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.

Tuesday, August 18, 2009

Tuesday grind

Got a little bounce today, but much the same drift after the initial move on this OPEX week. The SPY retraced 50% from the close on Friday to yesterday's low on low volume.
Price is just basing at previous support:We worked our way back to the Previous day's high this morning, based along that resistance and my pivot resistance level (red horizontal line) while our 5-min candles began closing at higher prices before breaking out. The rest of the day just drifted sideways on waning momentum.and while TICK and momentum were testing lower levels, the ship just wasn't sinking.
Tricky tape here and you just have to wait for the market to tip it's hand.

RIMM printed an abandoned baby candlestick pattern today, so I'll be watching for upside follow-through.
Also, watching XL for more upside, though the volume isn't very spectacular

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