Wednesday, August 5, 2009

End of Day Review 08/05/09

Financials stayed strong all afternoon helping to lift the broader market.

Volume distribution formed a B shape, which is typically bullish. The lower volume ledge may provide support.

I started using the 6,20,16 MACD on the 1-minute $TICK chart to help prevent myself from entering a trade too soon, which is a bad habit of mine. The MACD Difference ( histogram) helps with timing. It is most useful when the market is near key support or resistance.

The $TICK stayed above the zero line most of the afternoon.


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