Trading the Dow with Support and Resistance

[fibo_trader]

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

 

[robbx]

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.

 

[robbx]

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.

 

[fibo_trader]

No worries my sucking trend line made me many sucking pips.

Sorry, just noticed, UK. My mistake, should have checked first.

Hasta la vista