Mentioned last night that the SPY was potentially setting up a 3d long criteria on the daily time frame. This morning started off with a 3d setup on the 15-minute time frame. Worked quite well. When I first brought up this 3d criteria months ago I had mentioned that it's typical of a short-covering phenomenon; today was a perfect example where the daily was anticipated to set up this way and the intra-day time frame was aligned as well.
Here is an updated chart following last nights post. Bear in mind that it is a higher time frame setup. The anticipation here is to look for a gap fill, or attempted gap fill.
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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