chart (I've put yesterday's 5 Day AvDaRa on there too): Expanded regression channel to Pearson's max count (this is stuck in time on the chart but the end point could be stretched out if Pearson's increases by doing so). PRICE is now banging on the door of the original channel and top of the RegCh. is down and DMs are bunched. 10/20SMA a fraction positive on these charts but not on my working ones.
As I write PRICE is in no-mans land until the BULLS and BEARS sort out who is the stronger. I can't see anything on the news front that's going to make a huge amount of difference but there's always room for a caveat in that department in the current climate :)
PRICE is currently below the 100SMA . . . whilst it's below, I can only responsible look for qualified SELLS . . . I'm a conservative trader after all . . . you may be different.
GL - DYSWIS
NB: As I said in the original post, I use 30m for the road map and 5m for entry . . . layer cake as I call it for finer entry points and signals. Exactly the same indicators on both.