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, July 2, 2012

Last week's range

The following is the SPY range for the week of June 25-29 including overnight activity.  Blue vertical dash line indicates the regular trading hours open while the fuchsia horizontal lines indicate the overnight high & low.
Monday - straight down out of the gate

Tuesday - attempted breakout of the o/n_high.  Failure pulled price out to the -50% projection before moving directly back to the o/n_high.  Breakout, retest, continuation out to the +100% projection.
Wednesday - tight overnight range (not giving up much from the previous day's close).  Breakout of the o/n_high, pullback test, continuation out to the +150% projection.

Thursday - opened coming into the o/n_low, chopping around it for most of the morning.   Seemed to trend down ever since the o/n_range's high print until the short squeeze.

Friday - trend continued in the o/n session.  After the open price spent a good period of time chopping around the o/n_high before extending higher.


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