Higher highs, higher lows, strongly trending 20- & 50-MA's. This time frame will still find buyers into $178 and $174
Waiting for the weekly time frame to reset to a buying opportunity will mean waiting for the daily time frame to have a fast line/slow line orientation to bullish. Gauging the next buying cycle will be important to see whether or not the weekly puts in it's first structural lower high since July 2011.
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.