Gap up, consolidate, momentum, pull back, consolidate, close near highs.
Early morning ping-pong between the opening swing, which was also the midpoint of the overnight range. Opening swing highs held support as did the overnight highs later in the afternoon.
A key for the above chart to define the horizontal lines and dots. For further explanation, see this link:
Advance/Decline started, and remained, high the entire day. While Up/Down volume trended strongly higher all day.
15m and 5m with 3/10macd. The fuchsia lines were left in to highlight how a symmetrical triangle morphs into an ascending triangle. This looks ready to move higher in my opinion.
Butting up right against resistance
Today we achieved the 50% projection off of our most recent 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 email@example.com
I am always open to questions, comments, or suggestions on how to improve this blog.