STILL stuck in this range of ours. Gave one good attempt at testing the highs today, then things got really volatile and backed away. Upside momentum seems to be dying down, but price just isn't giving up $94 on the SPY (not yet anyway). I don't really have much to blog about today. We bounced around our pivot point and didn't even make it to R1. We're going to need some strong momentum to crack these highs, until then we remain range-bound.
Notice, on the chart above, the impulse move toward the middle of the day where price broke out of the keltner channel, retraced back to the 20-EMA, and continued higher. This was a low-risk entry with your stop below that wicky red candle (just below 20-EMA) and a target of the highs of the day, or the upper keltner channel.
There's a possible H&S pattern at the moment. Though a measured move out of it just puts us into another previous consolidation range.With the crumbling dollar today, FCX was a big winner. It had setups all over the place.
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.