If you were long over the New Year Weekend then you will have almost certainly enjoyed today's Market action with huge gap-up open's taking price outside of the previous trading range.
If U.S Indices close red today then we statistically have a possible topping signal as SPX displays a number of gap-up opens with red closes at or near previous swing highs.
However, the point of this post is really
A quick update on the projected channels outlined for both FTSE and DOW ahead of today's session.
Fortunately the FTSE channel did hold overnight and I exited the position today on the cash close at 5560. The updated chart shows that this evening's
Whilst volumes are low this week I've taken a break from hunting out new swing trades and will be spending my time day trading Indices.
Here follows my current trading map of the DOW:
On 4 hourly I have a line at 12,322
Absolutely no idea why I've put this line there and no idea why I've only got it on the 4 hourly time frame. Whatever made me put it there in the first place (a long time ago) would have been a good
Potentially a bullish falling wedge here but not proven.
Above 11.845 I'm bullish.
Below 11,845 and the market will soon tell us where it wants to head. There are plenty of downside levels to trade for if current weakness continues.
This post is borne out of the fact that I was caught on the wrong side of the trade today whilst running day trades on the DOW. What works for me consistently, simply didn't today and everything I tried in order to correct the situation made it worse!
So I've taken a closer look at the DOW and decided I'll share my findings....even though there's still no solid conclusion!
Daily chart is still showing identical characteristics of the
Here is a DOW Chart Pattern I've been keeping an eye on and now is probably the best time to share it with you, not necessarily as a trading idea because the repetition of a single pattern is not in itself means to take a position, but it's something we should all be aware of to enable us to take full advantage of if other factors begin to support it as a solid trading idea.
What a tough week it's been from a swing trading view point!
Woke up Monday morning, checked through the Watch list and the set-ups were coming together nicely, but by Monday afternoon everything seemed to be falling apart and I had one of those days where I started thinking all my TA posted last Weekend was a complete waste of time!