A pop above the 200-MA followed by a retrace back to the moving average. What's curious to me is the bearish momentum divergence.
We popped back above previous resistance, where we sit in no-man's land.
Today's theme was a gap below S2, a retrace to the 20-EMA followed by continuation.
Got my gap-fill in FCX today
The target was previous base resistance
The majority of the move down was outside of the keltner channel. The initial move was a perfect example of price falling out of the channel, with a fantastic entry back at the 20-EMA retrace. The bottom was marked by a momentum divergence. Should have gone long on that first big green momentum push following the divergence (green vertical on the histogram).
One thing I don't trade off of but am seriously reconsidering is the following setup (based on
cycles from this previous post). Using a share bar chart and taking trades based on the Overbought/Oversold fade. So, when all cycles line up turning down from Overbought in sync to sell (turning up from Oversold in sync to buy). It's not perfect, but what is?
This chart in FCX would have kept me out of the losing trade I took short yesterday.
We popped back above previous resistance, where we sit in no-man's land.
Today's theme was a gap below S2, a retrace to the 20-EMA followed by continuation.
Got my gap-fill in FCX today
The target was previous base resistance
The majority of the move down was outside of the keltner channel. The initial move was a perfect example of price falling out of the channel, with a fantastic entry back at the 20-EMA retrace. The bottom was marked by a momentum divergence. Should have gone long on that first big green momentum push following the divergence (green vertical on the histogram).
One thing I don't trade off of but am seriously reconsidering is the following setup (based on cycles from this previous post). Using a share bar chart and taking trades based on the Overbought/Oversold fade. So, when all cycles line up turning down from Overbought in sync to sell (turning up from Oversold in sync to buy). It's not perfect, but what is?
This chart in FCX would have kept me out of the losing trade I took short yesterday.
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