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
I am always open to questions, comments, or suggestions on how to improve this blog.

Thursday, July 28, 2011

FCX - A risky trade in the sense that there seemed to be more overhead resistance than usual (Open, vwap, and that big selling momentum bar).  But it was a 3d setup and had a reverse divergence going for it.  Target was simply the point of price failure, which happened to coincide with the area where price broke down the day before ($54.80 area).

GS had a strong open off of a double bottom.  Seeing it wasn't breaking down gave consideration for a gap fill attempt.  There should be a second down arrow on the 5-min chart at around $137.25 as half the position was exited at the 50% retracement measured between Tuesday's close and Wednesday's Open

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