Nearly every one of the 25 names I watch set up the 3d criteria going into the close yesterday, a scenario which was hinting at today's relief "rally". These wide gaps are more tricky, so you either enter on a faster chart or wait for a pullback later in the morning. All of my watch-list technically triggered the 3d entry on the close of the first 5-min bar, so you could possibly just enter and place a stop below the 50% retracement or whatever support level you feel is reasonable.
AMZN - same resistance pivot as yesterday turned support today, 2 entries
CNX - was ready early
better viewed on a faster chart, the stop was very close by
CAT - ready shortly after CNX, formed a nice cup & handle to enter. Would have been a good one to re-enter later in the day as well
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.