Today was quadruple expiration but Candles did light the way.
I did not trade today but these signals were good and could have been taken advantage of. The 15min chart today was the winner, the 5,10, and 30 were more foggy and didn't print clear signals like the 15 minute did.
Chart for March 16th 2007 15min ER2
An hour into the trading day price approached the "Previous days high"(black line) and formed a shooting star (red arrow) and was confirmed with a lower closing low (blue arrow) therefore displaying that demand for higher prices had dried up at a resistance level.
Price traded lower until the daily S1 was reached (black line), breached S1 trapping late sellers and forcing them to liquidate forming a hammer (red arrow) then confirming the hammer with a higher closing high (blue arrow).
Although it must be noted that momentum was weak after the hammer so smarter/quicker profit taking was warranted.
Thats all for the day hope everyone has a fun weekend
