A continuation play in ERX this morning. As it had a run up from it's lows it formed a flag while consolidating into the 20EMA before continuing. The HOD provided resistance while momentum looked divergent on the upside. Exited fully on the first red candle (5-min chart below) after testing the highs.
I'll watch to see how price holds up at the $27.50 range and whether we return to $28.25 to form a base. Especially given the weakness in the dollar today.
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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