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, April 29, 2010

lol

This is getting to be quite laughable really. For every move down the market makes it ends up making two back up (and typically via gaps).
Looking at the SPY with the Up/Down volume differential demonstrates the matter nicely:
Notice also that we are perhaps forming an expanding top pattern. So, if we make new highs in the next few days there's a good chance of a strong move down.
Besides, we have an overhead Median Line of a pitchfork that goes back to October of 2002 (also using the highs of 2007 and lows of 2009 as the remaining two pivots), coinciding with a multi-pivot overhead median line.
By the looks of it, this weekly SPY chart still looks like it's in Wave 3, no?

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