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
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Thursday, June 9, 2011

GS daily

Setting up a 3d long on the daily chart. Not a setup that happens often, but worth watching for a breakout of resistance. Otherwise, it can roll over, providing a good short opportunity.
So far there have been three (higher) momentum pushes on lower lows.  The previous day was an inverted hammer and today a green closing higher low.  Still a deal of selling tails at resistance, but provided we don't take out $131.50 we could see a bit of a rally to clear out some overhead stops.

 Watching these Support levels that closely coincide with Fib. retracements

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