yes, another 3d setup.
Endured a lot of chop, but entry was good enough to take some heat. Target was the previous day's breakout point. Breakout points tend to be LVN's to target (as mentioned in previous post). However, it was helpful (psychologically so) that the 100% Fib. projection aligned with this area as well.
A closer look:
No perhaps not all breakout points are LVN's, but it's a reasonably reliable indicator of such.
Much like yesterday's SPY setup, there's the 4d setup today in VXX. The 3/10 is just there to help take away some of the noise of price charts. Often-times these setups just highlight an A-B-C wave (bull/bear flag).
Oh, and where did price come back to test?
Previous breakout points:
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
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