Since I've been posting nothing but 3d setups seemingly, how about the reverse of the 3d? The 2b short setup.
Note: The arrow on the 15-min chart below shows the fast line ticking down only after that long range red bar closes. Anticipation of this setup is why I laid out the 3/10 criteria to begin with; so you can anticipate this setup before it triggers on the higher time frame and take action on the faster time frame. The only two realistic probabilites for the 3/10 are for he fast line to continue higher (2a) or lower (2b), and being that momentum is waning the 2b criteria begins to present a favorable risk:reward setup.
Later in the day AGU set up a nice long trade off of support with a number of bullish markers going for it; hammer candle at the IB-low, on a buy divergence, followed by a seed wave.
I'm starting to think that when I see a seed wave my entry should be the 50% retracement with a stop near the lows. It would have been the difference of 15-cents in this case.
OXY was a trade that just looked good basing at its highs. Volume was strong and I especially liked the little shake-out candle prior to the breakout.
The initial breakout had a steep retracement and I should have drawn support/resistance levels before getting in as I would have seen the following resistance band:
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.