There are some minor adjustments to the chart setup today, and possibly to stay going forward. As I have discussed in the recent screencasts, it is important to avoid redundancy in your chart studies as they inhibit more than enhance. Sometimes it can be the difference between a good fill and being down in a trade early just by checking a signal from a second study that is measuring the same thing (i.e. momentum, range, etc.) It is really eye-opening to just open up a blank chart and go through the studies library comparing two studies at a time. There are literally hundreds of studies, many more if you write thinkScript or download it from websites, and some of you have day jobs, I get it; If you do not have the time, do not despair, it is done right here for you. If you have any specific indicator questions drop us a line at the website on the 'introduce' page, we will try to help you out.
I will go over the adjustments beyond adding Woodies Pivots in the next post. Price action was decidedly bearish today. ADX increased, as indicated on the TMV indicator with the Red paintbars across ALL Tick Intervals (these occur very often leading up to a TTM Squeeze: which makes sense as volatility calms down after a strong move). Woodie's CCI had some nice trading opportunities on ZLB, TLB, and HLB. There were also some Ghost and Shamu patterns and a couple slingshots (great $ there in particular). Price came right into the Monthly S1 on Woodie's Pivots before turning up decisively at the close. Williams signals will be discussed in the next post, as they have had the largest overhaul.
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