Extreme advancing day. Breadth being extremely bullish.
During these extreme advancing days I find it's often best to look for an entry (or build a position) on new low TICK readings, with the anticipation of closing near the higs of the day.
On the higher time frame:
Price strongly recovered the 200-day Moving average, however it has a downward sloping 20-MA directly overhead and a downward sloping 50-MA. Corresponding with the 20-day MA is the 38.2% Fib. retrace. Still very much in a down trend which will start to come under pressure from short sellers once momentum begins to wane.
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 can be contacted via email at firstname.lastname@example.org
p.s. 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.