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.


Friday, September 18, 2009

Fri. OPEX

Glad this week is over, now we can see some movement next week in whatever direction we take. Despite being a quadruple witching day we did see some textbook patterns show up.
After the initial selling we got a big green bar followed by successive coiling that ended in a measured move down.
After the completion of a measured move (which happened to coincide with the 50-EMA on our 30-min chart!!) we had a buy divergence that came with a big rush of volume (buy the dip!). Today my support pivot acted as resistance (I love these pivots!).Here's how I marked up my 1-min chart today with the NYSE TICK in the sub-chart.I suspect this overhead gap on the SPY is going to be shorted pretty heavily.

I had a decent day with FCX today (short and long). I also keep S/R pivots for this issue; the support level acted as resistance perfectly. You have to train yourself to buy that momentum divergence whenever you see it.
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