Spotted the P/D which ended at 15.00 entered long at 10350. At 17.07 slope change on RSI plus third peak on Dow just after so closed at 10360. The Dow also below 100 and 200MA touched a couple of times 17.50ish. I then thought might go short but did not. The Dow then hit 10385. How could I have read things better that would have given me an extra few points.
Putting some time markers in will help.... You should have got out at the 3rd pk at 370 ish 17:10. Then waited for an entry. The loss of 100 MA would be good, BUT it's close to 364 and that's not a good place to enter a trade until that area is clear, one way or the other. No choices are easy..... Except those you make with hindsight.
Ridders – the Dow has been drawing a descending triangle on the charts for most of the day which is typically a ‘sell’ signal and it has delivered, the fall coming at about 14.30 US EST which is a common reversal time in the US trading day.
A bounce off support a 380 ish just now – there may well be further falls to come if the price breaks south of the key moving averages.
Just a reminder of how the Dow can run between the magic numbers..... getting in on that pause above 64 and riding to the ND top just over 32. Three measured moves took us to 327, one last gasp and a try at 32 before drifting away. Got caught on the false bullflag B/O... and then cursed as it went sideways for what seemed like forever. Still, the Bear triangle made up for it with a swift drop. Win some, Lose some springs to mind. Small punt over the weekend, having come off 380 support and fairly strong into the close. Madness, in June too. :cheesy: