Trader’s Market continues to double top.
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Trader’s Market continues to double top.
First of all I would like to welcome all the new members of the group. I have not been posting new charts, but will begin to post new charts in the following weeks. I have been out of the country for the last 5 months, where Internet connections have been difficult. If you have any questions please post them in the group and I will try to answer them as soon as possible. You can also use the search function in the yahoo group to search for previous posts that may contain the answers to your questions also. For those existing members, a word of thanks for your support and comments. I wish you continued success in your trading endeavors. If anyone has any charts they would like to post, please feel free to share with the members of the group.
The market’s unexpected rise may have fool most small investors, however those who were watching the harmonic signal lines on the daily chart should have been prepared for the quick rally seen on Friday. I was watching the number of future trades in the 1000’s pushing the market higher as it reach the yellow signal line on the daily Dow chart. This was the second attempt at penetrating the yellow daily signal line, and the hedge fund managers made sure there was ample ammunition to the demand side of the market. Prudential started the ball rolling on Thursday, upgrading the Sox index in the middle of the day, and stabilizing the “fast money” chasing returns. Friday’s economic news was nothing that inspiring, but the futures pushed higher to break the yellow daily signal line, causing a buyers panic and short sellers covering. Since the market trades within a trading range, as defined by the harmonic heartbeat about 70% of the time, Friday’s market action was indeed a rare break out to start forming a double top. The next three trading days have a 50/50 probability of continuing upward to Jan. highs, where there should be profit taking and another 6-9 days of consolidating. Keep your eyes on the green and yellow signal lines crossing upward or downward for short term entry an exit points for intra day profits. In a normal market, without 50% program trading, Monday could be a quick reversal to the down side back to the green signal line. Friday’s advance decline line was positive, possibly suggesting an overbought position in the market for some quick profit taking on Monday.
The outlook for short-term intra day traders is excellent using a multiple time frame charts. First, using a 1 or 2 min. chart as your short term entry or exit points, then using a long time framed chart of 5 or 6 minutes for major intra day support and resistance. Looking back over the last 3 trading days, the harmonic heartbeat and the daily chart’s signal lines defined the trading range. For those not familiar with my trading style, the intra day charts are from opening bell to closing bell, with all session trades plotted over the previous 3-4 trading days. While daily charts are plotted over the last year with the signal lines defining the support and resistance level during intra day trading. I have chart examples in the file section of this yahoo group. Good luck trading
God Bless
Doc
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