A long and busy day today. Started off strongly in the red, but worked my way green by the end of the day with some great setups (that I sold too soon) from my watchlist that I posted over the weekend.
Anyway, the SPY closed at new '09 highs. The curious thing is that the upward momentum is waning, but at the same time flagging.While on a shorter time frame the same momentum indicator looks like it may be setting up for an upward move.This morning's session gaped down strong before forming a choppy flag. Price was able to rally back to the PDC (previous Day's Close) where it met with resistance for most of the afternoon. My support pivot held incredibly well today, as price chopped between support pivot and PDC before breaking higher on lackluster momentum.We need some volume come into this base break from here on the SPY
I made so many trades today and I'm not about to document them all, but today's theme would have to be the "Holy Grail" setup (for more Holy Grail info check it out here). Two of which were particularly choice were FLIR and AMCC (listed from my watchlist this weekend).
Notice the fuel (volume) feeding the fire (price) at key levels. Awesome volume going into the close, keep an eye on it tomorrow.
I'll post more later....time for XLF to move it or lose it!
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.
2 comments:
AWESOME AMCC enrty!!!!!
stewie.
Good Times!!
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