Some setups from today.
NSC - Relative strength with a bull flag at previous day's resistance. I missed the 1st up-arrow entry and entering up against the 50% projection (of the smaller seed wave) and so near the IB-high was a "short leash" trade.
NFLX - Seeing 3-pushes to a low on the 15-min and a small double-bottom on the 5-min at the IB-low the entry was long with a target of prior breakdown points that coincided with the 50% & 100% projections. Got out too soon before price tagged the 100% projection
AMZN - into the close trade which didn't amount to much
I didn't take this SPY trade, but it fits a number of trading rule categories.
On Friday we broke down from a momentum bear flag and continued on that path today. Price found support at the 50% projection (as well as various other technical price points) of that bear flag on a momentum buy divergence (15-min chart) with 3-pushes to a low (illustrated on the 5-min chart). The 3-pushes formed an inverse H&S (or seed wave) and achieved the 50% projection, overshooting to tag the morning's breakdown point at $137.68.
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.