The trend to the upside today seemed indecisive until later in the day (around 1:30EST) after breaking a resistance base. Three "First Cross" signals today; the first green vertical line for a long position was actually triggered based on the open, but it was preferable to wait for a pullback before going long on the close of the 7th bar in this 5-min chart.
The second long (2nd green vertical line) came after an NR7 (pink doji candle before the green line). While the last trigger was given right before the end of the day, so you could possibly have attempted a scalp, but those last 15-minutes of the day can be tricky and untrustworthy.
Meanwhile, on the 15-min chart we got one "First Cross" entry long (most recent green vertical line) that was followed by a buy signal based on the close above the WR7 (blue bar) within the first two bars (I mentioned this strategy in yesterday's post) that was actually an NR7! If you could follow that! I mentioned yesterday the potential for a "Slingshot" setup in today's tape based on the 60-min chart. We did get a snap back move back up to previous resistance and worked really well. Could be approaching the neckline of a Head and Shoulders pattern.The Daily shows a close below the 50-EMA, hard as it may have tried. Leaving us a partial gap fill and doji star type candle that makes me suspect a retest of the trend line directly 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
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