Good day folks,
Following a successful test of its support at 233, DJI has rebounded strongly making at the same time a higher top. So, we are sitting on something that could potentially be a higher low. The bottom trendline of this potential channel must be tested again, and maybe again.
I am optimistic as we have tested 233 successfully, and we are also approaching the end of this descending triangle. As you can see, we haven’t even tested the bottom trendline of the 2017 bull run (which would have made a symmetrical triangle).
Until 233 holds, I am long.
*In the meantime, if you are looking to initiate a position, look for a double-bottom to be long and a double-top to short; these patterns are all over the chart lately.
Cheers,
Following a successful test of its support at 233, DJI has rebounded strongly making at the same time a higher top. So, we are sitting on something that could potentially be a higher low. The bottom trendline of this potential channel must be tested again, and maybe again.
I am optimistic as we have tested 233 successfully, and we are also approaching the end of this descending triangle. As you can see, we haven’t even tested the bottom trendline of the 2017 bull run (which would have made a symmetrical triangle).
Until 233 holds, I am long.
*In the meantime, if you are looking to initiate a position, look for a double-bottom to be long and a double-top to short; these patterns are all over the chart lately.
Cheers,
Trade active
Note
Good morning folks, As the earnings should drive the market up, I think that we could see a breakout on Monday. A lot of fear remains because of the geopolitical situation uncertainty. As such, investors will probably wait until the weekend to weight in any development. I'm building a small call position; if i'm right i could make a 1 to 4 bagger within just a few days. If i'm wrong, well i have these dying puts that I cannot get rid off anyway. Cheers,
Trade active
Good day folks,
Yesterday DJI completed an Inverse H&S Pattern, even breaking out of the neckline for a few minutes. So I initiated a long position as I believe that we are on the support of the channel (or close). 238 is to watch here; if it doesn't hold, I will be short until 233 is reached and revaluate. My target is 253 which would bring us to the resistance trendline. After that, well, time to short again! I will update.
Note
Let see if it holds here. If it does, we could have another short-lived upside.
Trade closed: stop reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.