Watching the Q's today we had a number of instances where it looked like we could rally. $28.50 on the Q's is a big area of support, after which it looks like an inevitable test of the '08 lows. We gapped down straight away into S1 where price didn't hesitate to get toward the $28.60 area. The rest of the day was a narrow-range sideways consolidation. We had a few point where it looked like we might test previous support areas, but price couldn't make it too much further beyond vwap.
15-min chart x 6-days:5-min. today:
Longer term 30-min chart:Q's 5-min with Nasdaq-TICK in subgraph:
Q's daily chart:Here's a screen shot of something I refer to that uses 3-cycles. Being that we're in a bearish orientation I'm looking for the 3 stochastics to line up in overbought territory and moving down for higher probability shorts.
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
I am always open to questions, comments, or suggestions on how to improve this blog.