An update of an update from this post HERE.
This post originally began as a watch for the 130 min chart setting up a 2c-2d buying opportunity. That buying opportunity never presented itself and has resulted in greater selling pressure.
One could have gotten long yesterday on the break of the seed wave in the middle part of the afternoon and perhaps covered half of the position at the 50% projection just above $146. The subsequent roll-over in price may have resulted in the closing of the remainder position at the original purchase price, or perhaps lower for a loss on the second half of the position.
What's taking place now is the higher time frame (Daily) showing the 2c criteria. We have many of the prerequisite components present; bullish trend development, and higher highs (so far) in price with a lower low in momentum. As discussed before regarding this setup, we want to see the 3d criteria on the faster time frame (130-min chart), or something which resembles an inverse H&S or a strong seed wave.
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.