Up and up we melt.
Whatever the opinion as to why things are the way they are, it is quite a beautiful bull run just looking at the technical perspective.
Though it doesn't feel like it, momentum still isn't increasing.
But can you believe it? Volume is confirming the advance! Imagine that!The first impulse up we had today completed measured move out of an inverted roof pattern. Notice on the 30-min. chart below how the momentum indicator forms a rounded reversal as price tagged the 50-EMA on Monday combined with a bullish momentum divergence.Price congested today where? Right around my resistance pivot level! (red horizontal red line).On the intra-day time frame we saw price gap up on weak TICK where a retracement found support right at the PDC. The opening range high acted as fantastic support (Resistance becomes Support). Those extreme TICK's in the morning where not to be ignored.A hint that today was going to be a big day (in one direction or another)?? We had really large 30-min Total NYSE volume reading. Telling us that there were those larger time frame players coming into the market.
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.