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
I am always open to questions, comments, or suggestions on how to improve this blog.

Tuesday, January 27, 2009

no rally today

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).

No comments: