See charts below with an On Balance Volume indicator and the Money Flow Indicator using a 13 period
Hi all, I am back. Well what a month its been. The talk was bullish, then bearish, now uncertain. Crikey! If ever there was a good example to ignore the news and follow your process its been the last month!
I said in my comments a month ago that the MFI could rally all the way up to the 80 reading, it still looks strong at the moment. However the OBV is showing a bearish divergence and price is hovering around old resistance, so it's a probability that there will be a pullback or some consolidation soon. Despite those things, the market is certainly still bullish and it is good to see the markets going up. There are 15 buy alerts this week for the eBook system Mindful Trading using Winning Probability. Wow, that is a lot, so the market certainly is raging.
PLEASE NOTE: I have been invited to be a presenter, with four other traders for a free webinar on the 17th Feb. The conference is sponsored by Go Markets and runs between 11am to 4pm and I will be speaking at 1pm. Registrations are not yet open but when they do I will post the link here. I will also send an email soon with more details. Hope to see you online.
Until next week, all the best
Peter