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

Monday, February 1, 2010

What is it?

A Bear flag that's forming right underneath previous support?A Bullish Wolfe Wave? Though price is in the "sweet spot," volume isn't too spectacular yet. Perfect cycle symmetry in points 1-3-5, a target would put price back to it's most recent swing high (depends on how strong the broad markets are I suppose). It could even turn out the 5-point breaks down further into the sweet spot and leaves the bullish wolfe wave still valid.or, is it a stalled Descending Triangle breakdown that can go either way from here?Beats me....Price has backed away quickly from $120 these past two sessions. However, price being sold heavily at $120 could just reflect positions being covered off of the previous drop and recent lows. We could just drift back up to $125, after all it has shed a lot of "value" in a quick period of time.

No comments: