Well, the Q's fared the best for the week, able to hold on to a good portion of the gains from yesterday. It was a very whippy day for those Q's, lot's of wick in those candles, with very steep retracements (people quick to take profits?). The SPY was a little calmer, but price just seemed to be acting very odd, particularly around vwap towards the end of the day.
I was watching the SPY today and took notice of something interesting to me. On a 10-point range bar chart I have plots applied to indicate volume breakouts (80% above average). I noticed these volume breakouts can just as legitimately create the patterns we look for in our charts. No rocket science here, just a way of possibly confirming what we're looking to trade.The 20-point cleans things up a bitThe Dow closed this week at it's lowest level since March of '03Can't wait to see how this chart turns out, we're half-way through this current candle
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 firstname.lastname@example.org
I am always open to questions, comments, or suggestions on how to improve this blog.