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.


Friday, October 12, 2012

Weekly_Daily

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.

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