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.


Monday, October 5, 2009

tough day

Choppy tape today. The Dow closed up over 112 points while it felt like a lot of things were getting sold at resistance. I got chopped up in AAPL today and because of that I wasn't watching GOLD take off as I thought it might. Just one of those days.
Overall breadth was positive all day long as we churned our way back to SPY $104 (where we closed). The stability of trend line (slow line) on the 3/10 macd remained positive all day long (5- & 15-min charts). The SPY daily chart left us with a morning star candle pattern. Overhead resistance at the 20-EMA.
Things are still in limbo for the time being. I'd suspect a healthy move would be a test of $103.50 for support, otherwise we might take on $106 before you know it.

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