Miner Disappointment

We discussed yesterday that Wednesday’s narrow range day had eased the parameters for forming a swing low. And with the Miners being late in their timing band for a DCL that a swing low had good odds of marking the daily cycle low.

The Miners did delver a buy signal on Thursday by forming a swing low (a stop should be placed below Wednesday’s low). What was disappointing was after forming a swing low, the Miners closed lower for the day.

Wednesday, day 28, is still the lowest point following the day 6 peak. That places the Miners deep in their timing band for a DCL. Day 28 may still be the DCL, the Miners will need to close convincingly above the declining trend line to confirm. However, if the Miners break below Wednesday’s low then honor your stop and wait for the next Miner set up.

Advertisements

2 thoughts on “Miner Disappointment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.