Not much to say about today's tape. Strong gap down (all the way to S3) and sideways all day long. As price attempted to trade beyond the morning's highs throughout the day, it was quickly sold. Trend lines were breached, the Dow is almost 100-points away from the lows, the dollar is back to testing near-term highs, and we closed on the lows of the day. A sad state for these markets (not to mention our economy as a whole).
Here's today's dull range for the SPY, only thing to do to avoid boredom was scalp the fast time frames...A more apparent strategy for today was to short the test of the opening high range (that also coincided with a 20-EMA on a 15-min chart.b-bye Nasdaq?A full Marubozu candle at the lows of the Dow; not a good omen.look out below!
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.