The Pattern Trapper Market Update Blog is a companion piece to the FREE! Daily Pattern Signals Report.
For maximum benefit be sure to check out the On-Line Course.
The March Feeder Cattle contract has fired 2 Day ROC Buy, Wide Range Upside Reversal, 90-10 High Continuation, and Momentum Pinball Sell signals for today's trading. The 2 Day ROC Buy signal implies that today's principal trade direction should be to the upside. The Wide Range Upside Reversal signal tells us that yesterday's action likely marked a significant intermediate term turning point with more upside to follow. The 90-10 High Continuation signal tells us that yesterday's late day move higher is likely to continue on into today. The Momentum Pinball Sell signal suggests that IF the first hour's low happens to be broken, the market is telling us something completely different than originally assessed, and we'd want to consider a short position. Cycle Indicators (chart at right) have moved into a region where short term cyclical lows often form, but both the larger and more immediate trends are to lower prices. Odds favor further upside in today's early trading. Look for an opportunity to buy the break of yesterday's 143.050 high with a stop just under the 141.625 level of today's Daily Pivot. Price strength above the DP may provide clues for earlier entry. The Momentum Pinball Sell signal, on the other hand, suggests we consider the short side if the first hour's low happens to be broken to the downside.
Forward this to friends and colleagues! Disclaimer: trading involves significant risk and is not suitable for everyone.