I was watching for 2d long entries coming into today (buying pullbacks in bullish momentum). Some just didn't set up, others failed after setting up. One thing to be cautious of with the 2d long setup is a 2b short setup which can follow if overhead resistance isn't cleared.
POT - kept selling lower until finally I gave up on it. The setup worked insofar as you got the breakout of the overhead trend line and the 50% projection target was achieved, but the other half of your trade would have been a scratch.
BIDU- I didn't trade this either. The best setup entry occurred at the open. Notice that price failed resistance and rolled over (2b short setup).
The SPY had two instances of this setup. I tried trading the first entry on this but never got filled. Again, the 50% projection was achieved but that was all. Later in the day the 2b short setup triggered.
GOOG - a triangle breakout 2c-2d setup, exits at the 50% & 100% projections. I took this long trade and shorted small size at the 100% projection level and got lucky, covered at the 50-MA.
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.