Just a guide to possible resistance and potential target. The trend is up, so a possible place to take partial profits. I look to R3 and S3 as major brick walls to bounce off of. I think we are now at 50% retracement from the last up wave which should be a good long entry level but its lunch time in New York the market has lost a bit of direction. I suppose the UN getting bombed makes people jittery. It's also sunny outside. I hear the pub calling me.
go short on break of 9350 dow says ed - i'm trading intraday as per CM's rules - if it breaks 9350 i'd increase my stake. Right now it's nowhere near that level (9396) - looks like a long - yup it is !
Hmm, or maybe not target not met from pullback - mind u could be a bull flag forming - best to wait i guess.
Thats Ed Downs at Nirvana. I do not like he trading style but he has been doing it for a long time so it must work for him. Does he say go long above 9450. You could have a trading range today of 9350 to 9450 and he would not enter one trade.
yeh, i could never live with his style either - CM's way is perfect for me. Ed's not doing too well recently with this range bound trading. Mind u there was a time when his way generated 600+ points in a few days ! Range is 9350-9450.
BTW, definately looks a long now. But, I'm not trading today