Pretty fascinating price action today. Straight out of the gate up to previous resistance then right back down, closing below 8k again on above average volume. Looking at the Qs on the 5-minute; we took right off, price pinged R1, consolidated into an NR7 before continuing right up to R2 (also prior resistance). Price based around R2 and couldn't entice buyers any further before resetting back to VWAP. We got about an hour consolidation period where price bounced around vwap and R1, the failure of which erased all of the day's gains, leaving us with a gravestone type doji on the Q's.Cup w. handle, or ready to fall apart??SPY bear flag breach
U.S. Dollar Index keeping the channel trend alive.
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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