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 toddstrade@gmail.com
I am always open to questions, comments, or suggestions on how to improve this blog.


Thursday, December 3, 2009

Fib Levels

SPY broke down in a dramatic way late in the day (finally).
It came to rest right in the 78.6% retracement level, as measured from the close on 11/30 (61.8% if measured from the swing low of that day).
I traded AIG short this afternoon as it broke down from it's $30.50 base.
I'm still looking for a climactic move down in this name to test recent lows. Next level of support is the $29 level as mentioned in a previous post.

1 comment:

The Average Jay said...

Nice trade. I have you on my blog roll so hope you get some hits off my site.

Jay