Dow - long @ 10k support?? Or more reason needed?

[anel2ka]

Yesterday with a 10-15 pip s/l, pulling the trigger on a long position at 10k DJIA, on support and 'round-numberedness' wld've worked a treat. However, would such an approach - indiscriminatnly shorting at resistance/ buying at support - yield consistent profits over an extended period?

My experience tells me, "no". That there has to be more to an entry than just support or resistance - confirmation of the setup, by way of a bullish engulfing pattern for eg. It just seems a bit arbitrary,,,,

Maybe I've gone some way to answer my own question here, but the point of my posting is to really canvass opinion. Thanks in advance guys.

 

[slight]

dunno about r/s + other confirming price setups. it also depends on what kind of timeframe you want to buy this now. for very short-term within a single day, maybe. however, i dont see any buy signal with my trading system, actually, I am waiting just now to short again

Yesterday with a 10-15 pip s/l, pulling the trigger on a long position at 10k DJIA, on support and 'round-numberedness' wld've worked a treat. However, would such an approach - indiscriminatnly shorting at resistance/ buying at support - yield consistent profits over an extended period?

My experience tells me, "no". That there has to be more to an entry than just support or resistance - confirmation of the setup, by way of a bullish engulfing pattern for eg. It just seems a bit arbitrary,,,,

Maybe I've gone some way to answer my own question here, but the point of my posting is to really canvass opinion. Thanks in advance guys.