Looking at AIG we see price approaching a potential support level ($25) after an epic fail:
and ABC "correction"
and in the most recent year, price bounced and put in a mid-summer higher low:
And more recently, looks to be in it's 3rd push down:in these past two days price broke down from the $33 level and today retraced steeply (nearly 78.6% since the close last Friday):
by the close today, price looked to have put in a bear flag. Watching $29 support level and possibly a breakdown from there (Support, becomes Resistance, becomes Support, becomes Resistance!):
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.