Many Daily issues bounced off of their 20-EMA's to start off this week, leading to a light volume trend day to the upside.
We gapped up and the first test of negative TICK was bought.The first 15-min bar of the SPY opened on it's lows and closed at the highs. Pay attention to these impulse candles! Not only that, but the close of this candle was just above the resistance level of the past two previous days. We eventually retraced 62% of the entire move from Wednesday.
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
I am always open to questions, comments, or suggestions on how to improve this blog.