...they were all so easy. Short setup in FCX today. Based on the premise of a double top on a momentum sell divergence. Also keeping in mind we had a bearish bias with the previous week showing a dark-cloud cover pattern.
Short entry indicated by the down arrow as price based along the previous day's low (red dotted line). Position was held until the 100% extension of the initial impulse (measured from the Opening range High/Low, for afterward price just consolidated along the 50% retracement of this range that coincided with the PDL).
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.