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 8, 2009

XLE

The energy sector showing a lot of strength this week.
The weekly chart shows an approach to a long-term resistance level, while the 20- & 50-EMA's are beginning to converge.While on the Daily, price is approaching overhead channel resistance and the momentum push doesn't look like it's done quite yet.
Intra-day (30-min. chart), the most recent impulse push occurred on lower momentum and sits right around a previous resistance level. Keep an eye on the 30-min chart for any pullbacks to the 20- & 50-EMA's for some long entries.
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