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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Monday, July 13, 2009
Buyers stepped in on the infamous Head & Shoulders neckline. We got nice setups all day long for an opportunity to buy and hold through the end of the day (though I feel I should have held a small position overnight). We got a nice flag to get into right at R1, another flag 7 bars later, followed by two narrow range consolidations that ended up pushing higher, right up to R3 to end the day.Back to buying the dips mode? Sure feels that way.Strong technical stand on the daily chart, so we're back in channel mode to see if we can test the highs. It would have been nice to get a breakdown just to give us a solid directionThe market profile gave us suspicion that today may be a strong directional move. We did get resistance that coincided with single prints from July 6th & 7th.Caught a move late in the day on an FCX base-break. Will watch for a gap-fill from July 6th over the next few days.