Setting up a 3d long on the daily chart. Not a setup that happens often, but worth watching for a breakout of resistance. Otherwise, it can roll over, providing a good short opportunity.
So far there have been three (higher) momentum pushes on lower lows. The previous day was an inverted hammer and today a green closing higher low. Still a deal of selling tails at resistance, but provided we don't take out $131.50 we could see a bit of a rally to clear out some overhead stops.
Watching these Support levels that closely coincide with Fib. retracements
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.
Showing posts with label 3d daily. Show all posts
Showing posts with label 3d daily. Show all posts
Thursday, June 9, 2011
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