Some setups from today.
3d set up in FSLR coming into today - Sold WAY too soon (at the 100% projection) and missed the really strong secondary move, but there was a third opportunity later in the day.
NFLX set up the 3d going into the close yesterday and formed an inverse Head & shoulder pattern that consolidated into a tight triangle. First exit was taken at the supply level where the Fib. fan starts from (dash blue line), around $126.50, second exit around $126.2 when price failed to follow through beyond 126.5
BIDU - set up the 3d pattern yesterday (inverse H&S) and today found support above the previous day's resistance. Entry (first up arrow) wasn't so good, but I wasn't stopped out and a second entry was soon triggered (second up arrow). Exits were discretionary (strong closing 15-minute bars) as price was exploring a gap fill from 2/6
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.