Posted at 23:07h
in
General
by RS2OOO
Following on from
this post where probability suggested the small rising channel seen on the 4 Hourly DOW chart would likely break to the downside, we've actually seen the opposite occur.
The short position I held at that time was stopped out at break-even and I now hold a long position with stops at break-even.
The following charts should just be viewed as information only because they're based only around a short term view, whilst momentum and sentiment can change very quickly. Over the last fortnight my day trading system hasn't really triggered any new long positions, with the last one being at 14,386 on 18th March. However, it has been signalling a number of potential short set-ups but none have actually triggered an entry. This could imply that large players have begun positioning ready for a correction, but until a short signal actually triggers, the best position is to stay flat, or remain long with the trend if you are already positioned long.