Open Drive opening type (vertical dash lines represent every 5-minute interval)
You have to be ready for it, entry was on the close of the first 5-minute bar. If wrong where would your stop be? The low of that first 5-minute bar? If that's the case your max loss would be approximately 3 E-mini points ($0.30 on the SPY).
Hindsight - I left a bit on the table, should have waited for the 5-min 3/10macd to take profits.
If you miss the earlier entry on an Opening Drive day oftentimes you can look to buy the first 5-minute Red bar, or a bar confirming that red bar.
Based on the hourly time frame my target was approximately $1. The trigger set up into the close and there was a decent technical pattern to measure (cup & handle)
Breadth two hours in
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.
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