Today the SPY found support at previous resistance (RbS).
Take a look at a split-screen view where we can see the Daily (top chart) and intra-day (15-min on bottom) look at how price reacted this morning.
Price found support at a nice even number ($107.50), filled the gap created on Oct. 14th, and on the 15-min chart printed a hammer-like candle (where the Open and Close where within 20% of the high).
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.
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