As my preference remains to keep things light this week, I took the day off yesterday and plan to spend some time in updating some of the Active Trades and Trade Setups on the site throughout the rest of the week. Regarding the broad market, those 15 minute SPY sell signals proved to be a one-day wonder (whipsaw) as all trend indicators on the daily time frame still remain on buy signals.
In looking at trade ideas today, I’ve noticed that FRO, which has been a Long Trade Setup for nearly two months now, is trading above the top of the previously posted bullish falling wedge pattern. The official entry for that trade will be a weekly close (end of day Friday) above the pattern although one could also take a position if we get a daily close above the pattern today. Based on where prices are in relation to the apex of the wedge, including the divergences in place below, I’d say the odds favor a breakout sooner than later. Please make sure to read the previous posts on the FRO trade setup regarding risk and position sizing if interested in this trade setup. Updated weekly & 2-day period charts: