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
I am always open to questions, comments, or suggestions on how to improve this blog.

Thursday, June 25, 2009

SPY cont.

After our impulse move up this morning in SPY, we got a low volume retracement before continuing. here's the setup:Here's where we stand on the 5-min chart. Using a Fibonacci Extension line we can project where our measured move could take us out of this flag pattern. We'll have to see how it plays out, but if it hits the target we'll end up filling the gap from Monday morning.

No comments: