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
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Tuesday, June 2, 2009


Narrow Range Consolidation (NRC), as to be expected after the push from the previous two sessions. SPY was a very sloppy tape. The opening looked like it might have a push higher, but was sold quickly at the R1 level. The middle of the session had a little breakout move but I didn't participate in it:We're establishing our latest consolidation range and looking to play a breakout in either direction.
I took two losses shorting FCX today as I was looking for a gap-fill, but price quickly recovered it's lows. The ellipses marked the short positions I took, but got stopped out of on price reversing. Through the middle of this base it formed, I was thinking of the idiom; "The ship ain't sinking." But once price slipped out of this base I was back to thinking gap-fill (dashed horizontal line shows the previous day's gap low).
Not sure where I stand on FCX at this point; currently it has a momentum divergence and sitting in an island.HES got sold hard today on huge volume. Not sure what the story is there.SHLD breaking out and looking to cross the 50- & 200- Moving Averages
ATI breaking out as well


Jules said...

I totally feel that too, Todd: that the ship isn't sinking. I'm not sure who/what's supporting something that's quite due for correction, all I know is that market's not kind to long term bears now.

todd said...

The broad markets are certainly full steam ahead. I guess technically I was "fighting the trend. All I wanted was a measly gap-fill of a correction :(