At least we know where our battle lines are. Today's Q's activity was a choppy trend day up that left us right at resistance left from the past week (which was actually acting as support). These levels are being defended regardless of what negative news headlines are thrown at it. I'm not sure what to think at the moment, next week should bring some volatility I suspect by looking at the Daily chart. A case for the bulls could be the fact that the last two sessions (on the Q's) left us with a piercing line candlestick pattern. Of course, we can't make trading decisions based on candles alone, but the market sure isn't listening to the news lately.
5-minute: Today's gap was bought, and a few of the bearish momentum divergences could have been scalped counter-trend, but that last hour was crappy.
15-minute: Some wider perspective. Support becomes resistance. The trend-line breaks didn't sell off like the previous sessions.
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 email@example.com
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