It is time to update Top40 daily chart in order to see what the odds are for this new week.
Last week, after nice up day on Monday, market drifted lower. Close on Friday was at 23994, just a tad bellow 24000 mark. Market tested again 23.8% Fibonacci level for the current up move from March 2009 to early January 2010.
Stochastic (was overbought last week) is around 50 now. RSI dropped a bit as well and it is around 50 too. MACD that broke bellow 0 (with correction which started in January 2010) is still bellow 0, but above signal line.
Moving averages, which help us to determine long, medium and short-term trends:
- long-term (200sma) - UP
- intermediate (89sma) - FLAT
- short-term (10ema) - FLAT
Trade with trend!
3 comments:
Dear Igor,
I realise that at first glance this request may sound a little forward, although I hope that you will give a moments thought to my request. I am novice trader and have been searching for a mentor, someone whom I could watch and learn the ropes from as it were. I do not have a financial background but have undertaken some financial reading. I am not asking for investment opinion but rather would like to learn from someone who has had decent market exposure and is still around to tell of their success and failure. I am even willing to pay commission out of trading profits for this service, should you consider taking me on. I would ideally like to be present with you for a few trading days. This way I feel I could learn invaluable lessons.
I trust that I have not offended you in anyway, and look forward to hearing from you.
Best regards,
Tim
Hello Tim
Don't worry, I don't find it offending at all.
Problem with mentoring is that I simply don't have time for that currently. We are trading few systems at the time and working hard on statistical analysis of the market conditions and system's performance.
You should read blog, there is much information there.
This blog was created for traders (potential traders) like you to try to follow system that is published on twitter, as well as source from which one could read posts, varying from technical analysis to psychology of trading.
I hope you understand my point here and that you will prosper as trader/investor.
Regards,
Igor
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