In this article I am going to discuss forecasting the 60 minute chart for the S&P500 emini. On the charts below, I am using the DTN IQFeed symbol @ES#, which is the continuous nearby contract for the S&P500 emini.
The chart below shows the 60 minute data for the S&P500 emini. The last bar on the chart is for the time 7:00AM ET and the date is June 3, 2015. At this time I clicked the button in the MarketWarrior 5 program to update the forecast. The resulting forecast is shown below. I recommend recalculating the 60 minute forecast only once a day. In most cases I will recalculate the 60 minute chart forecast before the main trading session opens at 9:30AM ET. In this case I recalculated during the 7:00AM hour at approximately 7:45AM.
On the chart below, the red arrows with a T inside identify the forecasts for top change-in-trend. The triangles with a B inside identify, forecast bottom change-in-trend. Because I recalculate the 60 minute chart forecast once a day I usually only use the forecast change-in-trend forecast for the upcoming day. On the chart below, there is one forecast change-in-trend during June 3, 2015. This is a forecast for a top at 10:00AM ET at the price 2118.48. To clearly shows this, I have placed the cursor on this time so you can see the cursor pop-up box. This is circled in red on the chart below. I have also added (1) next to the forecast. Now we will see how this forecast worked out.
The picture below shows the same forecast for the 60 minute chart of the S&P500 emini. You can see that on the chart below on June 3, the forecast was for a top in the 10AM ET hour near the price 2118.48. The chart below shows the S&P500 emini made the high for the day in the 10AM hour. This was the only forecast change-in-trend for June 3 and the forecast worked out very well.