I didn't participate in today's market. Currently preoccupied with bottling our latest batch of beer (can't wait to try this one!).
There still doesn't seem to be any convincing commitment from the bull/bear camp at this point. Sure we tested new highs on bad news, but we need a solid stance above this long-standing resistance.
The opening of today looked nice and clean. A strong move with nice pullbacks for entry, a mid-day "Holy Grail" and further upside. While the close brought selling back to the day's congestion range. As much as I'd like to see this market tumble down, it just looks as though it can go either way. Are we building a base here?
The Nasdaq, tagging it's 200-day Moving Average, looks ripe for profit-taking/correction.
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.