It's getting eerie how we continue to creep up to fresh highs on pathetic volume/momentum. Today we put in a move higher off the open only to be rejected at my resistance pivot. The correction that followed ended after a 50% Fib. retracement (from previous day's low to this morning's high) that coincided with Friday's closing price AND yesterday's support pivot (got all that?).
Later in the day my resistance pivot ended up acting as great support. As a side note, the weekly SPY resistance pivot is 106.01. We exceeded that by a dime this afternoon before being rejected. These pivots work really well, I can't tell you enough!
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.