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, October 22, 2009

RbS (Resistance becomes Support)

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).

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