A gap down below one of Friday's support levels. Continued rejection of the Open as we went sideways for over 2-hours on the SPY leading to a break down to test previous support; reaching a 200% projection of the Open vs. Previous day's Close on a momentum buy divergence. Toward the end of the day we got a 3d long entry (3-pushes to a low) on tweezer lows.
5 trade entries today ("R" based on the ATR of the 5-min chart):
1. Short stopped out at slightly higher than b/e.
2. Short worked for 3R. Was looking for the 4d-4c continuation short as I was in the first trade.
3. Stopped out full (1R). Looking for re-test of lows.
4. Short worked for 3R. Looking for re-test of lows
5. Based on 3d long entry. Exited full at the 50% projection because I thought we might roll over with the strength in TLT. But price tagged the 100% projection anyway (was a 3R trade as well).
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 gap down. Show all posts
Showing posts with label gap down. Show all posts
Monday, November 14, 2011
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