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, January 13, 2011

If only...

...they were all so easy.  Short setup in FCX today.  Based on the premise of a double top on a momentum sell divergence.  Also keeping in mind we had a bearish bias with the previous week showing a dark-cloud cover pattern.

Short entry indicated by the down arrow as price based along the previous day's low (red dotted line).  Position was held until the 100% extension of the initial impulse (measured from the Opening range High/Low, for afterward price just consolidated along the 50% retracement of this range that coincided with the PDL). 

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