The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at toddstrade@gmail.com
I am always open to questions, comments, or suggestions on how to improve this blog.


Thursday, March 19, 2009

Dark Clouds and Shooting Stars

Two common themes I see on charts after today; Dark Cloud Cover and shooting star candlestick patterns.
The DIA and SPY both ended the day with a Dark Cloud Cover candlestick pattern.
XLB (Materials SPDR ETF), XLE (Energy Select SPDR ETF), and XLU (Utilities SPDR ETF) left us with shooting star patterns.
While XLI (Industrial SPDR ETF), XLF (Financial Select SPDR ETF), XLY (Consumer Discretionary SPDR ETF) gave us Dark Cloud Cover days.
Some interesting charts include:
AAPL - Ran up to resistance on less than stellar volume, it's either pop or drop from hereFCX - Shooting star popped right at resistance on high volume
OIH (Oil Services HLDR ETF) - Check out the major holdings here. Large volume shooting star. Also XLE and their major holdings.CF - Another move it or lose it candidate
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1 comment:

Jules said...

Dark clouds and stars - ominous!! :-)

March 19, 2009 at 11:34 PM

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