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, May 21, 2009

Thurs. 05_21

SPY gapped-down 1.15% this morning and consolidated before creeping lower. The opening range low acted as resistance throughout the day, even towards the end of the day rally/short-covering. Very large momentum divergence brought price back up to the 20-EMA. Price was very extended below it's Moving Averages today, more so than I've seen in a while for the bearish side.The lows of the day nailed the gap from May 4th before turning around. Price sitting on it's 20-EMA
at
Labels: , ,

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)