Long exit on the ND ( assuming you went long) as 64 fails to break. Took a long time to decide whether it was going to break to the upside through 64 , or drop ....In the meantime , no rush to take a position... The first try at 64 came at 17:23 and the second weaker one at 18:14, not even making 60... breaking onto a nice short entry as the uptrend support went. There was an earlier opportunity to go short at 17:33, but only 10 points away from 64 made it a bit risky...
Extra tricky trying to find a good out, the first PD being quite a way off the bottom at 360, but still worth taking without a fuss. It could easily have turned round from here. It's only with hindsight that you know better... Easy 90 odd points.... The gamblers may have made a few more , this time. :cheesy:
In my limited experience of watching & trading the DOW, using your methods, I have noticed on a number of occasions when a strong move is underway that the end of the move coincides with a 4 peak RSI div, rather than the usual 3pk.
I was wondering whether you had ever considered this in the past, or whether it's something that's happened just a few times recently.
( Last night's move prompted me to write this as it nicely illustrates a 4 pk out )
Hampy and others. The 3 pk divs have worked well over the last year or so. Nothing is forever, and one must adapt to changes. Maybe it's time to consider the 4 pk divs? Obviously all the big boys have read this thread and they are trying to upset the apple cart by going that extra div!
Worth noting to see if it's going to be a regular prominent feature of the Dow.
Just a quicky tonight. :cheesy: Pullback and test at hor resistance, now support again. Is that a 200 point triangle I see? ....
Holding within the boundaries of CM’s 200 point triangle for now, but the lower line at 350ish looks inviting (maybe)……..
With the FED rates statement coming up at 19.15 bst, rumour has it that dealers in NY have their fingers hovering over the ‘whipsaw’ button……!?!............
Ken Tower, chief market strategist at CyberTrader, said the usual mulling over the Fed's accompanying policy statement would probably render the rest of the session indecisive. But he predicted that Thursday and Friday stocks could see gains as investors would "be back to thinking more rationally".