Trading the Dow with Support and Resistance

fibo_trader

Veteren member
4,811 85
Thanks for the trading advice
Thanks for the trading advice

Welcome! Your TA or FA methods will still be used but knowing how the big guns are playing the game is where the real juice is at. And Ivanka has been and is currently the TRADING GODDESS, having blown George Soros out the window last year. DIA/SPY/QQQQ

But here's the thing: nobody, I mean nobody, not even Ivanka can hide their footprint on the Volume. Once you get her style and parameters its much easier to follow. It is nevertheless an Art. Hope her daddy wins again then we have 4 more years of TA not required, only tweets.

My 2 cents
 

fibo_trader

Veteren member
4,811 85
Since you're a Support/Resistance guy, don't ignore the bigger picture even though you're on 1H. Smack at resistance, big time resistance

273226
 

robbx

Junior member
12 1
HI Ho Silver
Although this is a thread about trading the Dow I just want to show an example of how looking for and recognizing support and resistance levels can make pips. While waiting for the US markets to open I was watching Silver dropping like a stone and I was looking for a strong support level to enter long. Take a look this daily and hourly chart. My support level is the thick red line. So far this Silver trade is going my way and we'll see what happens in the next few hours.
 

Attachments

robbx

Junior member
12 1
Since you're a Support/Resistance guy, don't ignore the bigger picture even though you're on 1H. Smack at resistance, big time resistance

View attachment 273226
Thanks for that, I always look at the bigger picture not just the daily but also the weekly and monthly charts.
 

fibo_trader

Veteren member
4,811 85
The market opened in the US and exploded up with a long 5 minute candle. If there's one thing I've learnt from many years of trading it's never to jump into a trade, I always let the price come to what I see as a strong support/resistance level. On the one hour chart I have drawn in my new support level (thick red line) and entered long at 29244 with a stop loss at 29212. The trade at the moment is going my way and we'll see what happens in the next few hours.

Your trendline sucks

Here's the whole 1H setup for your trade. Ignore the fibonacci grid, its too advanced and is a much higher timeframe. Keep eye on RSI trendline too. Put a TL on macd too

Gotta go, Don will be here soon to delete this post


273230
 

robbx

Junior member
12 1
As it's getting late (I'm trading from Bangkok Thailand) I've closed my Dow trade for 80 pips on the showing of a double top. It may well carry on up from here but I'm happy enough with my 130 pips for the day, that's not including my Silver trade which I will let run. Good night and happy trading.
 

Attachments

robbx

Junior member
12 1
Your trendline sucks

Here's the whole 1H setup for your trade. Ignore the fibonacci grid, its too advanced and is a much higher timeframe. Keep eye on RSI trendline too. Put a TL on macd too

Gotta go, Don will be here soon to delete this post


View attachment 273230
No worries, my sucking trend line made me many sucking pips. By the way Veteren Member, a post of yours from May last year ''Nobody is likely interested in how I got myself into such deep losses but hopefully I'll learn something from my mistiming folly/stupidity '' Well I hope you have learnt something today. Good night.
 
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