I never really trade GOOG, but these past two days worked out for some trades.
First of all, Monday was a strong day for GOOG. Yesterday price gaped down, but held a 50% retracement of the previous day. For most of the morning price coiled within a narrow range before breaking out to fill the gap. The original plan was for a trade only to the IB-high, but given the strength of the breakout the Fib. projection targets were in play. This was close to a 3d long setup while the higher time frame was the 2d setup. (One entry and two exits).
Today, was a bit choppier for me. There are a number of up/down arrows in the early session showing entries/stop-outs. The first was a break-even trade, the second a stop-out of 85-cents/share.
Meanwhile, today's move fulfilled a 50% projection of Monday's momentum:
This was actually a great example of a 2d setup occurring on the higher time frame, therefore a swing trade.
Going back to the first week of March the Daily chart set up the 2d criteria while the faster time frame gave an entry around $609. Today's price action came within $0.63 of hitting the 200% Fib. projection from the initial momentum wave occurring between March 6-12th and filled the gap left from January 9th.
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.