Recent downside momentum in the markets was broken today with a wide gap up, triggering stops overhead. Where did price resort back to?
SPY returned to the 50% retracement as measured High to Low (11/9-11/16), closing right above the 20-day
While the gap up (from the PDC to today's Open) couldn't quite extend to the 100% mark (came within 7-cents):
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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