Weekly with faster time frame Daily charts. Weekly still showing bullish trend in a corrective process. Most are showing 2c criteria, where we can anticipate 2d criteria followed by a re-test of previous supply levels. In which case we look for 3a or 3d criteria on the daily chart (which could take some time).
SPY - Broad channel on the daily. Weekly looks to be going into 2c territory.
QQQ - weekly in the 2c-2d criteria. Daily looking like a bullish wolfe wave with big volume in the "sweet spot". Red line would be the projected target of the wolfe wave. Important concept taking place on the daily charts; very symmetrical "wave" cycles.
IWM - Those $85-$86's are a BIG (all-time high) resistance area. It makes sense to fade off of them if it starts to form a base. The daily is within a simple channel and showing a buy divergence.
DIA - weekly coming in to a support level. The daily has a broadening wedge pattern going for it.
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 broadening wedge. Show all posts
Showing posts with label broadening wedge. Show all posts
Friday, October 12, 2012
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