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Saturday, December 01, 2007 10:16:20 AM
CHART SCHOOL Lesson 101.8 Weekly STI(2,5)
In this lesson we will look for a clear candle(Bullish) that marks the end of a bullish down cycle.This candlestick gives us trend direction probability for the week that is beginning.I look for this on mondays and seldom take a position til tuesday because this candle cannot be confirmed til monday trades have settled..IOW at the monday close.Finding this condition puts upward trend on our side.Next I watch the mighty RSI(5) and price action...At this point I have determined that STI is gaining strength because a 2 week strength has been building and now I want to see 5 week strength gain as well.This is a powerful combination showing high probability that a nice prise rise with continuation should be the result.Here is a 9 month weekly chart on our example JAGH
In this lesson we will look for a clear candle(Bullish) that marks the end of a bullish down cycle.This candlestick gives us trend direction probability for the week that is beginning.I look for this on mondays and seldom take a position til tuesday because this candle cannot be confirmed til monday trades have settled..IOW at the monday close.Finding this condition puts upward trend on our side.Next I watch the mighty RSI(5) and price action...At this point I have determined that STI is gaining strength because a 2 week strength has been building and now I want to see 5 week strength gain as well.This is a powerful combination showing high probability that a nice prise rise with continuation should be the result.Here is a 9 month weekly chart on our example JAGH
Simple
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