Opened just above the previous week's open and at the previous day's high.
Another breakout entry with quick exits (too quick perhaps).
The overnight highs ($146) acted as a significant pivot, as did the opening swing high which saw price ricochet off of.
A couple of entries on the long and short side. Shoulda/Coulda/Woulda taken the 2c-2d criteria (15-min) entry just before 1:30. The short just after noon was somewhat an all-or-nothing trade. In other words, I should have taken half off at $146 which coincided around vwap at that time, but figured I'd either take a more or less b/e trade if it gets a strong bounce off of vwap or let it run to $145.75 (was thinking $143.70, but wanted to get more of a "guarantee" fill, which turned out to well).
While the Advance/Decline has seen some divergence these past two days, the Up/Down differential has barely seen a negative reading all week.
The daily coming up on that upper channel. A 50% retrace would be nice to see, but being Options Expiration week, we could see things get manic.
an update on the IWM, QQQ, DIA daily charts posted over the weekend
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
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