Oh well, the bulls just couldn't pull it off. Price looked like it might break out of this down trend line, but each test was sold.
The daily charts 3/10macd has been showing 4d criteria (pullback following bearish momentum). So the anticipation would be for bearish continuation (4c) or a squeeze to test higher resistance (3a). In order to anticipate this daily chart setup we use a some faster timeframe, I like to use a 130-minute chart because there are three 130-minute bars that make up a day.
So, if you're looking to swing trade this setup (4d-to-4c continuation) the entry came on Thursday like so;
At this point it's important to watch for a bullish divergence as price tests support. The faster time frames will give clues.
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 firstname.lastname@example.org
I am always open to questions, comments, or suggestions on how to improve this blog.