Q's once again bounced between Pivot support and R1. Early on we had a cup w. handle type of pattern (on 5-min.) that started breaking out (around 12:15p.m.) but couldn't get past the $29.60 level. Some big moves followed that R1 rejectionAfter we sold off below the 20EMA on our Daily chart price formed a bullish momentum divergence, which coincided with a tag of the 50-EMA on our 15-min chart, price then rallied for another shot at $29.60 (again denied). Finally, price closed just under the Daily 20-EMA.The NasdaqTICK spent most of the day in positive territory, while price tests and bases around $29.50.
An ascending triangle breakout would bring a measured move of around $31 on the Qs (breakdown at around $27.50).
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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