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.


Tuesday, November 30, 2010

patience

  A trade in FCX today which demonstrates the importance of patience (and FCX can teach a graduate course in patience).  Price showed an ascending consolidation triangle after a momentum gap fill move.  I measured the momentum from the 9:15 (CST) breakout up until price consolidated to arrive at potential targets (50% & 100%) which were both hit (as soon as I got out). 
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