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.
Monday, May 11, 2009
A sloppy market to start off Options Expiration week. A sell-off this morning to bring price into a consolidation range from the previous session. An early morning rally up to R1 showed off a momentum divergence on the highs of the day. The rest of the day was just chop around vwap.At the start of the day, while most things were red, I found APOL with some bullish momentum behind it. The major impulse move in the first 20-minutes was corrected in a quick and tight flag pattern, while the two topping candles gave a bearish divergence. Entry was based on a "First Cross" trigger indicated by the first green dot at the bottom of the chart.