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.
Friday, January 23, 2009
stuck in mud
The Q's have spent all week within an ever-narrowing range (between about $28 and $29.50 and the narrowest range on a weekly basis all year). Today's range was a little wider, testing the upper parameters, but nothing decisive. We are achieving a higher high, higher low scenario though, and our short-term moving averages are bullish:Today's trading was mostly contained in a slightly positive-sloping channel, with the exception of the open and a late-afternoon test of previous highs (where price was met with resistance and rejected at R1). Today's double top, combined with a negative momentum divergence was a hint at lower prices later in the afternoon where we closed back within the channel.