On the heels of a previous post...Short setups in RIMM and FCX
First, we have an established range with S/R which will give us potential targets on the breakdown move (also worth noting, the overhead Supply in this case is an earnings miss gap down):We get a few bounces off of support, only to see buying interest wane before the breakdown:
Same situation in FCX
How fast the tide turned:RIMM ended the day in a long-legged doji after tagging it's 50-SMA
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 firstname.lastname@example.org
I am always open to questions, comments, or suggestions on how to improve this blog.