Wednesday, January 26, 2011

Anatomy of a Trade - FCX

Looking for day trades, using the 15 minute chart, I watch the MACD and the 10 and 30 EMA.  For FCX, I was actually looking for a place to short it again as it under the 20 and 50 EMA and the MACD was pointing down, I was looking for a rejection at the 10 EMA, but MACD flat lined, then got stronger, then crossed, so I held off.  This morning the EMA 10 and 30 crossed with a rising MACD so I took the trade and rode it all day.  I am still in it as MACD is still pointing up and the price has not penetrated the MA (30) nor have they crossed.

Longer term this is still a sell until it rises above the 20 again.

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