...the Q's filled the gap. twas getting annoying for a while there. It's not often you can pull $1+ out of the Q's, but today was such a day if you were aggressive. It's been driving me nuts seeing this market clinging to this range for the past 3 days, so it's a waiting game for the move to take hold. The bad part was that I had a directional bias (to the downside) which isn't a good thing to have, as a bias can be disappointed and therefore introduce emotion into one's trading.
For the past two days price has chopped around the narrowed 20- & 50- EMA's (on the 15-minute chart). The late day selling caused these averages to cross which, in the near term, gives me higher probability trades in shorting the pullback to the 9-EMA (if price is excelerating quickly), or 20-EMA. If price seems to want to make a run for the 50-EMA quickly than we might assume that buyers are defending this level pretty strongly, if that makes sense.
In my guesstamation, price could test the $29.40 - 29.50 range if we don't continue immediate selling tomorrow. Anyway, here are the charts:
15-minute:Meanwhile, the U.S. Dollar index got a punch to the head today.
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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