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 simplistic. Show all posts
Showing posts with label simplistic. Show all posts

Tuesday, November 2, 2010

Keeping it Simple

I've been spending a lot of time just trying to watch Support & Resistance levels and make trades based on price alone, no indicators at all (though the following chart does have vwap (for potential pullback Support/Resistance) and volume on it (for profit taking cues).
This is what I had for AGU going into today:
Price is at the top of a range following a long run-up.  So, price will either break out to the upside (squeezing shorts) or, start to see profit-taking and/or short selling.  If it's not breaking out, then it is bouncing between Support & Resistance.
Because the first 15-min bar was so large (and it was rejected at my upper Support level) I was looking for a short trade, particularly because of the rejection wicks following the Opening bar.
Ideally the short entry would have been within the wick of the 3rd bar, as a result the position did sit through some heat.
I was having problems with my order entry matrix while in the trade, so I took half the position off prematurely, but considering price was at the Low of the day it was a reasonable spot to lighten up.  All-in-all I think I got lucky on my target price and final exit :/